SB 724 – Prohibits the authorization of tax credit applications until the state agency finds that the applicant remedied delinquent taxes

• Sponsor: Crowell
• LR Number: 5132S.01I
• Committee: Ways and Means and Fiscal Oversight
• Last Action: 3/8/2012 - Hearing Conducted S Ways and Means and Fiscal Oversight Committee
• Effective Date: August 28, 2012

Current Bill Summary

SB 724 - Current law requires that a state agency administering a tax credit verify with the Department of Revenue and the Department of Insurance, Financial Institutions and Professional Registration that the applicant for the tax credit is not delinquent on certain state taxes. This act requires the state agency to also verify that the applicant for the tax credit does not owe any delinquent property taxes or federal taxes.

Currently, if the applicant for the tax credit is delinquent on these state taxes, the agency may authorize tax credits, but the amount of tax credits issued is reduced by the amount of the applicant's delinquency. This act prohibits the state agency from authorizing the tax credit application, until the applicant for the tax credit has remedied the delinquent taxes, or made arrangements to remedy the delinquent taxes.

EMILY KALMER