SB 406 Limits the issuance and redemption of economic development tax credits to a percentage of net general revenue
Sponsor: Gross
LR Number: 1437S.04I Fiscal Note: 1437-04
Committee: Ways & Means
Last Action: 3/17/2005 - Hearing Conducted S Ways & Means Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2005

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Current Bill Summary

SB 406 - This act limits the issuance and redemption of certain economic development tax credits in any fiscal year, beginning in fiscal year 2006, to three percent of the net general revenue of the state for the prior fiscal year. The act also provides that in any fiscal year, no tax credits shall be approved or issued or redeemed for a specific tax credit program until the tax credits for that specific program that were denied in the preceding year, due to the limitation imposed by this section, are issued.