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ND SB2340
Bill
Status
4/28/2015
Primary Sponsor
Tom Campbell
Click for details
AI Summary
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Allows primary sector businesses a nonrefundable income tax credit equal to 20% of the cost of new or used automation and robotic equipment purchased in the taxable year.
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For 2015, the aggregate credit cap is $2 million per calendar year; for 2016 and 2017, the aggregate cap is reduced to $500,000 per calendar year, with unused credits carried forward to the next year.
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Excess credits that exceed a taxpayer's annual liability may be carried forward for the next five succeeding taxable years.
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Qualified expenditures cannot be used to claim any other income tax deduction or credit and must be reported with detailed itemization including equipment purchased, amounts paid, and payment dates.
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The act is effective for the first three taxable years after December 31, 2014, and expires thereafter; the credit is designated for interim legislative analysis during the 2015-16 period.
Legislative Description
An income tax credit for purchases of manufacturing machinery and equipment for automating manufacturing processes; to provide a statement of legislative intent; to provide an effective date; and to provide an expiration date.
Last Action
Signed by Governor 04/28
4/28/2015