Text: HF02205 Text: HF02207 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 2.34 TAX INCENTIVES. 1 2 1. The general assembly shall not pass a bill that 1 3 includes a new income tax deduction or credit unless a 1 4 determination has been made that the deduction or credit will 1 5 have a direct, immediate impact on a targeted industry 1 6 identified by the department of economic development. A 1 7 statement shall be included in the bill identifying the 1 8 impacted targeted industry. 1 9 2. a. The general assembly shall not pass a bill that 1 10 includes a new income tax deduction or credit unless the bill 1 11 includes the elimination of an existing deduction or credit 1 12 that reduces the revenue to the general fund in an amount 1 13 equal to or greater than the amount of the reduction in 1 14 general fund revenue due to the new deduction or credit as 1 15 determined by the legislative fiscal bureau. The existing 1 16 deduction or credit shall either be directed at the same 1 17 targeted industry as the new deduction or credit or directed 1 18 at a targeted industry that is not identified as a targeted 1 19 industry by the department of economic development. 1 20 b. A bill shall not be subject to the requirements of this 1 21 subsection if a determination is made that an existing 1 22 deduction or credit cannot be identified which either is 1 23 directed at the same targeted industry as the new deduction or 1 24 credit or directed at a targeted industry that is not 1 25 identified as a targeted industry by the department of 1 26 economic development. A statement shall be included in the 1 27 bill stating a reason why this subsection does not apply. 1 28 Sec. 2. TAX INCENTIVES INTERIM COMMITTEE. The legislative 1 29 council is requested to authorize a tax incentives interim 1 30 study committee to study the current tax incentives provided 1 31 by the state. The interim committee shall consider whether 1 32 current tax credits and deductions are cost-effective and 1 33 serve a useful purpose for the economic growth of the state 1 34 and make recommendations regarding the elimination of tax 1 35 incentives that are either not cost-effective or do not serve 2 1 a useful purpose for the economic growth of the state. 2 2 EXPLANATION 2 3 This bill relates to the tax policy of the state through 2 4 the use of tax-related incentives. 2 5 The bill seeks to restrict future general assemblies from 2 6 passing a bill that includes a new income tax deduction or 2 7 credit unless a determination has been made that the deduction 2 8 or credit will have a direct, immediate impact on a targeted 2 9 industry identified by the department of economic development. 2 10 The bill provides that a statement shall be included in the 2 11 bill identifying the impacted targeted industry. 2 12 The bill seeks to restrict future general assemblies from 2 13 passing a bill that includes a new income tax deduction or 2 14 credit unless the bill includes the elimination of an existing 2 15 deduction or credit that reduces the revenue to the general 2 16 fund in an amount equal to or greater than the amount of the 2 17 reduction in general fund revenue due to the new deduction or 2 18 credit as determined by the legislative fiscal bureau. The 2 19 bill provides that the existing deduction or credit shall 2 20 either be directed at the same targeted industry as the new 2 21 deduction or credit or directed at a targeted industry that is 2 22 not identified as a targeted industry by the department of 2 23 economic development and that the failure to meet this 2 24 particular criteria causes the general rule not to apply. The 2 25 bill provides that, if the general rule does not apply, a 2 26 statement shall be included in the bill stating a reason why 2 27 the rule does not apply. 2 28 The bill provides that the legislative council is requested 2 29 to authorize a tax incentives interim study committee to study 2 30 the current tax incentives provided by the state. 2 31 LSB 5894HH 79 2 32 tm/sh/8
Text: HF02205 Text: HF02207 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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