SB 927 Places limitations on the issuance and redemption of certain economic development tax credits
Sponsor: Gross
LR Number: 4248S.02I Fiscal Note: 4248-02
Committee: Ways & Means
Last Action: 2/16/2006 - Hearing Conducted S Ways & Means Committee - Consent Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2006

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Current Bill Summary


SB 927 - The issuance and redemption of certain economic development tax credits in any fiscal year, beginning in fiscal year 2008, is limited to two and five tenths percent of the net general revenue of the state for the prior fiscal year. In any fiscal year, no tax credits shall be issued for a tax credit program listed under this act until all tax credits listed under this act that were denied in the preceding year, due to the limitation imposed by this act, have been issued. In any fiscal year, no tax credits shall be redeemed for a tax credit program listed under this act until all the tax credits listed under this act that were denied in the preceding year, due to the limitation imposed by this section, have been redeemed. Returns containing credits listed in this act will be processed on a first to file-first to be processed basis.

This act removes residential property from the definition of eligible property for the historic preservation tax credit and a taxpayer may only claim the credit once per eligible property. This act removes the carry back provisions for certain tax credits and limits certain carry forward provisions to five years. This act repeals the grape and wine production, film production and loan guarantee tax credit programs.

JASON ZAMKUS