1997 Regular Session

HOUSE BILL 721

File Code: Miscellaneous Crossfiled with: SENATE BILL 521
Sponsored By:
Delegates Howard, Hurson, Rosapepe, Kopp, Rosenberg, Dembrow, Hecht, McIntosh, Bobo, Morhaim, Barve, Finifter, C. Davis, Marriott, McKee, and Muse
Entitled:
Work, Not Welfare, Enterprise Zone, and New Job Creation Tax Credits - Tax Exempt Organizations

Synopsis:

Altering a definition under the Job Creation Tax Credit to make an organization that is tax exempt under { 501(c)(3) or (4) of the Internal Revenue Code eligible for the credit; adding specified exempt purpose activities as activities qualifying a facility for the credit; allowing a { 501(c)(3) or (4) tax exempt organization to transfer any enterprise zone, work not welfare, or job creation tax credit to a for-profit entity in exchange for a cash payment; and applying the Act to the 3 tax years beginning after December 31, 1996.

Legislative History

House Action
1/31
First Reading Ways and Means
2/5
Hearing 2/18 at 3:00 p.m.
3/20
Favorable with Amendments Report by Ways and Means
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/21
Third Reading Passed (125-9)
Senate Action
3/24
First Reading Budget and Taxation
3/26
Hearing 3/28 at 1:00 p.m.
4/3
Referred to interim study by Budget and Taxation
Sponsored by:
Delegate Carolyn J. B. Howard, District 24
Delegate Kumar P. Barve, District 17
Delegate Elizabeth Bobo, District 12B
Delegate Clarence Davis, District 45
Delegate Dana Lee Dembrow, District 20
Delegate Michael J. Finifter, District 11
Delegate Sue C. Hecht, District 3
Delegate John Adams Hurson, District 18
Delegate Nancy K. Kopp, District 16
Delegate Salima Siler Marriott, District 40
Delegate Maggie L. McIntosh, District 42
Delegate Robert A. McKee, District 2A
Delegate Dan K. Morhaim, District 11
Delegate C. Anthony Muse, District 26
Delegate James C. Rosapepe, District 21
Delegate Samuel I. Rosenberg, District 42
Bill indexed under the following Subjects:
COMMERCE AND BUSINESS -see also- SMALL BUSINESS
ENTERPRISE ZONES
NONPROFIT ORGANIZATIONS
SUNSET
TAX CREDITS
WELFARE -see also- SOCIAL SERVICES
Bill affects the following Statutes:
Article - 83A Department of Business and Economic Development
( 5-1101 , 5-1102 )
Tax - General
( 10-702 , 10-704.3 , 10-704.4 )

Documents:

Bill Text:
First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)

Amendments:
House
Number: 515237/1 (PDF) Offered on: MARCH 20, 1997 at: 16:35 Status: Adopted