SB1245 Summary

• Extends the expiration date for qualified facility tax credits from December 31, 2022 to December 31, 2030, allowing businesses to continue receiving preapproval for income tax credits for expanding or locating qualifying facilities in Arizona through 2030.

• Modifies the capital investment eligibility period from "on or after July 1, 2012" to investments made "not more than thirty-six months before submitting an application for preapproval," providing a more flexible timeline for qualifying investments.

• Extends the international operations center certification deadline from 2018 to 2030 and adds a restriction that centers certified after December 31, 2018 cannot claim the renewable energy tax credit under section 43-1164.05.

• Changes references from "at" to "with job duties associated with" regarding employment positions to clarify the location-specific nature of job duties for tax credit eligibility.

• Extends carryforward periods for research activity tax credits from 15 years to 10 years for expenses incurred after December 31, 2021, and adjusts the credit cap on basic research payments from $10,000,000 to $10,000,000 combined with another credit provision.