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Legislative Year: 2024 Change
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Bill Detail: HB24-1271

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Title State Income Tax Credit for Veterinary Professional
Status House Committee on Finance Refer Amended to Appropriations (04/10/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors K. McCormick (D)
Senate Sponsors
House Committee Agriculture, Water and Natural Resources
Senate Committee
Date Introduced 02/13/2024
Summary

For income tax years commencing on or after January 1, 2026, but
before January 1, 2033, the bill creates a new refundable state income tax
credit for a qualified licensed veterinarian and a registered veterinary
technician (veterinary professional) working full-time in an underserved
area or under-resourced area (underserved area) and for a buyer of a
veterinary practice in an underserved area. The department of agriculture
(department) is required to certify tax credits for eligible veterinary
professionals and buyers of a veterinary practice in an underserved area
in an amount not to exceed, in aggregate, $2 million in any tax year.
No later than July 1, 2025, the department is required to
promulgate rules for issuing a tax credit certificate to an eligible
veterinary professional working full-time in an underserved area and for
a buyer of a veterinary practice in an underserved area using the
recommendations of an advisory board (board) that consists of 3 licensed
veterinarians, 3 registered veterinary technicians, 3 agricultural animal
producers, and 3 representatives from animal welfare nonprofits chosen
by the commissioner of agriculture.
The department must promulgate rules that include criteria for the
determination of which geographic areas of the state fall within the
definition of an underserved or under-resourced area. The department
must also promulgate rules that determine a mechanism to determine the
tax credit amount the department is able to certify to an eligible veterinary
professional working full-time in an underserved area that is no less than
$5,000 and no more than $30,000 and to a buyer of a veterinary practice
in an underserved or under-resourced area that is no less than $10,000 and
no more than $200,000.

Committee Reports
with Amendments
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Fiscal Notes Fiscal Notes (04/01/2024) (most recent)  
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