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Fiscal Policy & Taxes

Availability of Historic Property Preservation Income Tax Credit and Cleanroom Machinery Sales and Use Tax Exemption (2016)

Business & Economic Development
Fiscal Policy & Taxes

Table 1 shows the availability of the historic property preservation income tax credit and the cleanroom machinery sales and use tax exemption, each of which is available only when the Legislative Council Staff forecast indicates that General Fund revenue will be sufficient to allow General Fund appropriations to increase by at least 6 percent. Revenue failed to meet this requirement in FY 2015-16. The September 2016 forecast expects that revenue will fail to meet this requirement in FY 2016-17, FY 2017-18, and 2018-19.

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details