2014 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: LeMunyon
GOF and Unappropriated Balance for Tax Relief (language only)

Item 3-1.01 #3h

Item 3-1.01 #3h

Interfund Transfers

Page 444, after line 17, insert:
"DD.  On or before June 30 of the first year the State Comptroller shall transfer $27,300,000 to the general fund from accumulated balances in the Governor's Opportunity Development Fund (Fund 0910, Agency 192)."

(This amendment captures $27.3 million in accumulated balances in the Governor's Opportunity Fund to fund the first year costs associated with 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 the economic development incentives account, Item 101, reduces the appropriation for the Governor's Development Opportunity Fund by $9.6 million each year to cover the estimated fiscal year 2016 costs of this tax policy change. 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.)