Committee hears HB2757 to repeal dozens of income tax credits, alters HPIP and extends angel investor credit

The Committee on Commerce, Labor and Economic Development heard testimony on House Bill 2757, a broad measure that would repeal or discontinue numerous income tax credits, revise the High Performance Incentive Program (HPIP) and extend certain investor and aviation credits.

Revisor Reimer told the committee HB2757 would remove a long list of largely underused tax credits — including the agritourism liability insurance credit, employer health insurance contribution credit, assistive-technology/individual development account credit, regional foundation credits, biomass-to-energy property tax exemption, disabled access income tax credit, alternative-fuel vehicle credit, swine facility improvement credit, abandoned oil or gas well plugging credit, and a petroleum refinery environmental compliance credit — and discontinue the carbon dioxide capture amortization deduction. The bill also alters HPIP standards and transfer rules and prolongs the angel investor tax credit to 2031, Reimer said.

The bill would reduce the HPIP wage threshold from 150% to 125% of the aggregate average wage beginning…