Signed by Governor Doug Ducey

Vote Smart's Synopsis:

Vote to pass a bill that amends state income tax code to conform with federal income tax law.

Highlights:

• Requires the authority to establish a process for qualifying and pre-approving applicants for income tax credits, and prohibits the authority from pre-approving applicants as qualifying for credits for any taxable year beginning from and after December 31, 2030 (Sec. 1).

• Authorizes income tax credits for expanding or locating a qualified facility in the state, and are included in the computation of the credit up to 36 months before submitting an application for pre-approval, for taxable years beginning from and after December 31, 2012 (Sec. 1).

• Authorizes a credit against the taxes imposed by this act for qualifying investment and employment in expanding or locating a qualified facility in the state, for taxable years beginning from and after December 31, 2012 through December 31, 2030 (Sec. 3).

• Prohibits an international operations center that is initially certified after December 31, 2018 from claiming the tax credit authorized under this act (Sec. 5).

• Defines “international operations center” as a facility, or connected facilities under the same ownership, that are subject to the investment thresholds that self-consume renewable energy from a qualified facility (Sec. 2).

• Authorizes a credit carryforward determined under this act from taxable years beginning from and after December 31, 2021 to be carried forward up to 10 years from the year in which the expenses were incurred (Sec. 6).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends state income tax code to conform with federal income tax law.

Highlights:

• Requires the authority to establish a process for qualifying and pre-approving applicants for income tax credits, and prohibits the authority from pre-approving applicants as qualifying for credits for any taxable year beginning from and after December 31, 2030 (Sec. 1).

• Authorizes income tax credits for expanding or locating a qualified facility in the state, and are included in the computation of the credit up to 36 months before submitting an application for pre-approval, for taxable years beginning from and after December 31, 2012 (Sec. 1).

• Authorizes a credit against the taxes imposed by this act for qualifying investment and employment in expanding or locating a qualified facility in the state, for taxable years beginning from and after December 31, 2012 through December 31, 2030 (Sec. 3).

• Prohibits an international operations center that is initially certified after December 31, 2018 from claiming the tax credit authorized under this act (Sec. 5).

• Defines “international operations center” as a facility, or connected facilities under the same ownership, that are subject to the investment thresholds that self-consume renewable energy from a qualified facility (Sec. 2).

• Authorizes a credit carryforward determined under this act from taxable years beginning from and after December 31, 2021 to be carried forward up to 10 years from the year in which the expenses were incurred (Sec. 6).

Full Bill Text