Mike Petersen voted Yea (Passage) on this Legislation.
Title: Establishes That Companies Can Transfer a Maximum of 50% of Their Tax Credits to Another Company
Vote to pass a bill that establishes that companies can transfer a maximum amount of 50% of their received credits from High Performance Incentive Program every year to an alternative company.
Authorizes any taxpayer who invests in a qualified business facility other than a manufacturing business between December 31st, 2010 and January 1st, 2012, to be allowed a credit for the investment in these ways (Pg.1):
If the qualified business facility is in a designated nonmetropolitan region, the credit shall be a portion of the income tax or the privilege tax not exceeding 50%; and
If the qualified business facility is not in a designated nonmetropolitan region, but still meets the definition of a qualified business facility, then the credit shall be a portion of the income tax or the privilege tax not exceeding 50%.
Authorizes taxpayers to transfer up to 50% of the tax credit for projects on or after January 1st, 2021 (Pg. 4).
Title: Establishes That Companies Can Transfer a Maximum of 50% of Their Tax Credits to Another Company