HB5578 Summary

• Prohibits corporate entities (corporations, partnerships, limited liability companies) from claiming any new income tax credits, deductions, or exemptions created by legislation effective on or after this act's effective date.

• Freezes existing corporate tax breaks by prohibiting expansion of any credits, deductions, or exemptions available to corporate entities on the effective date through either legislative action or state agency rules.

• Creates a 15-member Corporate Tax Incentive Accountability Commission appointed equally by legislative leaders and the Governor to study effectiveness of corporate tax incentives on job creation and retention.

• Requires the Commission to report findings to the Governor and General Assembly by December 31, 2015, and again by December 31, 2017 on any enacted legislation's effectiveness.

• Commission receives support from the Department of Revenue and Commission on Government Forecasting and Accountability; the Commission itself is repealed December 31, 2018.