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House Bill 1018

House Bill 1018

ARCHIVE (2013)

Latest Information

DIGEST OF HB 1018 (Updated April 16, 2013 5:06 pm - DI 84)

Financial institutions matters. Reduces the financial institutions franchise tax rate over four years, from 8.5% for taxable years beginning before January 1, 2014, to 6.5% for taxable years beginning on or after January 1, 2017. Requires budget committee review for an expenditure from the public deposits insurance fund (PDIF) for a purpose other than paying expenses for the administration of the fund, investing, reinvesting, and exchanging specified investments, paying allowable operational expenses, paying claims on insured public deposits, and making deposits of uninvested funds. Terminates the use of interest on the PDIF for local pension relief. Provides for a 10 year payback of the $50,000,000 loan made to the state general fund from the PDIF. Annually appropriates $5,000,000 from the state general fund to the budget agency to make the annual loan payments for 2013 through 2022. Repeals and removes provisions that were not used concerning a loan made by the state board of finance and purchased by the board for depositories for economic development projects.
Current Status:
Law Enacted
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