Bill > HB252

Introduced Session

AN ACT RELATING TO TAXATION; AMENDING THE INDUSTRIAL REVENUE BOND ACT AND THE COUNTY INDUSTRIAL REVENUE BOND ACT TO INCLUDE CERTAIN ELECTRIC ENERGY STORAGE FACILITIES AS ELIGIBLE PROJECTS; REQUIRING THE PROVISION OF PAYMENT-IN-LIEU-OF-TAXES PAYMENTS TO SCHOOL DISTRICTS IF A MUNICIPALITY OR COUNTY ACQUIRES ENERGY STORAGE FACILITY PROJECTS; ADJUSTING INDIVIDUAL INCOME TAX BRACKETS AND RATES; EXTENDING THE AMOUNT OF TIME TO MAKE A QUALIFIED INVESTMENT AND BE ELIGIBLE FOR THE ANGEL INVESTMENT CREDIT; ADDING CERTAIN HEALTH CARE PROVIDERS TO THE RURAL HEALTH CARE PRACTITIONER TAX CREDIT; MODIFYING THE REQUIREMENTS FOR RECEIVING THE TAX CREDIT; REQUIRING REPORTING OF THE TAX CREDIT; LIMITING THE CAPITAL GAINS DEDUCTION PURSUANT TO THE INCOME TAX ACT; CREATING THE HOME FIRE RECOVERY INCOME TAX CREDIT; CREATING A FLAT CORPORATE INCOME TAX RATE; CREATING A GROSS RECEIPTS TAX DEDUCTION FOR ENVIRONMENTAL MODIFICATION SERVICES MADE TO THE HOMES OF MEDICAID RECIPIENTS; CREATING GROSS RECEIPTS TAX DEDUCTIONS FOR THE SALE OF CHILD CARE ASSISTANCE THROUGH A LICENSED CHILD CARE ASSISTANCE PROGRAM AND PRE-KINDERGARTEN SERVICES BY FOR-PROFIT PRE-KINDERGARTEN PROVIDERS; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR SALES OF ENERGY STORAGE EQUIPMENT TO A GOVERNMENT FOR THE PURPOSE OF INSTALLING AN ENERGY STORAGE FACILITY; INCREASING THE AMOUNT OF THE SPECIAL NEEDS ADOPTED CHILD TAX CREDIT; PROVIDING AN INCOME TAX HTRC/HB 252/a DEDUCTION FOR SCHOOL SUPPLIES PURCHASED BY A PUBLIC SCHOOL TEACHER; EXTENDING THE GEOTHERMAL GROUND-COUPLED HEAT PUMP TAX CREDITS PURSUANT TO THE INCOME TAX ACT AND THE CORPORATE INCOME AND FRANCHISE TAX ACT, INCREASING THE ANNUAL AGGREGATE CAP FOR EACH CREDIT, MAKING THE CREDIT REFUNDABLE AND AMENDING THE DEFINITION OF "GEOTHERMAL GROUND-COUPLED HEAT PUMP"; CREATING THE CLEAN CAR INCOME TAX CREDIT, THE CLEAN CAR CHARGING UNIT INCOME TAX CREDIT, THE CLEAN CAR CORPORATE INCOME TAX CREDIT AND THE CLEAN CAR CHARGING UNIT CORPORATE INCOME TAX CREDIT; REMOVING A SUNSET DATE TO ALLOW A TAXPAYER ENGAGED IN CERTAIN ELECTRICITY GENERATION TO APPORTION BUSINESS INCOME BY THE SINGLE SALES FACTOR PERMANENTLY; REQUIRING CERTAIN RECEIPTS FOR SERVICES PROVIDED BY A HEALTH CARE PRACTITIONER THAT ARE DEDUCTIBLE FROM GROSS RECEIPTS TO BE WITHIN THE SCOPE OF PRACTICE OF THE PRACTITIONER AND DEFINING "COPAYMENT" IN THE DEDUCTION; CREATING A GROSS RECEIPTS TAX CREDIT FOR LEGAL SERVICES FOR WILDFIRE COMPENSATION RECOVERY; CREATING A GROSS RECEIPTS TAX CREDIT FOR DYED DIESEL USED FOR AGRICULTURAL PURPOSES; PROVIDING AN OIL AND GAS SEVERANCE TAX EXEMPTION FOR THE SEVERANCE OF OIL AND NATURAL GAS FROM A PRODUCTION COMPLIANCE PROJECT COMPLETED TO COMPLY WITH CERTAIN AGENCY RULES; REMOVING THE SUNSET DATE OF AN INCOME TAX EXEMPTION FOR ARMED FORCES RETIREMENT PAY AND EXTENDING THE EXEMPTION TO THE SURVIVING SPOUSE OF AN ARMED FORCES RETIREE; CREATING THE GEOTHERMAL HTRC/HB 252/a ELECTRICITY GENERATION INCOME TAX CREDIT AND THE GEOTHERMAL ELECTRICITY GENERATION CORPORATE INCOME TAX CREDIT; CREATING THE ADVANCED ENERGY EQUIPMENT INCOME TAX CREDIT AND THE ADVANCED ENERGY EQUIPMENT CORPORATE INCOME TAX CREDIT; RESTORING CERTAIN INCOME IN THE AMOUNT OF INCOME USED TO DETERMINE CORPORATE INCOME TAX LIABILITY, CLARIFYING AN AMOUNT OF CERTAIN INTANGIBLE INCOME USED TO DETERMINE THAT LIABILITY AND INCLUDING CORPORATIONS THAT HAVE TWENTY PERCENT OR MORE OF THEIR PROPERTY, PAYROLL AND SALES SOURCED TO LOCATIONS WITHIN THE UNITED STATES OR ITS POSSESSIONS OR TERRITORIES IN A WATER'S EDGE GROUP; AMENDING OWNERSHIP ELIGIBILITY REQUIREMENTS FOR THE NEW SOLAR MARKET DEVELOPMENT INCOME TAX CREDIT AND INCREASING THE ANNUAL AGGREGATE AMOUNT OF CREDITS THAT MAY BE CERTIFIED IN CERTAIN CALENDAR YEARS; CREATING GROSS RECEIPTS TAX AND COMPENSATING TAX DEDUCTIONS FOR GEOTHERMAL ELECTRICITY GENERATION FACILITY CONSTRUCTION COSTS; PROVIDING DELAYED REPEALS.

AI Summary

Committee Categories

Derrick Lente (D)*, 

Signed by Governor - Chapter 67 - Mar. 6 (on 03/06/2024)

Official Document