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2017 Senate Bill 112: Transfer state revenue to big developers
Introduced by Sen. Jack Brandenburg (R) on February 7, 2017 To authorize a new way of giving ongoing cash subsidies to particular developers and business owners selected by state and local political appointees. This would use the device of allowing a firm's owners to keep the state income tax payments they withhold from employee pay checks. Owners could keep doing this for up to 20 years, and fiscal agency projections suggest the process could transfer up to $1.8 billion state tax dollars to these beneficiaries during that period (related bills allow the owners to also keep sales and use tax collections). This would mean less money available for other state services (or for general tax cuts).   Official Text and Analysis.
Referred to the Senate Economic Development and International Investment Committee on February 7, 2017
Reported in the Senate on February 21, 2017 With the recommendation that the bill pass.
Passed 27 to 6 in the Senate (see names) on February 22, 2017 (same description)
To authorize a new way of giving ongoing cash subsidies to particular developers and business owners selected by state and local political appointees. This would use the device of allowing a firm's owners to keep the state income tax payments they withhold from employee pay checks. Owners could keep doing this for up to 20 years, and fiscal agency projections suggest the process could transfer up to $1.8 billion state tax dollars to these beneficiaries during that period (related bills allow the owners to also keep sales and use tax collections). This would mean less money available for other state services (or for general tax cuts).
Received in the House on February 23, 2017
Referred to the House Tax Policy Committee on February 23, 2017

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