SB 346 Requires all tax credits to receive an appropriation
Sponsor: Schaaf
LR Number: 1581S.01I Fiscal Notes
Committee: Economic Development
Last Action: 2/2/2017 - Second Read and Referred S Economic Development Committee Journal Page: S218
Title: Calendar Position:
Effective Date: August 28, 2017

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Current Bill Summary

SB 346 - Beginning with fiscal year 2019, all new tax credits are subject to an amount being appropriated for those tax credits. The full value of any new tax credits shall count against the amount appropriated for tax credits during that year, whether the credit will be redeemed that year or not. Any amount appropriated for a tax credit that was not redeemed shall return to the general revenue fund. This act shall not apply to tax credits issued prior to fiscal year 2019.