House of
Representatives
SB 1155
income tax credit review schedule
Sponsors: Senator Martin
SB1155 updates the income tax credit review schedule.
History
The Joint Legislative Income Tax Credit Review Committee (Committee) was established in 2002. The Committee is comprised of five members from the House Ways and Means Committee and five members of the Senate Finance Committee. The Chairmen from these standing committees act as Co-chairs for this committee.
The Committee determines the original purpose of existing tax credits, establishes a standard for evaluating and measuring the success or failure of the tax credits and then reviews the individual and corporate income tax credits pursuant to the statutory schedule. It requires that any new individual or corporate income tax credit enacted by the Legislature include a specific review date five years after the effective date of the credit. The Committee then determines whether the credit should be amended or repealed.
The Committee met once on December 14, 2005, to review the income tax credit for employment of Temporary Assistance for Needy Family (TANF) recipients and the income tax credit for contributions to charitable organizations that provide assistance to the working poor.
Provisions
· Reschedules the income tax credits for the employment of TANF recipients and contributions to charitable organizations that provide assistance to the working poor to the income tax credit review schedule in 2010.
· Revises the income tax credit review schedule to blend conflicting legislation from the previous session.
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Forty-seventh Legislature
Second Regular Session 2 April 27, 2006
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