|HB 0068||Relating to Tax Credits for Certain Businesses|
|Sponsor:||BLAND||Handling House Bill:|
|Last Action:||01/12/95 - Referred H Commerce Committee|
HB0068 Bland, Mary
P R E F I L E D
HB 68 -- Minority Business Income Tax Credit
This bill allows an income tax credit to be taken by any taxpayer who purchases goods or services from a qualified minority business enterprise. The amount of allowable credit is equal to 10% of the qualified payments made during the taxable year, up to a maximum amount per taxpayer of $100,000. If the amount of the credit exceeds the taxpayer's tax liability, the difference will be returned as a tax refund. The total amount of the credits taken in a taxable year is limited to $10 million.
To become a qualified minority business enterprise, a business must be a minority business enterprise as defined in the bill and submit an application to the Governor's Commission on Minority Business Development.
Knowingly providing goods and services for qualified payments in excess of the limits is a class A misdemeanor.
The bill has an effective date of January 1, 1996, and applies to all taxable years beginning after December 31, 1995.