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Senate Bill 0552

Senate Bill 0552

ARCHIVE (2013)

Latest Information

DIGEST OF SB 552 (Updated March 30, 2013 10:38 am - DI 92)

Public deposits. 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. Requires budget committee review before money in the public deposit insurance fund (PDIF) may be used for a purpose other than typical PDIF uses. Requires payback of the $50,000,000 loan made to the state general fund from the PDIF before January 1, 2014. Appropriates $50,000,000 from the state general fund to the budget agency to make the required payment. 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.
    Current Status:
    Out of Committee 2nd House
    Latest Printing (PDF)