Revenue & Tax - Senate

Senator Teague. Senator Teague. If you would turn off the phone please. Law. Collins meeting the Senate Revenue and Tax to order and Senator Teague U. have is faith five seventy five. Do you have witnesses would you like to bring or you're the sole proprietor of this bill. Senator traded in for a separate record and present your bill please Larry Teague from National Guard country So this bill. Subsection private funding for the remedial. Activities I think specifically tire for tires there's several locations in places where their tires that need to be dealt with and there's no for us to do that with It really creates tax credits to deal with that I just busted. Mr Gehring for posting the impact of two million reduction general revenues I would not that's the most it could be and I wouldn't think any that would happen in the next year so I to answer your questions. Members or other questions Senator. Seeing none Mr gearing if you would please come up. She to get senator down real easily and I'm prepared to call him ugly names going into this Good morning Mr chairman members of the committee Paul hearing DFA. Senate bill five seventy five creates tax credits for environmental remediation donations. There is a cap within the bill that up to two million dollars per year can be generated in tax credits. The it is a pilot program that expires on January one two thousand twenty three I'm sorry. December thirty one two thousand twenty my apologies so we anticipate there would be a revenue impact up to two million dollars per year as a result of this these programs that might received donations to fund the projects as well as the credits I'll be happy to answer any questions. Further questions from Mr Gehring. Senator Ingram. What would be the fault of somebody if the if it's capped at two million. Okay well I guess there could be multiple entities that give money that that exceeds the cap is where the pro rate would come in a that's correct yes Sir. All the questions. Senator Johnson Mr only thing it would be is if if that to me is exceeded let's say it's exceeded by million then everyone. Would get a pro rate a reduction in the amount of the credit and would have to would be assessed for the the actual tax the thing we're trying to use the tax credit is that correct if they had already. Not paid there there is a cap and in the regard that only the two million can be reading in a in a in a year so and if in the event that there are multiple entities that oversee these credits the Max that they could be retained in a in one year would be the two million and if that does occur under the bill did they would have the obligation to then pro rate the credit among the credits that were claimed. Regardless of what time in the year they claim that's right so that that couldn't occur until the end of the fiscal year that that couldn't occur until all of those returns were filed the claim the credit that fiscal year that's right thank you Mr thank you Mr thank you. Are there other questions for Mr Gerry. You saying none center you closed. Yes I appreciate a good vote thank you. And members as everyone knows census as of revenue impact a lot be votes taken. Seeing no other business we're adjourned.