Establishes a registry for tax credits and provides relative to the period of time to report claims or a transfer to the registry (EN SEE FISC NOTE GF EX See Note)
Impact
The enactment of HB 377 will significantly impact the way tax credits are administered in Louisiana. By centralizing the registration process, the bill intends to streamline operations, making it easier to monitor the issuance and transfer of tax credits. This could potentially reduce the opportunities for tax credit fraud or misrepresentation, ensuring that only eligible entities benefit from credits. Furthermore, access to registry information for state agencies aims to facilitate improved coordination and regulatory oversight.
Summary
House Bill 377 aims to establish a centralized registry for transferable tax credits in the state of Louisiana, known as the Louisiana Tax Credit Registry Act. This legislation seeks to improve the administration and tracking of tax credits by requiring state agencies to provide information on issued tax credits to the Department of Revenue for registration. The bill emphasizes the need for a systematic approach to manage tax credits that can be transferred or sold, thereby enhancing transparency and efficiency in the state's tax credit programs.
Sentiment
The sentiment surrounding HB 377 appears to be generally positive among legislators and stakeholders who advocate for financial transparency and accountability in tax credit programs. Supporters argue that the bill would help to simplify procedures and prevent misuse of tax credits, enhancing the integrity of state revenue systems. Critics, however, may express concerns regarding the implementation burden on state agencies and the potential for bureaucratic delays in accessing essential tax credit information, although there is no strong opposition noted in the available documentation.
Contention
While the bill strives to create a more organized framework for tax credits, notable points of contention may arise regarding the confidentiality of registry data. The legislation specifies that information about the ownership and transfers of tax credits will be treated as confidential, possibly limiting public access to critical information. This raises questions about the balance between protecting sensitive financial details and ensuring public accountability in tax credit transactions. Overall, the discussion around HB 377 reflects broader issues related to state governance and fiscal responsibility.
Provides relative to the amount of the research and development tax credit and authorizes transferability of the credit under certain circumstances (EN +$300,000 GF RV See Note)
Converts the Angel Investor Tax Credit Program to the Angel Investor Rebate Program and provides for the rebate program (EN -$20,000,000 GF RV See Note)
Provides relative to the amount of the research and development tax credit and authorizes transferability of the credit under certain circumstances (EN +$300,000 GF RV See Note)
Authorizes DEQ to once again grant transferable credits for the investigation or remediation of hazardous waste "brownfields" sites on and after July 1, 2011 through December 31, 2013, clarifies that the credit may be granted to any public or private "entity" whether taxable or non-taxable, and specifically authorizes credits for the remediation of public parks, playgrounds and other recreational areas. (7/1/11) (EN DECREASE GF RV See Note)