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Revenue Updates

By Natalie Briggs

HB 3049 - Informational Meeting 4/17/25

House Bill 3049 (introduced) seeks to modify provisions for corporate excise tax exemptions for businesses operating in economically lagging areas. This bill was discussed during an informational session with the House Revenue Committee on 4/15/25 in response to a request for an interim report on the bill from LRO. Speakers from LRO reviewed the goals of proposed changes to bill 3049, citing that 14 counties currently qualify for the exemption, whereas changes to the bill would increase this number to 18. The bill also changes wage requirements for qualification, implementing a wage to wage comparison instead of a compensation to per capita income comparison as part of qualifying criteria. There is currently no public estimate of the impact of this policy on the general fund. This is due to low participation in the program, such that minimum requirements for disclosure laws have not been met. Moving forward, LRO seeks to estimate the cost of this policy through aggregated data available at the department of revenue. Members of the committee expressed concern that there is not sufficient information or transparency on the financial impact of this policy, and expressed a desire to ensure that this policy is worth continuing to pursue. 

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