Senate Bill 414 - Agricultural Manufacturing Tax Incentive

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

• Requires qualifying agrimanufacturers to have invested at least $1,500,000 in private funds on or after January 1, 2023, and must meet eligibility requirements including wage standards, health insurance provision, and environmental compliance.

• Provides tiered tax credits based on job creation and investment thresholds: 25 jobs/$1.5M investment (3 years of credit), 50 jobs/$2.5M investment (5 years), or 100 jobs/$5M investment (10 years), calculated as a percentage of cumulative income taxes.

• Establishes eligibility restrictions including environmental disqualification events, safety violations, overdue tax debts, and requirements that jobs meet wage standards in development tier two and three areas.

• Makes the bill effective for taxable years beginning on or after January 1, 2023, and requires $500 filing fee per credit type claimed.