A. Prior to July 1, 2020, to be eligible to claim a credit pursuant to the Investment Credit Act, the taxpayer shall employ the equivalent of one full-time employee who has not been counted to meet this employment requirement for any prior claim in addition to the number of full-time employees employed on the day one year prior to the day on which the taxpayer applies for the credit for every:
(1) five hundred thousand dollars ($500,000), or portion of that amount, in value of qualified equipment claimed by the taxpayer in a taxable year in the same claim, up to a value of thirty million dollars ($30,000,000); and
(2) one million dollars ($1,000,000), or portion of that amount, in value of qualified equipment over thirty million dollars ($30,000,000) claimed by the taxpayer in a taxable year in the same claim.
B. After June 30, 2020, for every one hundred thousand dollars ($100,000) in value of qualified equipment claimed by a taxpayer in a taxable year, the taxpayer shall employ the equivalent of one full-time employee in addition to the number of full-time employees employed on the day one year prior to the day on which the taxpayer applies for credit.
C. The department may require evidence showing compliance with this section. The department may find that an additional employee meets the requirements of this section, although employed earlier than one year prior to the day on which the taxpayer applies for the credit, if the employee was only being trained prior to that date or the employee's employment was necessitated by the use of the qualified equipment.
History: 1978 Comp., § 7-9A-7.1, as enacted by Laws 1983, ch. 206, § 6; 1990, ch. 3, § 7; 1991, ch. 159, § 6; 1991, ch. 162, § 6; 2001, ch. 57, § 4; 2001, ch. 337, § 4; 2003, ch. 402, § 1; 2009, ch. 147, § 3.
Compiler's notes. — Laws 1999, ch. 36, § 1 amended Laws 1990, ch. 3, § 10, as amended by Laws 1992, ch. 17, § 1, Laws 1992, ch. 104, § 1, and Laws 1997, ch. 62, § 3, to change the effective date of Laws 1990, ch. 3, § 8 from January 1, 2000 to January 1, 2004.
Laws 2001, ch. 57, § 7 and Laws 2001, ch. 337, § 7 repealed Laws 1990, ch. 3, § 8, which would have been effective January 1, 2004 as provided by Laws 1999, ch. 36, § 1, effective June 15, 2001.
The 2009 amendment, effective June 19, 2009, in Subsections A and B, changed "July 1, 2011" to "July 1, 2020".
The 2003 amendment, effective June 20, 2003, deleted former Paragraph A(1), concerning qualified equipment, and redesignated the subsequent paragraphs accordingly; and deleted "over two million dollars ($2,000,000)" following "of qualified equipment" near the middle of present Subsection A(1).
The 2001 amendment, effective June 15, 2001, inserted "Prior to July 1, 2011" to Subsection A; added current Subsection B; and redesignated former Subsection B as C.
The 1991 amendment, effective June 14, 1991, rewrote this section to the extent that a detailed analysis is impracticable.
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