§ 44-48.3-6. Total amount of tax credit for eligible business. (a) The base amount of the tax credit for an eligible business for each new full-time job shall be up to two thousand five hundred dollars ($2,500) annually.

(b) The total tax credit amount shall be calculated and credited to the business annually for each year of the eligibility period after the commerce corporation, in consultation with the division of taxation, has verified that the jobs covered by the tax credit have generated sufficient personal income taxes to comply with subsection (e) of this section.

(c) In addition to the base amount of the tax credit, the amount of the tax credit to be awarded for each new full-time job may be increased, pursuant to the provisions of subsection (d) of this section, if the business meets any of the following criteria or such other additional criteria determined by the commerce corporation from time to time in response to evolving economic or market conditions:

(1) For a business located within a hope community;

(2) For a targeted industry;

(3) For a business located within a transit oriented development area; and

(4) For an out-of-state business that relocates a business unit or units or creates a significant number of new full-time jobs during the commitment period.

(d) For any application made to the commerce corporation the tax credit for an eligible business for each new full-time job shall not exceed seven thousand five hundred dollars ($7,500) annually.

(e) Notwithstanding the provisions of subsections (a) through (d) of this section, for each application approved by the commerce corporation prior to July 1, 2019, the amount of tax credits available to be obtained by the business annually shall not exceed the reasonable W-2 withholding received by the state for each new full-time job created by a business for applications received by the commerce corporation. For each application approved by the commerce corporation after July 1, 2019, the amount of tax credits available to be obtained by the business annually shall not exceed seventy-five percent (75%) of the reasonable W-2 withholding received by the state for each new full-time job created by a business for applications received by the commerce corporation.

(f) The commerce corporation shall establish regulations regarding the conditions under which a business may submit more than one application for tax credits over time. The commerce corporation may place limits on repeat applications.

History of Section. (P.L. 2015, ch. 141, art. 19, § 15; P.L. 2019, ch. 88, art. 12, § 7.)