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House Bill 1160


House Bill 1160

ARCHIVE (2006)

Latest Information

 

DIGEST OF INTRODUCED BILL


Forfeiture of economic development incentives. Expands the list of economic development incentives covered by economic development incentive accountability law to include the investment deduction, certain deductions for enterprise zone property, and the state tax liability credits other than the economic development for a growing economy (EDGE) tax credit (which is covered by current law). Provides that a recipient of an economic development incentive who materially alters or terminates the recipient's obligations to its employees or retirees in a pension or retirement plan offered by the recipient forfeits the economic development incentive as of the date of the determination by the department of workforce development of a material alteration or termination. Requires repayment for incentives received in the calendar year of the material alteration or termination. Provides that an economic development incentive forfeited for a material alteration or termination of the recipient's obligations to its employees or retirees in a pension or retirement plan offered by the recipient may not be restored.
Current Status:
 In Committee - first House
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