May 10, 2011(Key vote)
Title: Establishing a Property Tax Credit
Vote Smart's Synopsis:
Vote to pass a bill that establishes a business property tax credit beginning July 1, 2012.
Establishes a tax credit for property units classified as one of the following, as well as a formula, based on the value of the improvements to the property, to be used to determine the amount of the tax credit (Sec. 6):
Industrial property; or
Prohibits a person from claiming or receiving more than 1 credit per property unit (Sec. 6).
Appropriates $50 million for the fiscal year beginning July 1, 2012, and increasing subsequent years up to a maximum of $200 million, to be used for the tax credit (Sec. 4).