1997 Regular Session

SENATE BILL 521

File Code: Miscellaneous Crossfiled with: HOUSE BILL 721
Sponsored By:
Senators Boozer, Kelley, McCabe, Sfikas, Van Hollen, McFadden, Munson, Middleton, Currie, and Ruben
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 tax years beginning after December 31, 1996.

Legislative History

Senate Action
1/31
First Reading Budget and Taxation
2/5
Hearing 2/12 at 1:30 p.m.
3/17
Referred to interim study by Budget and Taxation
House Action
No Action
Sponsored by:
Senator F. Vernon Boozer, District 9
Senator Ulysses Currie, District 25
Senator Delores G. Kelley, District 10
Senator Christopher J. McCabe, District 14
Senator Nathaniel J. McFadden, District 45
Senator Thomas McLain Middleton, District 28
Senator Donald F. Munson, District 2
Senator Ida G. Ruben, District 20
Senator Perry Sfikas, District 46
Senator Christopher Van Hollen, Jr., District 18
Bill indexed under the following Subjects:
COMMERCE AND BUSINESS -see also- SMALL BUSINESS
ENTERPRISE ZONES
NONPROFIT ORGANIZATIONS
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, Enrolled
Fiscal Note: Available (PDF)