SB3278 Summary

• Extends the Manufacturer's Purchase Credit expiration date from August 30, 2014 to August 30, 2019 in both the Use Tax Act and Service Use Tax Act.

• Allows manufacturers and graphic arts producers to earn tax credits on purchases of qualifying machinery and equipment made between September 1, 2004 and August 30, 2019.

• Credits range from 15% to 50% of the tax that would have been incurred, with percentages based on the purchase date.

• Requires purchasers to file annual reports documenting credit earned and used, with strict reporting deadlines that result in forfeiture of credits for non-compliance.

• Takes effect immediately upon becoming law.