SENATE BILL 124

File Code: Taxes - Income Crossfiled with: HOUSE BILL 57

Sponsored By:

Senator Forehand

Entitled:

Biotechnology Investment Incentive Act

Synopsis:

Providing for credits against State income taxes or the insurance premium tax for specified investments in biotechnology companies and venture capital firms; providing for applications to the Department of Business and Economic Development for approval of the credit and certification by the Department to investors of approved credit amounts; limiting to $12,000,000 the total amount of credits that the Department may approve for any calendar year; etc.

History by Legislative Date

Senate Action

1/21

First Reading Budget and Taxation

1/28

Hearing 2/4 at 1:00 p.m.

3/8

Unfavorable Report by Budget and Taxation

House Action

No Action

Bill indexed under the following Subjects:

BUSINESS AND ECONOMIC DEVELOPMENT, DEPARTMENT OF

COMMERCE AND BUSINESS -see also- DEALERS; TRADERS; etc

COMPTROLLER

INCOME TAX

INSURANCE -see also- HEALTH INS; MAIF; MOTOR VEHICLE INS

INVESTMENTS -see also- SECURITIES

REVENUE AND TAXES -see also- DEV FEES & TAXES; specific tax.

RULES AND REGULATIONS

TAX CREDITS -see also- CIRCUIT BREAKER

Bill affects the following Statutes:

Insurance

( 6-121 )

Tax - General

( 10-725 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered