Vote Smart's Synopsis:

Vote to pass a bill that amends the ability of the tax credit for ad valorem taxes to be refunded, applicable to all tax returns and refund claims filed on or after July 1, 2016.

Highlights:

• Requires 100 percent of the excess credit to be refunded if the amount of taxes eligible for credit is at most $500,000 (Sec. 1).

• Requires 75 percent of the excess credit to be refunded and the remaining 25 percent to be carried forward as credit for tax liability within a 5 year period if the amount of taxes eligible for credit exceeds $500,000 but is at most $1 million (Sec. 1).

• Requires 100 percent of the excess credit of the first $500,000 to be refunded, 75 percent of the next $500,000 of excess credit to be refunded, and the remaining amount to be carried forward as credit for tax liability within a 5 year period if the amount of taxes eligible for credit exceeds $1 million (Sec. 1). 

Full Bill Text