AG 1998 11 16 - Laserfiche WebLink

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A. Basics of the credit · Taxpayer must be eligible for federal Research and Experimentation Tax Credit in Section 41 of the Code. · The state credit is equal to 5% of the state's apportioned share of the taxpayer's expenditures for research and development · The state's apportioned share is the qualified research expenses over the base amount, multiplied by the ratio of the qualified expenses for the taxable year incurred in this state to the total qualified expenses B. Special definitions · Qualified research expenses and base amount: In Federal Code, Section 41. C. Performance requirements · None other than general requirements or those In Federal Code, Section 41. A. Enhanced job and training tax credits · Job creation tax credit is $12,500 · Worker training tax credit is $1,000 maximum per employee B. Access to utility account · Special utility account created within Industrial Development Fund · No maximum funding per job or per project · Can be used for construction or improvements to new or existing water, sewer, electric, gas distribution lines or equipment · Can be used for utilities for new, existing, or proposed industrial buildings C. Other · Waives match for CDBG Economic Development grants gives priority to extent practicable; waives match for Industrial Development Fund loans and grants. A. Basics of the credit · Credit equal to 4.5 percent of business property capitalized under the Code, up to a maximum credit in a taxable year of $4,500. The credit is taken in five equal installments beginning in the taxable year the property is placed in service. · Limited to 50% of tax against which is claimed, reduced by sum of all other credits applied against the tax · Can be taken against franchise or income taxes · Can be carried forward five years Developers' Presentation 6 8/5/96