Key Proposals: The Governor’s Tax Credit Reform Proposal, HB 2399 will create new statutes for 6 programs “with discretion on the amount to award; whether to award any amount at all; and, whether to award any or all of a particular year’s credit allocation” (Section 3(h) of How Do We Get There? DED Tax Reform Proposal). There is no reference in the DED and HB 2399 proposal to Historic standards and the Historic Designation. The proposal has been mistakenly framed as a measure that will reduce the state’s budget deficit, when in reality the Historic Tax Credit is a rebate program that will have no impact on the budget deficit for 1-3 years. The DED Director acknowledged that cuts in the tax credits would “have no impact on Fiscal years 2010 and 2011” in hearings on House Bill 2399. New responsibilities granted to the Department of Economic Development including annual allocation plan for state tax credits; Annual appropriation for tax credits to be made by general assembly