Senate Bill 526 - Agricultural Manufacturing Tax Incentive

• Reenacts Article 3J of Chapter 105 of the General Statutes to create a tax credit for agrimanufacturing businesses that process raw agricultural materials into food, feed, fiber, fuel, or industrial raw materials.

• Defines "qualifying agrimanufacturer" as a taxpayer primarily engaged in agrimanufacturing with private fund investments exceeding $1,500,000 made on or after January 1, 2019.

• Provides income tax credits based on job creation and investment thresholds: 25 jobs and $1.5M investment = 3 years of credits; 50 jobs and $2.5M = 5 years; 100 jobs and $5M = 10 years.

• Requires agrimanufacturing activities to occur in development tier one or two areas and imposes eligibility requirements including health insurance provision, wage standards, environmental compliance, and safety certifications.

• Effective for taxable years beginning on or after January 1, 2019.