77-5907. Report; contents; joint hearing.

265 words·~1 min read·/ne/chapter-77/77-5907

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The Tax Commissioner shall prepare a report identifying the following aggregate amounts for the previous fiscal year:

(a)The amount of projected employment and investment anticipated by taxpayers receiving tentative tax credits and the tentative tax credits granted;

(b)the actual amount of employment and investment made by taxpayers that were granted tentative tax credits in the previous fiscal year;

(c)the tax credits used; and

(d)the tentative tax credits that expired. The report shall be issued on or before October 31 of each year. The report shall be on a fiscal year, accrual basis that satisfies the requirements set by the Governmental Accounting Standards Board. The Department of Revenue shall, on or before December 15 of each even-numbered year, appear at a joint hearing of the Appropriations Committee of the Legislature and the Revenue Committee of the Legislature and present the report. Any supplemental information requested by three or more committee members shall be presented within thirty days after the request.

(2)Beginning with applications filed on or after August 28, 2021, the report shall provide information on project-specific total credits used every two years for each approved application and shall disclose

(a)the identity of the taxpayer,

(b)the location or locations where the taxpayer is earning credits,

(c)the new investment or new employment that was actually produced by the taxpayer to earn credits, and

(d)the total credits used during the immediately preceding two years, expressed as a single, aggregated total.

(3)No information shall be provided in the report that is protected by state or federal confidentiality laws.