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AG 1999 08 30
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AG 1999 08 30
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Last modified
3/25/2002 6:00:58 PM
Creation date
11/27/2017 11:49:49 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/30/1999
Board
Board of Commissioners
Meeting Type
Regular
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A. Basics of the credit <br />· Taxpayer must be eligible for federal Research and Experimentation Tax Credit in <br /> Section 41 of the Code. <br />· The state credit is equal to 5% of the state's apportioned share of the taxpayer's <br /> expenditures for research and development <br />· The state's apportioned share is the qualified research expenses over the be'se <br /> amount, multiplied by the ratio of the qualified expenses for the taxable year incurred <br /> in this state to the total qualified expenses <br /> <br />B. Special definitions <br />· Qualified research expenses and base amount: In Federal Code, Section 41. <br /> <br />C. Performance requirements <br />· None other than general requirements or those In Federal Code, Section 41. <br /> <br />A. Enhanced job and training tax credits <br />· Job creation tax credit is $12,500 <br />· Worker training tax credit is $1,000 maximum per employee <br /> <br />B. Access to utility account <br />· Special utility account created within industrial Development Fund <br />· No maximum funding per job or per project <br />· Can be used for construction or improvements to new or existing water, sewer, <br /> electric, gas distribution lines or equipment <br />· Can be used for utilities for new, existing, or proposed industrial buildings <br /> <br />C. Other <br />· Waives match for CDBG Economic Development grants gives priority to extent <br /> practicable; waives match for Industrial Development Fund loans and grants. <br /> <br />A. Basics of the credit <br />· Credit equal to 4.5 percent of business property capitalized under the Code, up to a <br /> maximum credit in a taxable year of $4,500. The credit is taken in five equal <br /> installments beginning in the taxable year the property is placed in service. <br />· Limited to 50% of tax against which is claimed, reduced by sum of all other credits <br /> applied against the tax <br />· Can be taken against franchise or income taxes <br />· Can be carded forward five years <br /> <br /> <br />
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