HB2867 Summary

• Limits business tax credits to 80% of a taxpayer's tax liability for taxable years from January 1, 2010 through December 31, 2011.

• Excludes 12 specific tax credits from the cap, including credits for child passenger restraints, motion picture production, resident taxpayers, household care services, low-income renters, ethanol investment, commercial fisher fuel, low-income housing, research activities, and lifeline telephone service.

• Prohibits business credits generated during 2010-2011 from creating carryover credits to subsequent years.

• Allows business credits generated before January 1, 2010 to be carried forward and claimed after 2011, with the statute of limitations tolled until 2010-2011 credits are exhausted.

• Establishes that the 80% credit cap and related provisions apply only to taxable years beginning January 1, 2010 through December 31, 2011, with the Act effective July 1, 2010.