HB0485 Summary

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

• Prevents expansion of existing corporate tax credits, deductions, or exemptions available as of the effective date through legislative acts or state agency rules.

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

• Commission must report findings to the Governor and General Assembly by December 31, 2016, and again by December 31, 2018 on effectiveness of any responsive legislation.

• Moratorium on new and expanded credits expires January 11, 2017; Commission is repealed December 31, 2019; act takes effect immediately upon becoming law.