HB 51 GROSS RECEIPTS TAX CREDIT

Rep John Block

Actions: HPREF [2] HCEDC/HTRC-HCEDC

Scheduled: Not Scheduled

 House Bill 51 (HB 51) provides a Gross Receipts Tax (GRT) credit for state GRT for taxpayers with gross receipts that do not exceed $1,000,000. HB 51 specifies that the credit amount does not decrease GRT distributions to municipalities. 

 House Bill 51 (HB 51) provides a 25% Gross Receipts Tax (GRT) credit (credit) against state GRT liability for taxpayers with gross receipts that do not exceed $1,000,000 in the prior calendar year. The credit is limited to $20,000 per taxpayer per year. Remaining credit is not refundable but may be carried forward in succeeding tax periods. Taxpayers are prohibited from claiming other GRT credits during the same period.

HB 51 charges Taxation and Revenue Department with compiling and presenting an annual report about the credit to relevant legislative committees that includes aggregate taxpayer data and an analysis of the cost of the tax credit.

HB 51 apply to tax liabilities incurred from tax periods beginning July 1, 2024, the effective date of the bill.