House Committee of Reference Report
Committee on Appropriations
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August 21, 2025
After consideration on the merits, the Committee recommends the following:
HB25B-1004be amended as follows, and as so amended, be referred to the Committee of the Whole with favorable recommendation:
Page 1, Line 1Amend printed bill, page 4, line 16, strike "department" and substitute
Page 1, Line 2"division of insurance".
Page 1, Line 3Page 5, line 22, after "dollars" insert "and any reasonable and
Page 1, Line 4necessary administrative, monitoring, and closing costs using
Page 1, Line 5proceeds from the sale of tax credits".
Page 1, Line 6Page 6, strike lines 24 through 27 and substitute "(II) Seventy-five
Page 1, Line 7percent of the requested dollar amount of tax credits; and".
Page 1, Line 8Page 13, line 17, after "department" insert "of revenue".
Page 1, Line 9Page 13, after line 21 insert "(1) "C corporation" has the same
Page 1, Line 10meaning as in section 39-22-104 (2.5).".
Page 1, Line 11Renumber succeeding subsections accordingly.
Page 1, Line 12Page 13, line 26, after "has" insert "or will have an".
Page 1, Line 13Page 14, line 3, strike "24-36-503 (7)(e) or 24-36-504 (5)." and substitute
Page 1, Line 14"26-36-503 (7)(e).".
Page 1, Line 15Page 14, line 18, after "dollars" insert "and any reasonable and
Page 1, Line 16necessary administrative, monitoring, and closing costs using
Page 1, Line 17proceeds from the sale of tax credits".
Page 1, Line 18Page 15, strike lines 20 through 23 and substitute "(II) Seventy-five
Page 1, Line 19percent of the requested dollar amount of tax credits; and".
Page 2, Line 1Page 16, lines 10 and 11, strike "or agreed to pay in return".
Page 2, Line 2Page 16, line 18, strike "section or section 24-36-504 (5);" and
Page 2, Line 3substitute "section;".
Page 2, Line 4Page 18, line 2, strike "tax" and substitute "employer".
Page 2, Line 5Page 18, line 24, strike "calendar" and substitute "tax".
Page 2, Line 6Page 18, line 26, strike "premium" and substitute "income".
Page 2, Line 7Page 19, strike lines 1 through 11 and substitute "(2) For the tax year
Page 2, Line 8specified in the tax credit certificate issued pursuant to section
Page 2, Line 924-34-503 (6), the qualified taxpayer may claim the amount of
Page 2, Line 10the tax credit against the qualified taxpayer's income tax
Page 2, Line 11liability. If the amount of the tax credit exceeds the qualified
Page 2, Line 12taxpayer's actual tax liability for that tax year, the excess is
Page 2, Line 13not refunded to the qualified taxpayer. The qualified taxpayer
Page 2, Line 14may carry forward and apply the unused tax credit against the
Page 2, Line 15income tax liability for any succeeding tax year; except that
Page 2, Line 16the tax credit may not be carried forward to a tax year that
Page 2, Line 17begins after December 31, 2033. The taxpayer shall apply the
Page 2, Line 18carry forward credit against the income tax liability for the
Page 2, Line 19earliest of the income tax years possible. Any amount of the tax
Page 2, Line 20credit that is not used after this period is not refundable.".
Page 2, Line 21Page 19, strike lines 14 through 27.
Page 2, Line 22Page 20, strike lines 1 through 14.
Page 2, Line 23Page 20, after line 16 insert:
Page 2, Line 24"SECTION 3. Appropriation. For the 2025-26 state fiscal year,
Page 2, Line 25$448,500 is appropriated to the department of treasury. This appropriation
Page 2, Line 26is from the general fund. To implement this act, the department may use
Page 2, Line 27this appropriation for tax credit administration.".
Page 2, Line 28Renumber succeeding section accordingly.
Page 2, Line 29Page 1, line 104, strike "fund." and substitute "fund and making an
Page 2, Line 30appropriation.".
Page 2, Line 31
Page 3, Line 1After "be" insert "the greater of" on Page 6, line 19; and Page 15, line
Page 3, Line 215.
Page 3, Line 3Strike "report" and substitute "data file" on: Page 9, line 3, Page 9,
Page 3, Line 4line 6, Page 17, line 26, and Page 18, line 1.
Page 3, Line 5Strike "state and that purchases a tax credit under this part 5."
Page 3, Line 6and substitute "state." on: Page 13, line 27, and Page 14, line 1.