HB 507: Economic Development
GENERAL BILL by Ray
Economic Development; Requires Department of Economic Opportunity to designate director of manufacturing; provides responsibilities for director; revises provisions relating to tax credit program for capital investment by certain qualifying businesses; removes creation or retention of jobs as criteria for qualified project; requires capital investment of at least $10 million as criteria for qualified project; increases period authorized for tax credit under program; creates new category of annual tax credit; provides additional annual credits for sales taxes & ad valorem taxes paid by certain qualifying businesses; provides tax credits for qualifying businesses located out of state; revises provisions relating to tax refund program for qualified target industry businesses; provides that certain capital investment qualifies target industry business for tax refund; creates Manufacturing Capital Investment Tax Refund Program within DEO; provides for amounts of capital investments for manufacturing businesses that are eligible for tax refunds; provides for application & approval process for qualified projects; authorizes Division of Strategic Business Development in DEO to adopt rules.
Last Action: 3/9/2012 House - Died in Business and Consumer Affairs Subcommittee
Bill Text: Web Page | PDF
• Referred to Business and Consumer Affairs Subcommittee; Finance and Tax Committee; Transportation and Economic Development Appropriations Subcommittee; Economic Affairs Committee -HJ 52
• Introduced -HJ 52
• Died in Business and Consumer Affairs Subcommittee
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