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2025R: HB1216
TO CREATE THE FREE MARKET ZONES ACT; AND TO EXEMPT A BUSINESS LOCATED IN AN OPPORTUNITY ZONE FROM THE INCOME TAX, THE CORPORATE FRANCHISE TAX, AND THE ELECTIVE PASS-THROUGH ENTITY TAX.
Latest action: Died in House Committee at Sine Die adjournment.
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| Sponsor | Role |
|---|---|
| Long | lead |
| When | Chamber | Action |
|---|---|---|
| Jan 23, 2025, 3:02 p.m. CT | House | Filed |
| Jan 23, 2025, 4:36 p.m. CT | House | Read the first time, rules suspended, read the second time and referred to the Committee on REVENUE & TAXATION- HOUSE |
| Mar 10, 2025, 8:36 a.m. CT | House | Placed on second reading for the purpose of amendment. |
| Mar 10, 2025, 8:36 a.m. CT | House | Amendment No. 1 read and adopted and the bill ordered engrossed. |
| Mar 10, 2025, 12:44 p.m. CT | House | REPORTED CORRECTLY ENGROSSED |
| May 5, 2025, 10:26 a.m. CT | House | Died in House Committee at Sine Die adjournment. |
Filed amendments on record: H1 (House) by Long, filed Mar 6, 2025, 2:09 p.m. CT: Hall of the House of Representatives 95th General Assembly - Regular Session, 2025 Amendment Form ______________________________________________________________________ Subtitle of House Bill 1216 TO CREATE THE FREE MARKET ZONES ACT; AND TO EXEMPT A BUSINESS LOCATED IN AN OPPORTU.
| Number | Chamber | Sponsor | Introduced |
|---|---|---|---|
| H1 | House | Long | Mar 6, 2025, 2:09 p.m. CT |
Fiscal impact
DFA1 · Feb 9, 2025
Fiscal Impact Statement
Bill: HB1216
Bill Subtitle: TO CREATE THE FREE MARKET ZONES ACT; AND TO EXEMPT A BUSINESS
LOCATED IN AN OPPORTUNITY ZONE FROM THE INCOME TAX, THE CORPORATE
FRANCHISE TAX, AND THE ELECTIVE PASS-THROUGH ENTITY TAX.
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Sponsors:
Rep. Long
Basic Change:
HB1216 creates the "Free Market Zones Act" to provide tax incentives for business entities located in
an opportunity zone.
Current law, § 26-51-460, adopts 26 U.S.C. § 1400Z-2 as it existed on January 1, 2018. That section
provides reduced income tax liability for a taxpayer who invests in a qualified opportunity fund. The
qualified opportunity fund must use the amounts received from a taxpayer to make investments in a
low-income community that is designated as a qualified opportunity zone. The Secretary of the U.S.
Treasury designated 85 qualified opportunity zones throughout the state based on nominations from
the Governor. HB1216 repeals § 26-51-460.
HB1216 provides an exemption from corporate income tax and corporate franchise tax for any
business that is located in an opportuni
DFA2 · Mar 17, 2025
Fiscal Impact Statement
Bill: HB1216 Amendment Number: H1
Bill Subtitle: TO CREATE THE FREE MARKET ZONES ACT; AND TO EXEMPT A BUSINESS
LOCATED IN AN OPPORTUNITY ZONE FROM THE INCOME TAX, THE CORPORATE
FRANCHISE TAX, AND THE ELECTIVE PASS-THROUGH ENTITY TAX.
---------------------------------------------------------------------------------------------------------------------------------------
Sponsor:
Rep. Long
Basic Change:
House Amendment No. 1 --- HB1216-H1 clarifies that a business seeking the benefit of the
exemption must locate itself within one of the opportunity zones on or after the effective date of the act.
HB1216 creates the "Free Market Zones Act" to provide tax incentives for business entities located in
an opportunity zone.
Original Bill --- Current law, § 26-51-460, adopts 26 U.S.C. § 1400Z-2 as it existed on January 1,
2018. That section provides reduced income tax liability for a taxpayer who invests in a qualified
opportunity fund. The qualified opportunity fund must use the amounts received from a taxpayer to
make investments in a low-income community that is designated as a qualified opportunity zone. The
Secretary of the U.S. Treasury designated 85 qualified opp
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