CS/CS/HB 485 (2009) -  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, M.; 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

House Referrals

Related Bills

Bill # Subject Relationship
Bill #: CS/CS/SB 1502 Subject: Fast Track Economic Stimulus for Small Businesses [WPSC] Relationship: Similar

Bill Text

Staff Analysis

Chamber Committee
Chamber: House Committee: Finance & Tax Council 4/3/2009 8:27:35 AM
Chamber: House Committee: Finance & Tax Council 4/1/2009 7:29:38 PM
Chamber: House Committee: Economic Development & Community Affairs Policy Council 3/26/2009 2:40:21 PM
Chamber: House Committee: Economic Development & Community Affairs Policy Council 3/23/2009 8:22:34 PM
Chamber: House Committee: Economic Development Policy Committee 3/13/2009 4:12:06 PM
Chamber: House Committee: Economic Development Policy Committee 3/10/2009 8:33:20 AM

Vote History

Chamber Date Yeas Nays Action Action 2 Vote Detail Barcode
Chamber: House Date: 04/27/2009 02:25 PM   Yeas: 116 Nays: 0 Action: Passage Action 2: Vote Detail: Vote [Seq# 308] Barcode:
Chamber: Senate Date: 04/30/2009 03:53 PM   Yeas: 40 Nays: 0 Action: Action 2: Vote Detail: Vote [Seq# 48] Barcode:

Bill History

Event Time Member Committee Ver.
Event: Approved by Governor; Chapter No. 2009-50 Time: 05/21/2009 - 4:57 PM Member: Committee: Version: er
Event: Signed by Officers and presented to Governor Time: 05/18/2009 - 9:54 AM Member: Committee: Version: er
Event: H Ordered enrolled Time: 04/30/2009 - 7:51 PM Member: Committee: Version: e1
Event: H In Messages Time: 04/30/2009 - 7:51 PM Member: Committee: Version: e1
Event: S CS passed; YEAS 40 NAYS 0 -SJ 00929 Time: 04/30/2009 - 3:53 PM Member: Committee: Version: er
Event: S Read 3rd time -SJ 00929 Time: 04/30/2009 - 3:53 PM Member: Committee: Version: er
Event: S Read 2nd time -SJ 00830 Time: 04/29/2009 - 5:29 PM Member: Committee: Version: er
Event: S Substituted for CS/CS/SB 1502 -SJ 00830 Time: 04/29/2009 - 5:29 PM Member: Committee: Version: er
Event: S Withdrawn from Commerce; Community Affairs; Finance and Tax; Policy & Steering Committee on Ways and Means -SJ 00830 Time: 04/29/2009 - 5:29 PM Member: Committee: Version: er
Event: S Received, referred to Commerce; Community Affairs; Finance and Tax; Policy & Steering Committee on Ways and Means -SJ 00647 Time: 04/27/2009 - 5:07 PM Member: Committee: Version: er
Event: S In Messages Time: 04/27/2009 - 4:01 PM Member: Committee: Version: er
Event: H Message sent to senate Time: 04/27/2009 - 3:59 PM Member: Committee: Version: c2
Event: H Passage on third reading Time: 04/27/2009 - 2:26 PM Member: Committee: Version: c2
Event: H CS passed as amended; YEAS 116, NAYS 0 Time: 04/27/2009 - 2:25 PM Member: Committee: Version: c2
Event: H Amendment 892269 adopted Time: 04/27/2009 - 2:25 PM Member: Committee: Version: c2
Event: H Read 3rd time Time: 04/27/2009 - 2:24 PM Member: Committee: Version: c2
Event: H Amendment 892269 filed Time: 04/24/2009 - 8:13 PM Member: Committee: Version: c2
Event: H Added to Third Reading Calendar Time: 04/24/2009 - 7:51 PM Member: Committee: Version: c2
Event: H Read 2nd time Time: 04/24/2009 - 1:22 PM Member: Committee: Version: c2
Event: H Bill added to Special Order Calendar (4/24/2009) Time: 04/22/2009 - 10:48 PM Member: Committee: Version: c2
Event: H Added to Second Reading Calendar Time: 04/13/2009 - 6:59 PM Member: Committee: Version: c2
Event: H Bill referred to House Calendar Time: 04/13/2009 - 6:59 PM Member: Committee: Version: c2
Event: H 1st Reading Time: 04/06/2009 - 4:09 PM Member: Committee: Version: c2
Event: H CS Filed Time: 04/03/2009 - 8:31 AM Member: Committee: Version: c2
Event: H Laid on Table under Rule 7.20 Time: 04/03/2009 - 8:31 AM Member: Committee: Version: c1
Event: H Reported out of Finance & Tax Council Time: 04/03/2009 - 8:24 AM Member: Committee: Finance & Tax Council Version: c1
Event: H Favorable with CS by Finance & Tax Council Time: 04/02/2009 - 12:00 PM Member: Committee: Finance & Tax Council Version: c1
Event: H Added to Finance & Tax Council agenda Time: 03/31/2009 - 12:30 PM Member: Committee: Finance & Tax Council Version: c1
Event: H Now in Finance & Tax Council Time: 03/26/2009 - 4:20 PM Member: Committee: Finance & Tax Council Version: c1
Event: H Reported out of Economic Development & Community Affairs Policy Council Time: 03/26/2009 - 4:20 PM Member: Committee: Economic Development & Community Affairs Policy Council Version: c1
Event: H Favorable by Economic Development & Community Affairs Policy Council Time: 03/25/2009 - 12:00 PM Member: Committee: Economic Development & Community Affairs Policy Council Version: c1
Event: H Added to Economic Development & Community Affairs Policy Council agenda Time: 03/23/2009 - 4:25 PM Member: Committee: Economic Development & Community Affairs Policy Council Version: c1
Event: H Now in Economic Development & Community Affairs Policy Council Time: 03/17/2009 - 11:21 AM Member: Committee: Economic Development & Community Affairs Policy Council Version: c1
Event: H Referred to Finance & Tax Council Time: 03/17/2009 - 11:21 AM Member: Committee: Finance & Tax Council Version: c1
Event: H Referred to Economic Development & Community Affairs Policy Council Time: 03/17/2009 - 11:21 AM Member: Committee: Economic Development & Community Affairs Policy Council Version: c1
Event: H 1st Reading Time: 03/16/2009 - 5:54 PM Member: Committee: Version: c1
Event: H CS Filed Time: 03/13/2009 - 4:25 PM Member: Committee: Version: c1
Event: H Laid on Table under Rule 7.20 Time: 03/13/2009 - 4:25 PM Member: Committee: Version: __
Event: H Reported out of Economic Development Policy Committee Time: 03/13/2009 - 4:12 PM Member: Committee: Economic Development Policy Committee Version: __
Event: H Favorable with CS by Economic Development Policy Committee Time: 03/11/2009 - 10:35 AM Member: Committee: Economic Development Policy Committee Version: __
Event: H Added to Economic Development Policy Committee agenda Time: 03/09/2009 - 4:19 PM Member: Committee: Economic Development Policy Committee Version: __
Event: H 1st Reading Time: 03/03/2009 - 10:03 PM Member: Committee: Version: __
Event: H Now in Economic Development Policy Committee Time: 02/12/2009 - 7:45 PM Member: Committee: Economic Development Policy Committee Version: __
Event: H Referred to Finance & Tax Council Time: 02/12/2009 - 7:45 PM Member: Committee: Finance & Tax Council Version: __
Event: H Referred to Economic Development & Community Affairs Policy Council Time: 02/12/2009 - 7:45 PM Member: Committee: Economic Development & Community Affairs Policy Council Version: __
Event: H Referred to Economic Development Policy Committee Time: 02/12/2009 - 7:45 PM Member: Committee: Economic Development Policy Committee Version: __
Event: H Filed Time: 01/20/2009 - 9:50 AM Member: Weatherford Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
213.053 HB 43, HB 47, HB 1197, HB 7133, HB 7155
220.02 HB 43, HB 47, HB 423, HB 577, HB 925, HB 1115
220.13 HB 43, HB 459, HB 925, HB 1115, HB 1197, HB 1247, HB 5127
288.991
288.991
288.991
288.9922