HB 1147 Summary

• Allows taxpayers to claim a capital business improvements tax credit deductible from net income tax liability for approved business improvement plans.

• Credit amount equals the cost of capital business improvements, with the plan requiring approval from the Department of Business, Economic Development, and Tourism.

• Tax credit only becomes effective after the taxpayer achieves 75% of the plan's objectives and the plan must include hiring at least five new full-time employees.

• Excess credits over tax liability may be carried forward until the income tax liability is exhausted.

• Tax credit claims must be filed within twelve months following the close of the taxable year, with failure to file constituting a waiver of the credit right.