SB 40 Summary

• Establishes the New Job Creation Credit as a permanent economic development incentive by eliminating sunset provisions that previously limited the Blue Collar Jobs Act Tax Credits to before June 30, 2011

• Increases corporate and personal income tax credits from $400-$500 per employee to $500-$750 per employee, and raises license fee reductions accordingly

• Extends tax credit eligibility to clean energy technology device manufacturers, including solar power, fuel cells, wind power, and geothermal power device manufacturers

• Implements a three-year application deadline requiring taxpayers to apply for tax credit approval within 36 months after placing a qualified facility in service

• Creates enhanced tax credits of $750 per employee for clean energy technology device manufacturers, with an annual credit cap of $500,000