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
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Bill History
Date Chamber Action 10/27/2011 House • Filed
11/4/2011 House • Referred to Business and Consumer Affairs Subcommittee; Finance and Tax Committee; Transportation and Economic Development Appropriations Subcommittee; Economic Affairs Committee -HJ 52
1/10/2012 House • Introduced -HJ 52
3/9/2012 House • Died in Business and Consumer Affairs Subcommittee
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HB 507, Original Filed Version (Current Bill Version) Posted 10/27/2011 at 4:22 PM
Bill Text: Web Page | PDF Analyses: None Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 684 Economic Development Ring Identical Last Action: 3/9/2012 S Died in Commerce and Tourism
Location: In committee/council (CM)
Citations - Statutes (3)
Citation Catchline Location in Bill Location In Bill Help 220.191 Capital investment tax credit. Page 2 (pdf) 288.106 Tax refund program for qualified target industry businesses. Page 11 (pdf) 288.1084 Page 13 (pdf)