General Bill
Economic Development:
Provides corporate tax credit against state corporate income tax in amount equal to specified percentage of corporation's payments to small business providing goods or services to the corporation; provides qualification criteria; requires corporation & business to submit application to DEO for approval to earn credits; provides procedures & requirements for department approval; specifies amount of tax credit; prohibits tax credits from being carried forward or backward or being transferred or sold; provides criminal & administrative penalties; authorizes DEO & DOR to adopt rules; revises order in which credits against corporate income tax or franchise tax may be taken to include certain credits relating to corporation's execution of business contract with small business; redefines term "adjusted federal income" to include amount of such tax credits.
Effective Date:
July 1, 2014
Last Event:
Died in Economic Development & Tourism Subcommittee on Friday, May 2, 2014 10:39 PM
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Subject
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Relationship
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Bill #:
SB 80
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Subject:
Economic Development
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Relationship:
Identical
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