SB 1983

Abstract

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity may issue a certificate of verification for the credit even if the Taxpayer does not meet certain payroll and capital expenditure requirements if that failure is due to financial hardship caused by the COVID-19 pandemic. Amends the Corporate Accountability for Tax Expenditures Act. Provides that credits awarded under the Economic Development for a Growing Economy tax credit program shall not be revoked or suspended as a result of the recipient's failure to meet requirements for new or retained employees if that failure is due to financial hardship caused by the COVID-19 pandemic. Effective immediately. Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Provides that, to avoid revocation or suspension of credits under the provisions of the bill, the Taxpayer shall also maintain job creation and retention at the level of 85% of the Agreement requirements. Provides that the taxpayer must show a direct and substantial hardship caused by the COVID-19 pandemic (in the introduced bill, a financial hardship). Effective immediately.