Title: Increases Certain Business Tax Credits and Sales Tax Exemptions
Vote Smart's Synopsis:
Vote to pass a bill that increases business income tax credits and sales tax exemptions, effective July 1, 2012.
Increases the amount of net business income that is exempt from taxes from $25,000 to $50,000, provided that the business certifies to the Department of Revenue that none of the business' employees are members of a labor organization (Sec. 6).
Increases the maximum amount of funds that the Department of Revenue may spend on business tax credits from $97.5 million to $195 million for a single program, and from $20 million to $40 million in a single fiscal year (Sec. 9).
Exempts electricity used directly or indirectly in a packinghouse from sales taxes (Sec. 3).
Defines “packinghouse” as any building where fruits and vegetables are packed or prepared for market sale (Sec. 3).
Specifies that this bill does not apply to electricity used in buildings where agricultural products are sold at retail (Sec. 3).
Expands the tax exemption for aircraft repair and maintenance charges to include the repair and maintenance of aircraft weighing more than 2,000 pounds, whereas existing law limits the tax exemption to the repair and maintenance of aircraft weighing more than 15,000 pounds (Sec. 3).
Exempts items used in the manufacture of aircraft and gas turbine engines from the sales tax (Sec. 3).
Requires film production companies that are eligible for the film tax credit to fulfill 1 of the following criteria (Sec. 8):
The company spent at least 50 percent of total principal photography shooting days within the state; or
The company spent at least $10 million on qualified production expenditures within the state.