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Tuesday, February 09, 2010
Home » Bills » Selected Bill Detail
 
CS/CS/HB 485 - Fast Track Economic Stimulus for Small Businesses
GENERAL BILL   by Finance & Tax Council and Economic Development Policy Committee and Weatherford (CO-SPONSORS) Bembry; Bovo; Burgin; Cannon; Carroll; Crisafulli; Drake; Eisnaugle; Evers; Fetterman; Ford; Hasner; Homan; Horner; Hudson; Hukill; Jones; Kelly; Lopez-Cantera; Murzin; Nelson; Precourt; Ray; Rivera; Schenck; Snyder; Williams, T.
Fast Track Economic Stimulus for Small Businesses: Establishes New Markets Development Program; provides for tax credits for making qualified equity investments; provides requirements & limitations for such credits; specifies application & certification requirements & procedures for OTTED to qualify equity investments as eligible for tax credits; provides for application fees; provides duties & responsibilities of DOR; limits amount of investments OTTED may certify; provides requirements & limitations on issuance of certified equity investments; provides for calculation of tax credits; limits amount of tax credit that may be redeemed in fiscal year; provides for carryover of unredeemed tax credits; provides for redemption of tax credits; specifies how tax credits may be claimed by insurance companies; requires calculations to be certified & accompanied by audited financial statements & notarized affidavits; provides for recapture of tax credits; requires notice of proposed recapture; provides requirements for compliance & audits of qualified equity investments; provides annual reporting requirements for community development entities & OTTED; authorizes OTTED to conduct examinations; authorizes OTTED to revoke or modify tax credit authorizations; provides for taxpayer liability for reimbursement of fraudulently claimed tax credits; provides penalties; provides for future repeal of tax credit program.
Effective Date: July 1, 2009
Last Event: 05/21/09 Approved by Governor; Chapter No. 2009-50 on Thursday, May 21, 2009 4:57 PM
Date Available for Final Passage: Wednesday, April 29, 2009 2:25 PM
Referred Committees and Committee Actions:
-  Economic Development Policy Committee
      On agenda for: 03/11/09 9:00 AMNotice
Favorable With Committee Substitute (final action)See Votes
-  Economic Development & Community Affairs Policy Council
      On agenda for: 03/25/09 10:00 AMNotice
Favorable (final action)See Votes
-  Finance & Tax Council
      On agenda for: 04/02/09 10:00 AMNotice
Favorable With Council Substitute (final action)See Votes
Related Bills:
Bill Text:
Enrolled  
Engrossed 1 
Committee Substitute 2  
A 892269, WeatherfordDate Filed: 04/24/09, Page#: 0, Line#: 235House: Adopted 04/27/09
Committee Substitute 1  Laid on the Table
Original Filed Version  
Staff Analysis:
Vote History:
ChamberDateYeasNaysActions Vote DetailBarcode
House 04/27/2009 02:25 PM   1160Passage Vote [Seq# 308] 
Senate 04/30/2009 03:53 PM   400  Vote [Seq# 48] 
Bill History:
EventTimeMemberCommittee
05/21/09 Approved by Governor; Chapter No. 2009-50 Thursday, May 21, 2009 4:57 PM   
05/18/09 Signed by Officers and presented to Governor Monday, May 18, 2009 9:54 AM   
Ordered enrolled Thursday, April 30, 2009 7:51 PM   
In Messages Thursday, April 30, 2009 7:51 PM   
04/30/09 S CS passed; YEAS 40 NAYS 0 -SJ 00929 Thursday, April 30, 2009 3:53 PM   
04/30/09 S Read 3rd time -SJ 00929 Thursday, April 30, 2009 3:53 PM   
04/29/09 S Read 2nd time -SJ 00830 Wednesday, April 29, 2009 5:29 PM   
04/29/09 S Substituted for CS/CS/SB 1502 -SJ 00830 Wednesday, April 29, 2009 5:29 PM   
04/29/09 S Withdrawn from Commerce; Community Affairs; Finance and Tax; Policy & Steering Committee on Ways and Means -SJ 00830 Wednesday, April 29, 2009 5:29 PM   
04/27/09 S Received, referred to Commerce; Community Affairs; Finance and Tax; Policy & Steering Committee on Ways and Means -SJ 00647 Monday, April 27, 2009 5:07 PM   
04/27/09 S In Messages Monday, April 27, 2009 4:01 PM   
Message sent to senate Monday, April 27, 2009 3:59 PM   
Passage on third reading Monday, April 27, 2009 2:26 PM   
CS passed as amended; YEAS 116, NAYS 0 Monday, April 27, 2009 2:25 PM   
Amendment 892269 adopted Monday, April 27, 2009 2:25 PM   
Read 3rd time Monday, April 27, 2009 2:24 PM   
Amendment 892269 filed Friday, April 24, 2009 8:13 PM   
Added to Third Reading Calendar Friday, April 24, 2009 7:51 PM   
Read 2nd time Friday, April 24, 2009 1:22 PM   
Bill added to Special Order Calendar (4/24/2009) Wednesday, April 22, 2009 10:48 PM   
Added to Second Reading Calendar Monday, April 13, 2009 6:59 PM   
Bill referred to House Calendar Monday, April 13, 2009 6:59 PM   
1st Reading Monday, April 06, 2009 4:09 PM   
CS Filed Friday, April 03, 2009 8:31 AM   
Laid on Table under Rule 7.20 Friday, April 03, 2009 8:31 AM   
Reported out of Finance & Tax Council Friday, April 03, 2009 8:24 AM  Finance & Tax Council
Favorable with CS by Finance & Tax Council Thursday, April 02, 2009 12:00 PM  Finance & Tax Council
Added to Finance & Tax Council agenda Tuesday, March 31, 2009 12:30 PM  Finance & Tax Council
Now in Finance & Tax Council Thursday, March 26, 2009 4:20 PM  Finance & Tax Council
Reported out of Economic Development & Community Affairs Policy Council Thursday, March 26, 2009 4:20 PM  Economic Development & Community Affairs Policy Council
Favorable by Economic Development & Community Affairs Policy Council Wednesday, March 25, 2009 12:00 PM  Economic Development & Community Affairs Policy Council
Added to Economic Development & Community Affairs Policy Council agenda Monday, March 23, 2009 4:25 PM  Economic Development & Community Affairs Policy Council
Now in Economic Development & Community Affairs Policy Council Tuesday, March 17, 2009 11:21 AM  Economic Development & Community Affairs Policy Council
Referred to Finance & Tax Council Tuesday, March 17, 2009 11:21 AM  Finance & Tax Council
Referred to Economic Development & Community Affairs Policy Council Tuesday, March 17, 2009 11:21 AM  Economic Development & Community Affairs Policy Council
1st Reading Monday, March 16, 2009 5:54 PM   
CS Filed Friday, March 13, 2009 4:25 PM   
Laid on Table under Rule 7.20 Friday, March 13, 2009 4:25 PM   
Reported out of Economic Development Policy Committee Friday, March 13, 2009 4:12 PM  Economic Development Policy Committee
Favorable with CS by Economic Development Policy Committee Wednesday, March 11, 2009 10:35 AM  Economic Development Policy Committee
Added to Economic Development Policy Committee agenda Monday, March 09, 2009 4:19 PM  Economic Development Policy Committee
1st Reading Tuesday, March 03, 2009 10:03 PM   
Now in Economic Development Policy Committee Thursday, February 12, 2009 7:45 PM  Economic Development Policy Committee
Referred to Finance & Tax Council Thursday, February 12, 2009 7:45 PM  Finance & Tax Council
Referred to Economic Development & Community Affairs Policy Council Thursday, February 12, 2009 7:45 PM  Economic Development & Community Affairs Policy Council
Referred to Economic Development Policy Committee Thursday, February 12, 2009 7:45 PM  Economic Development Policy Committee
Filed Tuesday, January 20, 2009 9:50 AM Weatherford 
Statutes Referenced by this Bill
288.991
220.02
220.13
213.053
288.991
288.9922
288.991
 

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