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Senate Bill 0522


 

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Senate Bill 0522

ARCHIVE (2009)

Latest Information

 
DIGEST OF INTRODUCED BILL

Sales and income tax increment districts. Deletes references to sales tax increment financing in the statutes governing global commerce centers (which are not authorized to use sales tax increment financing). Provides that the increment in state sales tax revenues in a community revitalization enhancement district (CRED) established after June 30, 2009, or in an area added to such a CRED may not be captured by the CRED for purposes of sales tax increment financing. Provides that the increment in state adjusted gross income taxes paid by workers in a CRED established after June 30, 2009, or in an area added to a CRED after June 30, 2009, may not be captured by the CRED for purposes of income tax increment financing. Prohibits the approval of economic development project districts (which are authorized to use sales tax increment financing) by the state board of finance after June 30, 2009. Provides that the increment in state sales tax revenues in a certified technology park (CTP) established after June 30, 2009, may not be captured by the CTP for purposes of sales tax increment financing. Provides that the increment in state adjusted gross income taxes paid by workers in a CTP established after June 30, 2009, may not be captured by the CRED for purposes of income tax increment financing.
    Current Status:
     In Committee - first House
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