Bill Text | History of Actions | Background | Title |
Description: Income tax; authorize a tax credit for milk producers.
Bill Text: [Introduced]
| 1 | 01/04 (H) Referred To Agriculture;Ways and Means | |
| 2 | 01/16 (H) DR - TSDP: AG To WM | |
| 3 | 01/25 (H) DR - TSDPCS: WM To AG | |
| 4 | 02/21 (H) Died In Committee |
| Effective date | January 1, 2007 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
House Committees:
Principal Author: Dedeaux
Additional Authors: Eaton, Barnett, Cockerham, Compretta, Moak, Myers, Nicholson, Upshaw, Vince, Montgomery, Arinder
Title: AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR RESIDENT TAXPAYERS ENGAGED IN THE BUSINESS OF PRODUCING MILK FOR SALE; TO PROVIDE THAT THE AMOUNT OF THE CREDIT SHALL BE BASED ON THE AMOUNT OF MILK PRODUCED AND SOLD BY A TAXPAYER; TO PROVIDE FOR THE MAXIMUM AMOUNT OF CREDIT THAT A TAXPAYER MAY CLAIM FOR A TAXABLE YEAR; TO PROVIDE THAT IF THE AMOUNT OF CREDIT CLAIMED BY A TAXPAYER EXCEEDS THE AMOUNT OF INCOME TAX IMPOSED UPON THE TAXPAYER FOR THE TAXABLE YEAR, THEN THE TAXPAYER SHALL RECEIVE A REFUND FROM THE STATE TAX COMMISSION FOR THE AMOUNT OF SUCH EXCESS; TO PROVIDE THAT THE COMMISSIONER OF AGRICULTURE AND COMMERCE SHALL PROMULGATE RULES AND REGULATIONS NECESSARY FOR DETERMINING WHETHER A TAXPAYER IS ELIGIBLE TO CLAIM THE INCOME TAX CREDIT AUTHORIZED UNDER THIS ACT AND CERTIFY TO THE STATE TAX COMMISSION WHETHER A TAXPAYER CLAIMING A CREDIT HAS SATISFIED THE ELIGIBILITY REQUIREMENTS OF THIS ACT; AND FOR RELATED PURPOSES.
End Of Document
2007/html/History/HB/HB0477.htm