Bill Text: GA HB868 | 2011-2012 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Income tax credits; business enterprises located in less developed areas designated by tiers; provide

Spectrum: Partisan Bill (Republican 7-0)

Status: (Passed) 2012-05-03 - Effective Date [HB868 Detail]

Download: Georgia-2011-HB868-Amended.html

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12 AM 33 1210

NOT GERMANE

Senators Stoner of the 6th and Carter of the 42nd offered the following amendment:

Amend the Senate Economic Development Committee substitute to HB 868 (LC 34 3453S) by inserting on line 1 after "To amend" the following:
Code Section 45-12-75 of the Official Code of Georgia Annotated, relating to the contents and form of the budget report, so as to require certain items to be included in the tax expenditure review; to amend

By inserting between lines 14 and 15 the following:

SECTION 1.

Code Section 45-12-75 of the Official Code of Georgia Annotated, relating to the contents and form of the budget report, is amended by revising paragraph (8) as follows:

"(8) A tax expenditure review for the state. Such review shall be prepared by the Department of Audits and Accounts and provided to the Office of Planning and Budget in a timely manner for inclusion as part of the budget report. Such review shall detail for each tax expenditure item that amount of tax revenue forgone for at least a three-year period, including the period covered in the Governor's budget submitted the preceding January, the current budget, and an estimate of one future year; a citation of the statutory or other legal authority for the expenditure; the year in which it was enacted; and the tax year in which it became effective. The tax expenditure review may also include a regularly produced annex to include analysis of specific tax expenditures. Such analysis would include, when possible: a description of the objective of the tax expenditure taken from original legislation; information relevant to determining whether the expenditure is meeting its stated purpose; an analysis of the tax expenditure's effect on the administration of the tax system; and an analysis of the persons, corporations, or other entities that are directly benefited by the expenditure. The tax expenditure information required under this paragraph shall be tracked and compiled by the Department of Revenue and provided in a timely manner to the Department of Audits and Accounts. Taxes included in this report shall cover all state taxes collected by the Department of Revenue. The Department of Revenue shall be authorized to provide estimations in the event the required tax expenditure information cannot be actually determined from available information. The Department of Revenue shall not be authorized to impose additional reporting requirements on any person or entity in order to track and compile any tax expenditure information. Nothing in this paragraph shall preclude the Department of Audits and Accounts from contracting out the preparation and analysis associated with the development of such report to any member institution of The the University System of Georgia; and"

By redesignating original Sections 1 through 8 as Sections 2 through 9, respectively.