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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