This bill proposes the future repeal of various existing state tax credits and establishes a framework for the repeal of future tax credit programs. Specifically, it amends the repeal dates for several tax credits, including changing the repeal date of the renewable chemical production tax credit from July 1, 2039, to January 1, 2031. Additionally, it introduces new provisions that will repeal multiple tax credits on specific dates ranging from January 1, 2027, to January 1, 2031. The bill ensures that the repeal of these tax credits will not affect any credits issued, awarded, or allowed prior to January 1, 2031, nor will it impact taxpayers' rights to claim or redeem these credits.

Furthermore, the bill establishes that any tax credit program enacted by the general assembly on or after January 1, 2026, will automatically be repealed five years after its effective date unless specified otherwise. This provision aims to streamline the tax credit process and ensure that new tax credits do not remain indefinitely. The bill also mandates that the director of the department of revenue prepare additional legislation to fully implement these changes, ensuring that existing agreements related to tax credits remain valid until their expiration.

Statutes affected:
Introduced: 15.322, 15.315, 15E.305, 16.81, 237A.31, 260E.5, 260G.4A, 260J.1, 260E.3, 403.19A, 422.10, 422.10B, 422.12, 422.11A, 422.11L, 422.11S, 422.11W, 422.12A, 422.12B, 422.12C, 422.12N, 422.12P, 422.33, 425.1, 425.16, 2.16