HB 1229 Summary

• Provides a credit against utility receipts taxes for businesses engaged in metal casting manufacturing (foundries classified under NAICS code 3315 and related subcategories)

• Credit applies to utility services (electrical energy, natural gas, and steam) used directly in the production of tangible personal property within the foundry business

• Credit amount equals the lesser of: (1) actual utility receipts taxes paid on qualifying utility services, or (2) $6,000 per taxable year

• Taxpayers must claim the credit on quarterly gross receipts tax returns or annual state tax returns and submit required information to the department

• Effective July 1, 2010, with the credit applying only to transactions occurring after June 30, 2010