SB 0242 Authorizes state income tax credit for purchase of goods or services from qualified minority business enterprises
LR Number:L0728.01I Fiscal Note:0728-01
Committee:Commerce and Environment
Last Action:02/16/99 - Hearing Conducted S Commerce & Environment Committee Journal page:
Effective Date:August 28, 1999
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Current Bill Summary

SB 242 - This act authorizes a state income tax credit equal to ten percent of all purchases of goods or services from a minority business enterprise which has been approved by the Governor's Commission on Minority Business Development. The credit is limited to one hundred thousand dollars per taxpayer for each taxable year. If the amount of the credit exceeds the taxpayer's tax liability, the difference is refundable. The total amount of the credit which may be taken during any one taxable year is limited to ten million dollars. Knowingly providing goods and services for qualified payments in excess of the limits established by the Commission is a Class A misdemeanor.

The act has an effective date of January 1, 2000, and applies to all taxable years beginning after December 31, 1999.