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2012 SESSION
HB 228 Income tax, corporate; credit for contracting with small or minority-owned businesses.
Introduced by: Gregory D. Habeeb | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Tax credit for contracting with small or minority-owned, veteran-owned, or women-owned businesses. Establishes a corporate income tax credit beginning January 1, 2013, for federal contractors with at least 250 full-time employees that subcontract with small or minority-owned, veteran-owned, or women-owned businesses to perform federal government contract work. The tax credit would equal five percent of the amount paid by the federal contractor under the subcontract to the small or minority-owned, veteran-owned, or women-owned business. The small or minority-owned, veteran-owned, or women-owned business would be required to perform all subcontract work in a Historically Underutilized Business Zone or a state enterprise zone.
Tax credits would be capped at $10 million each fiscal year. The tax credit would sunset on December 31, 2017.
FULL TEXT
HISTORY
- 01/10/12 House: Prefiled and ordered printed; offered 01/11/12 12103226D
- 01/10/12 House: Referred to Committee on Finance
- 01/12/12 House: Assigned Finance sub: Subcommittee #3
- 02/06/12 House: Continued to 2013 in Finance by voice vote