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ND HB1047
Bill
Status
1/3/2017
Primary Sponsor
Legislative Management
Click for details
AI Summary
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Primary sector businesses certified by the Department of Commerce receive a nonrefundable income tax credit equal to 20 percent of the cost of new or used automation and robotic equipment purchased in North Dakota.
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For 2015, aggregate credits cannot exceed $2 million; for 2016 and later years, aggregate credits cannot exceed $500,000 annually, with unclaimed credits carried forward to the next year.
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Excess credits exceeding a taxpayer's annual liability may be carried forward for up to five succeeding taxable years.
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Qualified expenditures under the credit cannot be used for any other income tax deduction or credit, and credits claimed must be supported by itemized documentation filed with tax returns.
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The provision is effective for taxable years beginning after December 31, 2016.
Legislative Description
An income tax credit for purchases of manufacturing machinery and equipment for automating manufacturing processes; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 28 nays 63
2/13/2017