Bill > A961

Introduced Session

This bill allows a corporation business tax credit for 20 percent of the costs of certain manufacturing equipment installed at a manufacturing facility in this State and 20 percent of the costs of improvements or additions that result in the renovation, modernization, or expansion of a manufacturing facility in this State. The bill provides that expenditures for certain manufacturing equipment, facility renovation, modernization, and expansion for which a credit is allowed under this bill are not to be considered expenditures for which a credit is allowed under the New Jobs Investment Tax Credit, the Manufacturing and Employment Investment Tax Credit, the Research and Development Credit, or the Effluent Treatment and Conveyance Equipment Credit. The bill defines "manufacturing equipment" as machinery, apparatus or equipment, including, but not limited to, any machinery, apparatus, or equipment employing an advanced technological process, used in the production of tangible personal property that is eligible for the sales tax exemption for manufacturing equipment. The bill defines a "manufacturing facility" as a business location, including, but not limited to, a factory, mill, or plant, at which more than 50 percent of the business personal property that is housed in the facility is manufacturing equipment.

AI Summary

Committee Categories

Nancy Muñoz (R)*,  Michael Inganamort (R), 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

Official Document