SB 0007 Places an aggregate cap on all tax credits and establishes a commission to allocate the credits
LR Number:2290S.01I Fiscal Note:2290-01
Committee:Ways and Means
Last Action:06/11/03 - Hearing Conducted S Ways and Means Committee Journal page:
Effective Date:90 Days After Enactment
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Current Bill Summary

SB 7 - This act creates the "Economic and Historical Development Commission" within the Department of Economic Development. The Commission will annually allocate an amount to each tax credit which shall be that tax credits maximum aggregate cap for the next year. The amount to be allocated will be equal to 1% of total general revenue collections. The "circuit breaker" property tax credit is not limited by this allocation process.