HB 1270 Summary

• Requires persons claiming specified tax credits, exclusions, or exemptions to file annual statistical reports with the Department of Taxation by June 30 each year, including data on tax credits claimed, jobs created, job quality, recaptured credits, and conformance with program purposes.

• Imposes penalties of $1,000 per month (maximum $6,000 per year) on taxpayers who fail to file required reports or omit required data.

• Directs the Department of Taxation to compile aggregate statistical summaries and study the effectiveness of 30 specified tax provisions, reporting results to the legislature by December 1 annually.

• Covers tax credits and exemptions related to renewable energy, film production, agriculture, geothermal power, ethanol facilities, aircraft services, general excise tax exemptions, and other business incentives.

• Takes effect July 1, 2050.