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OK HB2690
Bill
Status
2/1/2016
Primary Sponsor
Michael Mazzei
Click for details
AI Summary
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All new tax credits created after January 1, 2017 must include a 3-year sunset provision limiting initial claim periods (excluding carryover periods); credits lacking this provision are automatically deemed to include it
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Joint Committee on Appropriations and Budget, with assistance from Office of Management and Enterprise Services, must evaluate all tax credits for economic benefit
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Tax credits may only be extended beyond the initial 3-year period if the Joint Committee finds the credit produced an economic multiplier effect of at least 3 times the foregone state revenue
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Quorum requirements mandate members from both House and Senate be present for votes on tax credit revenue impact findings, with majority of quorum needed to approve
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Tax credits enacted and effective prior to January 1, 2017 are exempt from these requirements; act becomes effective November 1, 2016
Legislative Description
Revenue and taxation; Tax Credit Reauthorization Act; definition; sunset period; economic analysis; Joint Committee on Appropriations and Budget; Office of Management and Enterprise Services; multiplier; effective date.
Last Action
Authored by Senator Mazzei (principal Senate author)
2/25/2016