Budget Amendment ID: FY2013-S4-55

OTH 55

Inventory Tax Commission

Mr. Richard T. Moore moved that the proposed new text be amended by inserting at the end thereof the following new section:-

SECTION __. A special commission is hereby established to study the revenue impact on cities and towns of businesses conforming with federal entity classification rules.  The commission shall consider the amount of personal property tax revenue lost by individual cities and towns, the amount of revenue gained by the state, and ways to incentivize businesses to become domestic corporations while cities and towns are held harmless.  The commission shall consist of 11 members, as follows:  the chairs of the joint committee on revenue, who shall chair the commission; the commissioner of revenue, or her designee; 1 designee appointed by the governor; the house chair of ways and means, or his designee; the senate chair of ways and means, or his designee; the secretary of administration and finance, or his designee; the auditor, or her designee; the treasurer or his designee; the house minority leader, or his designee; and the senate minority leader, or his designee.  Said commission shall report its findings, together with drafts of any legislation it recommends, to the senate and house clerks no later than July 1, 2013.