This bill enacts an individual income tax credit for certain tariff payments.
This bill:
- defines terms;
- enacts a nonrefundable individual income tax credit for a business entity's payment of tariffs, the costs of which have not been passed to customers, in an amount that corresponds to the total amount of qualifying tariff payments made by the business entity during the taxable year;
- requires a qualifying claimant, before claiming a tax credit, to apply for and receive a written certification from the Governor's Office of Economic Opportunity (office) certifying the qualifying claimant's eligibility for the tax credit and the tax credit amount;
- requires the office to annually report to the State Tax Commission on recipients of a written certification for the tax credit;
- authorizes the office to make rules for administering the certification requirements for the tax credit; and
- makes technical and conforming changes.

Statutes affected:
Introduced: 59-10-1002.2