Bill
H 3362
Overview: H 3362 - Transfer of tax creditsPurpose and Intent: This bill aims to establish a process for the transfer of tax credits between taxpayers. The primary goal is to provid
Overview: H 3362 - Transfer of tax credits
Purpose and Intent: This bill aims to establish a process for the transfer of tax credits between taxpayers. The primary goal is to provide more flexibility and options for businesses and individuals to utilize available tax credits.
Key Provisions:
- Allows taxpayers to transfer eligible tax credits to other taxpayers
- Outlines the procedures and requirements for initiating and completing a tax credit transfer
- Specifies the types of tax credits that can be transferred, such as those related to economic development, renewable energy, or research and development
- Establishes guidelines for the valuation and pricing of transferred tax credits
Affected Parties and Impacts:
- Businesses and individuals who hold eligible tax credits
- Taxpayers who wish to acquire additional tax credits to offset their tax liabilities
- The state's tax administration and revenue collection processes
Procedural and Timeline Considerations:
The bill has been referred to the Committee on Ways and Means for further consideration and review. If passed, the new tax credit transfer system would likely be implemented in the next tax year.
Compiled from official sources — confirm details with the bill’s official record.
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