HB 1057: Small Business Growth
GENERAL BILL by Cruz
Small Business Growth; 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; provides tax credits for use by corporation against state corporate income tax in amount equal to specified percentage of corporation's payments to small business providing goods or services to corporation pursuant to contract; provides qualification criteria; requires business to submit application to DEO for approval to earn credits; provides application requirements; 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 for fraudulently claiming tax credits; authorizes DEO & DOR to adopt rules.
Last Action: 3/9/2012 House - Died in Business and Consumer Affairs Subcommittee
Bill Text: PDF
• Referred to Business and Consumer Affairs Subcommittee; Rulemaking and Regulation Subcommittee; Finance and Tax Committee; Economic Affairs Committee -HJ 103
• Introduced -HJ 103
• Died in Business and Consumer Affairs Subcommittee
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