HB35: Economic Development - Income Tax Benefit Transfer Program - Establishment

Legislative Summary

Establishing the Income Tax Benefit Transfer Program within the Department of Commerce to allow eligible technology companies in the State with unused amounts of net operating loss subtraction modifications or income tax credits to transfer those tax benefits for use by other business taxpayers in the State to assist in funding expenses incurred by the eligible technology companies in connection with operations in the State; requiring the Department, in consultation with the Comptroller, to administer the Program; etc.