HB 2815 Summary

• Extends the renewable energy tax incentive program through December 31, 2019 (previously set to expire December 31, 2014) for income tax credits under sections 43-1083.01 and 43-1164.01.

• Creates a new qualified facility income tax credit program (sections 41-1512, 43-1083.03, and 43-1164.04) for taxable years beginning after December 31, 2011 through December 31, 2019, allowing businesses to claim ten percent credits on capital investment and employment in qualified manufacturing, headquarters, or research facilities.

• Modifies the Arizona Quality Jobs incentives program to extend the deadline for business location through July 2017, allow capital investment and new employment requirements to be met within twelve months of investment start, and permit businesses to claim first-year credits for three consecutive years.

• Authorizes the Arizona Commerce Authority to share taxpayer information with the Department of Revenue for administering renewable energy and qualified facility tax incentive programs.

• Extends the net operating loss carryover period for corporations from five years to twenty years for losses arising after December 31, 2011.