Bill Summary

by Cruz Co Sponsors: Campbell

Economic Development: Provides corporate tax credit against state corporate income tax in amount equal to specified percentage of corporation's payments to small business providing goods or services to the corporation; provides qualification criteria; requires corporation & business to submit application to DEO for approval to earn credits; 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; authorizes DEO & DOR to adopt rules; 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. Effective Date: July 1, 2014

» H Economic Development & Tourism Subcommittee
   H Finance & Tax Subcommittee
   H Transportation & Economic Development Appropriations Subcommittee
   H Economic Affairs Committee