Provides for tax expenditure reporting and for tax expenditures to be appropriated (EG SEE FISC NOTE GF RV See Note)
The implications of HB 758 on state laws include the stipulation that tax credits and rebates are limited to the amounts appropriated in the General Appropriation Bill each fiscal year. The bill also establishes a necessity for a cumulative reporting structure that aids the Revenue Estimating Conference and Legislative Fiscal Office in understanding the state’s overall financial commitments related to these tax programs. This approach aims to minimize unexpected fiscal burdens by closely monitoring tax expenditure programs.
House Bill 758 is legislation focused on the administration and reporting of tax expenditures, specifically tax credits and rebates. The bill mandates that every department that manages a tax exemption program is to provide detailed monthly reports regarding the state financial impacts of these programs. By advocating for improved transparency and accountability in tax expenditure management, the bill aims to ensure that appropriations for tax credits and rebates are clearly outlined within the state’s General Appropriation Bill.
The general sentiment surrounding HB 758 appears to be supportive among those advocating for fiscal responsibility and transparency in state governance. Proponents argue that by ensuring tax expenditures are thoroughly reported and appropriated, the state can better manage its financial resources and uphold accountability. However, there might be concerns from those who view stringent reporting requirements as potentially burdensome for both the departments involved and the businesses that depend on these tax credits and rebates.
Notable points of contention may arise concerning the implementation and administrative burden that HB 758 may impose on state departments responsible for tax credit management. Stakeholders could argue that while increased transparency is beneficial, the monthly reporting requirements might complicate processes, delay disbursements, or limit the efficacy of tax incentive programs intended to stimulate economic growth. Discussions may focus on balancing accountability with the operational needs of state agencies and affected businesses.