Major business facility job tax credit; reduces number of qualified full-time jobs required. (SB472)
Introduced By
Sen. John Watkins (R-Midlothian) with support from 23 copatrons, whose average partisan position is:
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Major business facility job tax credit. Amends the Major Business Facility Job Tax Credit. Current law provides a $1,000 tax credit for major business facilities that create at least 100 qualified full-time jobs. This legislation increases the tax credit to $2000, and reduces the number of qualified full-time jobs required to be created to 50. In enterprise zones or economically distressed areas, the base or threshold is lowered from 50 newly created jobs to 25. The changes also allow the credit to be taken over a two-year period for taxable years beginning January 1, 2009, through December 31, 2012, rather than December 31, 2010. View Full Text »
