SB 0777 Places an aggregate cap on all tax credits and establishes a commission to allocate the credits
Sponsor:Russell Co-Sponsor(s)
LR Number:3036S.01I Fiscal Note:3036-01
Committee:Ways and Means
Last Action:01/08/04 - Second Read and Referred S Ways & Means Committee Journal page:S78
Effective Date:August 28, 2004
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Current Bill Summary

SB 777 - This act creates a commission to allocate tax credits. The allocation of credits cannot exceed one and percent of the total general revenue collections from the prior fiscal year, or $125 million. The commission shall use and follow, to as reasonable extent, data reflecting usage of such credits for at least the two prior years as well as a forecasted use of each such credit in the current and next fiscal years when making a specific allocation.