CS/HB 1487 (2007) -  Insurance Premium and Corporate Income Tax Credits

General Bill by Economic Expansion & Infrastructure Council and Schenck (CO-SPONSORS) Richter; Weatherford
Insurance Premium and Corporate Income Tax Credits: Creates "New Markets Tax Credit Act"; entitles taxpayers holding qualified equity investments on credit allowance date to nonrefundable, nontransferable tax credit; provides for calculating amount of credit; limits amount of credit redeemed; provides for carryforward of credits; provides for redemption of credits; authorizes OTTED to qualify equity investments as eligible for tax credits; provides application process & requires fee; requires certifications to be accompanied by audited financial statements & other information; requires taxpayers to make election as to taxes to which credit applies; requires community development entities to report information to office; provides grounds for forfeiture of tax credits; requires taxpayers to return forfeited tax credits; provides for recovery of tax deficiencies; provides for applicant liability for costs & fees relating to investigations of fraudulent claims, reimbursement of fraudulently claimed tax credits, & costs for investigating & prosecuting fraudulent claims; provides for future repeal; provides for disclosure of tax credit information to OTTED; provides duties, requirements, & authority for OTTED & DOR.
Effective Date: July 1, 2007, and shall apply to tax years ending after December 31, 2007.
Last Event: Died in Policy & Budget Council on Friday, May 4, 2007 4:12 PM

Referred Committees and Committee Actions

House Referrals

Related Bills

Bill # Subject Relationship
Bill #: CS/CS/SB 2280 Subject: Insurance Premium & Corporate Income Tax Credits [EPCC] Relationship: Similar

Bill Text

Staff Analysis

Chamber Committee
Chamber: House Committee: Economic Expansion & Infrastructure Council 4/24/2007 4:07:23 PM
Chamber: House Committee: Economic Expansion & Infrastructure Council 4/16/2007 3:18:06 PM
Chamber: House Committee: Committee on Economic Development 3/20/2007 6:24:00 PM
Chamber: House Committee: Committee on Economic Development 3/20/2007 9:50:20 AM

Vote History

(No Votes Recorded)

Bill History

Event Time Member Committee Ver.
Event: H Died in Policy & Budget Council Time: 05/04/2007 - 4:12 PM Member: Committee: Policy & Budget Council Version:
Event: H 1st Reading Time: 04/24/2007 - 11:59 PM Member: Committee: Version: c1
Event: H Now in Policy & Budget Council Time: 04/24/2007 - 10:56 PM Member: Committee: Policy & Budget Council Version: c1
Event: H Referred to Policy & Budget Council Time: 04/24/2007 - 10:56 PM Member: Committee: Policy & Budget Council Version: c1
Event: H CS Filed Time: 04/24/2007 - 4:12 PM Member: Committee: Version: c1
Event: H Laid on Table under Rule 7.19 Time: 04/24/2007 - 4:12 PM Member: Committee: Version: __
Event: H Reported out of Economic Expansion & Infrastructure Council Time: 04/24/2007 - 4:05 PM Member: Committee: Economic Expansion & Infrastructure Council Version: __
Event: H Favorable with CS by Economic Expansion & Infrastructure Council Time: 04/20/2007 - 10:15 AM Member: Committee: Economic Expansion & Infrastructure Council Version: __
Event: H Added to Economic Expansion & Infrastructure Council agenda Time: 04/19/2007 - 1:05 PM Member: Committee: Economic Expansion & Infrastructure Council Version: __
Event: H Added to Economic Expansion & Infrastructure Council agenda Time: 04/13/2007 - 4:18 PM Member: Committee: Economic Expansion & Infrastructure Council Version: __
Event: H Now in Economic Expansion & Infrastructure Council Time: 03/20/2007 - 6:41 PM Member: Committee: Economic Expansion & Infrastructure Council Version: __
Event: H Reported out of Committee on Economic Development Time: 03/20/2007 - 6:41 PM Member: Committee: Committee on Economic Development Version: __
Event: H Favorable with amendment(s) by Committee on Economic Development Time: 03/20/2007 - 6:00 PM Member: Committee: Committee on Economic Development Version: __
Event: H Removed from Meeting Agenda of Committee on Economic Development Time: 03/18/2007 - 10:00 PM Member: Committee: Committee on Economic Development Version: __
Event: H Added to Committee on Economic Development agenda Time: 03/16/2007 - 4:16 PM Member: Committee: Committee on Economic Development Version: __
Event: H Added to Committee on Economic Development agenda Time: 03/15/2007 - 4:26 PM Member: Committee: Committee on Economic Development Version: __
Event: H Now in Committee on Economic Development Time: 03/13/2007 - 11:58 AM Member: Committee: Committee on Economic Development Version: __
Event: H Referred to Committee on Economic Development by Economic Expansion & Infrastructure Council Time: 03/13/2007 - 11:58 AM Member: Committee: Committee on Economic Development Version: __
Event: H Now in Economic Expansion & Infrastructure Council Time: 03/12/2007 - 8:58 PM Member: Committee: Economic Expansion & Infrastructure Council Version: __
Event: H Referred to Policy & Budget Council Time: 03/12/2007 - 8:58 PM Member: Committee: Policy & Budget Council Version: __
Event: H Referred to Economic Expansion & Infrastructure Council Time: 03/12/2007 - 8:58 PM Member: Committee: Economic Expansion & Infrastructure Council Version: __
Event: H 1st Reading Time: 03/06/2007 - 11:59 PM Member: Committee: Version: __
Event: H Filed Time: 03/05/2007 - 2:05 PM Member: Schenck Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
213.053 CS/CS/HB 1325, HB 7003
220.02 HB 203, HB 325, CS/CS/HB 1325
220.13 HB 325
288.991
288.992