SUMMARY:

This bill would amend Article 2 of Chapter 7 of Title 48 related to income tax computation.  It adds a section that would allow an income tax credit for paid state and local ad valorem taxes, unless the state’s general reserve is under $500 million.

REQUIREMENTS:

• The credit cannot be larger than the ad valorem taxes paid.
• The credits cannot extend into former or subsequent years
• The credit would be null and void if the state reserve is less than $500 million.

NOTE:

• See HB 5.