2008 House Bill 6430

Establish state tax break for federal “new markets tax credits”

Introduced in the House

Sept. 10, 2008

Introduced by Rep. Steve Bieda (D-25)

To authorize a state income tax credit based on a taxpayer’s use of a federal “new markets tax credit,” which is a program that subsidizes capital investments or loans to certain business entities or individuals in low-income communities.

Referred to the Committee on Tax Policy

Sept. 17, 2008

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Sept. 24, 2008

Substitute offered

The substitute failed by voice vote

Substitute offered by Rep. Steve Bieda (D-25)

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Amendment offered by Rep. Dave Hildenbrand (R-86)

To authorize a $500 refundable income tax credit against property taxes paid on a person's primary residence.

The amendment failed by voice vote

Passed in the House 103 to 0 (details)

Received in the Senate

Nov. 5, 2008

Referred to the Committee on Finance