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2021 House Bill 4712: Retroactively authorize higher cash subsidies for particular developer
Introduced by Rep. Ryan Berman (R) on April 22, 2021
To retroactively make a particular developer’s project eligible for increased “refundable” state business tax credits under a suspended program that authorized actual cash payments from the state treasury to a relative handful of companies and developers approved by state officials. The bill would allow the particular developer to "shuffle" the credits/subsidies he was granted between two separate projects in a way that maximizes how much is collected.   Official Text and Analysis.
Referred to the House Tax Policy Committee on April 22, 2021
Reported in the House on June 23, 2021
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered by Rep. Ryan Berman (R) on August 17, 2021
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote in the House on August 17, 2021
To retroactively make a particular developer’s project eligible for increased “refundable” state business tax credits under a suspended program that authorized actual cash payments from the state treasury to a relative handful of companies and developers approved by state officials. The bill would allow the particular developer to "shuffle" the credits/subsidies he was granted between two separate projects in a way that maximizes how much is collected.
The bill would also increase the total subsidies the developer will receive, and allow another five years to complete the project. The House Fiscal Agency estimates this will result in a $12.8 million increase in either foregone state revenue, or in actual cash disbursements to this developer.
Received in the Senate on August 25, 2021
Referred to the Senate Economic and Small Business Development Committee on August 25, 2021
Reported in the Senate on October 5, 2021
With the recommendation that the bill pass.

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