Loading chat...
AR SB356
Bill
Status
Introduced
2/23/2021
Primary Sponsor
David Wallace
Click for details
AI Summary
- Extends the construction commencement date for qualified steel specialty products manufacturing facilities from January 1, 2017 to January 1, 2021
- Updates the closing date certification requirement from July 1, 2018 to July 1, 2023 for verifying that capital acquisition, site securing, engineering services, equipment purchase, and initial construction have occurred
- Establishes tiered tax credit limits for public retirement systems based on total facility investment: $4,000,000 for $200-275 million investments, $5,000,000 for $275-350 million investments, and $6,500,000 for $350 million or greater investments
- Applies effective date of January 1, 2021 for tax years beginning on or after that date
Legislative Description
To Amend The Law Governing The Income Tax Credit For Waste Reduction, Reuse, Or Recycling Equipment; And To Amend The Definition Of “qualified Specialty Steel Products Manufacturing Facility”.
Last Action
Sine Die adjournment
10/15/2021
Committee Referrals
Revenue & Taxation2/23/2021
Full Bill Text
No bill text available