Bill Summary

by Hukill  CS Sponsors: Commerce and Tourism

Economic Business Incentives; Revising the sales tax exemption for certain business purchases of industrial machinery and equipment; deleting certain limitations on, and procedural requirements relating to, the exemption; deleting the sales tax exemption for machinery and equipment used for certain federal procurement contracts; deleting the limitation on the maximum amount of tax refunds a business may receive under the qualified defense contractor and space flight business tax refund program and the maximum amount of tax refunds a business may receive under the tax refund program for qualified target industry businesses, etc. Effective Date: Except as otherwise expressly provided in this act, and except for this section which shall take effect upon becoming law, this act shall take effect July 1, 2014.

   S Commerce and Tourism