Bill Status of SB1983 102nd General Assembly
Short Description: EDGE TAX CREDIT-COVID 19
Sen. Scott M. Bennett - Elgie R. Sims, Jr., Jil Tracy and Rachelle Crowe
(Rep. Michael T. Marron)
| 5/15/2021||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity may issue a certificate of verification for the credit even if the Taxpayer does not meet certain payroll and capital expenditure requirements if that failure is due to financial hardship caused by the COVID-19 pandemic. Amends the Corporate Accountability for Tax Expenditures Act. Provides that credits awarded under the Economic Development for a Growing Economy tax credit program shall not be revoked or suspended as a result of the recipient's failure to meet requirements for new or retained employees if that failure is due to financial hardship caused by the COVID-19 pandemic. Effective immediately.
Senate Committee Amendment No. 1
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Provides that, to avoid revocation or suspension of credits under the provisions of the bill, the Taxpayer shall also maintain job creation and retention at the level of 85% of the Agreement requirements. Provides that the taxpayer must show a direct and substantial hardship caused by the COVID-19 pandemic (in the introduced bill, a financial hardship). Effective immediately.
|Date||Chamber|| Action|| 2/26/2021||Senate||Filed with Secretary by Sen. Scott M. Bennett|| 2/26/2021||Senate||First Reading|| 2/26/2021||Senate||Referred to Assignments|| 3/16/2021||Senate||Assigned to Revenue|| 4/16/2021||Senate||Rule 2-10 Committee Deadline Established As April 23, 2021|| 4/20/2021||Senate||Senate Committee Amendment No. 1 Filed with Secretary by Sen. Scott M. Bennett|| 4/20/2021||Senate||Senate Committee Amendment No. 1 Referred to Assignments|| 4/21/2021||Senate||Senate Committee Amendment No. 1 Assignments Refers to Revenue|| 4/21/2021||Senate||Senate Committee Amendment No. 1 Adopted|| 4/21/2021||Senate||Do Pass as Amended Revenue; 010-000-000|| 4/21/2021||Senate||Placed on Calendar Order of 2nd Reading April 22, 2021|| 4/22/2021||Senate||Second Reading|| 4/22/2021||Senate||Placed on Calendar Order of 3rd Reading April 23, 2021|| 4/23/2021||Senate||Third Reading - Passed; 057-000-000|| 4/23/2021||Senate||Added as Co-Sponsor Sen. Jil Tracy|| 4/26/2021||Senate||Added as Co-Sponsor Sen. Rachelle Crowe|| 4/26/2021||Senate||Added as Chief Co-Sponsor Sen. Elgie R. Sims, Jr.|| 4/26/2021||House||Arrived in House|| 4/26/2021||House||Chief House Sponsor Rep. Michael T. Marron|| 4/27/2021||House||First Reading|| 4/27/2021||House||Referred to Rules Committee|| 5/4/2021||House||Assigned to Revenue & Finance Committee|| 5/15/2021||House||Rule 19(a) / Re-referred to Rules Committee|