Bill Type
Long Title
AN ACT AMENDING SECTIONS 4, 5, 20, 22, 27, 28, 34, 40, 50, 73, 112, 117, 204, 222, 237, 237-A, 255, 256, 257, 258, 260, 261, 262, 263, 264, 265, 266, 275, 288, 290 AND ADDING SECTIONS 6-A, 282-A, 291, 292, 293, 294, 295, 296, 297, 298, 299, 300, 301, 301-A, 301-B, 302, 303, 304, 305, 306, 307, 308, 309, 310, 311, 312, 313, AND 314 UNDER THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
Congress Author
Date filed
July 2, 2019
Scope

Legislative History

House Bill/Resolution NO. HB01042
FULL TITLE : AN ACT AMENDING SECTIONS 4, 5, 20, 22, 27, 28, 34, 40, 50, 73, 112, 117, 204, 222, 237, 237-A, 255, 256, 257, 258, 260, 261, 262, 263, 264, 265, 266, 275, 288, 290 AND ADDING SECTIONS 6-A, 282-A, 291, 292, 293, 294, 295, 296, 297, 298, 299, 300, 301, 301-A, 301-B, 302, 303, 304, 305, 306, 307, 308, 309, 310, 311, 312, 313, AND 314 UNDER THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
ABSTRACT : Aims to address the need to streamline the government's interface with business to encourage investment and one of the needed reforms is the optimization of the grant of incentives to industries critical to economic development.Proposes to minimize redundant incentives if not to totally removed, to give way for more productive ones and seeks to entice increased investments even as it minimizes the revenue foregone from the grant of incentives. Intends to pursue a market-responsive investment regime and grant investment incentives that encourage long-term and recurrent investment promoting substantial social and economic spillovers and equitable development across income classes and across provinces.
PRINCIPAL AUTHOR/S : SINGSON-MEEHAN, KRISTINE
DATE FILED : 2019-07-02
SIGNIFICANCE: NATIONAL
ACTIONS TAKEN BY THE COMMITTEE
MOTHER BILL: HB04157
ACTIONS TAKEN BY THE COMMITTEE ON RULES
REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2019-07-24

Abstract

Aims to address the need to streamline the government's interface with business to encourage investment and one of the needed reforms is the optimization of the grant of incentives to industries critical to economic development.Proposes to minimize redundant incentives if not to totally removed, to give way for more productive ones and seeks to entice increased investments even as it minimizes the revenue foregone from the grant of incentives. Intends to pursue a market-responsive investment regime and grant investment incentives that encourage long-term and recurrent investment promoting substantial social and economic spillovers and equitable development across income classes and across provinces.

Disclaimer

Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.