SB 507 – Creates a limit for the total amount of tax credits that may be authorized in a fiscal year

• Sponsor: Silvey
• LR Number: 2260S.01I
• Committee: Jobs, Economic Development and Local Government
• Last Action: 3/10/2015 - Second Read and Referred S Jobs, Economic Development and Local Government Committee
• Journal Page: S531
• Effective Date: Emergency clause

Current Bill Summary

SB 507 - This act places a cap on the total amount of tax credits that may be authorized in a fiscal year. For FY 2016, the cap is $575 million. The cap will be reduced by 3% in each of the following five fiscal years. Thereafter, the cap will be adjusted in accordance with the percent changes in general revenue collections.

This act contains an emergency clause.

MIKE HAMMANN