Advanced Industry Investment Tax Credit
| Type | Bill |
|---|---|
| Session | 2022 Regular Session |
| Subjects |
Concerning the expansion of the advanced industry investment tax credit, and, in connection therewith, making an appropriation.
Bill Summary:
The act extends the advanced industry investment tax credit (credit) for an additional 4 years, increases the aggregate annual maximum amount of credits that may be allowed from $750,000 to $4 million, increases the credit from 30% to 35% of the amount of a qualified investment in rural or economically distressed areas, and increases the total amount of the credit for each qualified investment from $50,000 to $100,000.
Current law requires that individuals who are co-owners of a business claim only their pro rata share of the credit. The act allows the credit to be allocated among partners, shareholders, members, or other constituent qualified investors in any manner agreed to by such partners, shareholders, members, or other constituent qualified investors.
The act appropriates $90,000 to the office of the governor for use by economic development programs for advanced industries.
(Note: This summary applies to this bill as enacted.)
Related Documents & Information
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 22-1149 to the Committee of the Whole and with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 7-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.006 (Attachment D) | The motion passed without objection. | Vote summary |
| Adopt amendment L.007 (Attachment E) | The motion passed without objection. | Vote summary |
| Refer House Bill 22-1149, as amended, to the Committee on Appropriations. | The motion passed on a vote of 5-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment J.003 | The motion passed without objection. | Vote summary |
| Adopt amendment L.004 | The motion passed without objection. | Vote summary |
| Refer House Bill 22-1149, as amended, to the Committee of the Whole. | The motion passed on a vote of 7-3. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.001 (Attachment G). | The motion passed on a vote of 8-2. | Vote summary |
| Adopt amendment L.002 (Attachment H). | The motion passed without objection. | Vote summary |
| Refer House Bill 22-1149, as amended, to the Committee on Appropriations. | The motion passed on a vote of 8-2. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 05/10/2022 | Senate Amendments | REPASS |
53
AYE
12
NO
0
OTHER
|
Vote record |
| 05/10/2022 | Senate Amendments | CONCUR |
54
AYE
10
NO
1
OTHER
|
Vote record |
| 04/28/2022 | Third Reading | BILL |
54
AYE
9
NO
2
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 05/09/2022 | Third Reading | BILL |
29
AYE
6
NO
0
OTHER
|
Vote record |
| Date | Amendment Number | Committee/ Floor Hearing | Status | Documents |
|---|---|---|---|---|
| 05/04/2022 | L.007 | SEN Finance | Passed [*] | |
| 05/04/2022 | L.006 | SEN Finance | Passed [*] | |
| 04/27/2022 | L.004 | HOU Appropriations | Passed [*] | |
| 04/27/2022 | J.003 | HOU Appropriations | Passed [*] | |
| 02/28/2022 | L.002 | HOU Finance | Passed [*] | |
| 02/28/2022 | L.001 | HOU Finance | Passed [*] |
| Date | Location | Action |
|---|---|---|
| 06/03/2022 | Governor | Governor Signed |
| 05/31/2022 | Governor | Sent to the Governor |
| 05/31/2022 | Senate | Signed by the President of the Senate |
| 05/27/2022 | House | Signed by the Speaker of the House |
| 05/10/2022 | Senate | House Considered Senate Amendments - Result was to Concur - Repass |
| 05/09/2022 | Senate | Senate Third Reading Passed - No Amendments |
| 05/06/2022 | Senate | Senate Second Reading Special Order - Passed with Amendments - Committee |
| 05/06/2022 | Senate | Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole |
| 05/04/2022 | Senate | Senate Committee on Finance Refer Amended to Appropriations |
| 04/28/2022 | Senate | Introduced In Senate - Assigned to Finance |
| 04/28/2022 | House | House Third Reading Passed - No Amendments |
| 04/27/2022 | House | House Second Reading Special Order - Passed with Amendments - Committee |
| 04/27/2022 | House | House Committee on Appropriations Refer Amended to House Committee of the Whole |
| 02/28/2022 | House | House Committee on Finance Refer Amended to Appropriations |
| 02/04/2022 | House | Introduced In House - Assigned to Finance |
Prime Sponsor
Sponsor
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 08/10/2022 | 358 | Advanced Industry Investment Tax Credit |