Legislation - HB0035

Title: Economic Development - Income Tax Benefit Transfer Program - Establishment
Sponsored by: Delegate Fraser-Hidalgo
Status: In the House - Hearing 1/30 at 1:00 p.m.
Analysis: Fiscal and Policy Note

Synopsis

Establishing the Income Tax Benefit Transfer Program within the Department of Commerce to allow eligible technology companies in the State with unused amounts of net operating loss subtraction modifications or income tax credits to transfer those tax benefits for use by other business taxpayers in the State to assist in funding expenses incurred by the eligible technology companies in connection with operations in the State; requiring the Department, in consultation with the Comptroller, to administer the Program; etc.

Committees

Original:: Ways and Means

Details

Cross-filed with: SB0091

Bill File Type: Pre-Filed

Effective Date(s): July 1, 2025

History

Legislation History
Chamber House Calendar Date 10/25/2024 Legislative Date 10/25/2024 Action Pre-filed Proceedings
Chamber House Calendar Date 1/08/2025 Legislative Date 1/08/2025 Action First Reading Ways and Means Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Economic Development - Income Tax Benefit Transfer Program - Establishment Proceedings
Chamber House Calendar Date 1/13/2025 Legislative Date 1/13/2025 Action Hearing 1/30 at 1:00 p.m. Proceedings

Chamber	Calendar Date	Legislative Date	Action
House	10/25/2024	10/25/2024	Pre-filed
House	1/08/2025	1/08/2025	First Reading Ways and Means
			Text - First - Economic Development - Income Tax Benefit Transfer Program - Establishment
House	1/13/2025	1/13/2025	Hearing 1/30 at 1:00 p.m.

File Code

Subjects

Statutes