ACT 213, HB591 HD1 SD2 CD1, 7/12/2017Posted on Jul 14, 2017 in 2017 Acts
RELATING TO THE CAPITAL INFRASTRUCTURE TAX CREDIT.
Includes structures, machinery, equipment, and capital assets in the definition of capital infrastructure costs for the Capital Infrastructure Tax Credit. Sets cap on credit per taxable year per qualified infrastructure tenant including all partners and members of the qualified infrastructure tenant and its special purpose entities. Specifies that excess tax credits may be carried forward. Recaptures credit if qualified infrastructure tenant fails to relocate within a certain period of time after executing a lease with the Department of Transportation. Specifies taxpayer reporting requirements. Provides penalties for failure to report information.