| SB 0007 | Places an aggregate cap on all tax credits and establishes a commission to allocate the credits |
| Sponsor: | Russell | |||
| LR Number: | 2290S.01I | Fiscal Note: | 2290-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 06/11/03 - Hearing Conducted S Ways and Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | 90 Days After Enactment | |||
SB 7 - This act creates the "Economic and Historical
Development Commission" within the Department of Economic
Development. The Commission will annually allocate an amount to
each tax credit which shall be that tax credits maximum aggregate
cap for the next year. The amount to be allocated will be equal
to 1% of total general revenue collections. The "circuit
breaker" property tax credit is not limited by this allocation
process.
JEFF CRAVER