2014 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: LeMunyon
Reduce GOF to Support Tax Reform

Item 101 #13h

Item 101 #13h

First Year - FY2015 Second Year - FY2016
Commerce and Trade
Economic Development Incentive Payments FY2015 ($9,600,000) FY2016 ($9,600,000) GF

Page 79, line 39, strike "$59,321,491" and insert "$49,721,491".
Page 79, line 39, strike "$77,274,499" and insert "$67,674,499".
Page 79, line 45, strike "$11,811,055" and "$11,811,055" and  insert:
"$2,211,055" and "$2,211,055".

(This amendment reduces the appropriation for the Governor's Development Opportunity Fund by $9.6 million each year to offset the loss in revenues associated with the passage of House Bill 453, which would establish a $25,000 taxable income threshold for corporate income tax liability and increase from $1,000 to $1,500 the minimum amount of income tax a corporation expects to pay prior to require a company to make estimated payments of corporate income tax. A companion amendment to Part 3 of the budget captures a portion of the balance in that fund to cover the first year revenue losses associated with the legislation. The "front page" of the budget would reflect the revenue loss associated with this tax policy change, estimated to cost $27.3 million in fiscal year 2015 and $19.2 million in fiscal year 2016.)