The bill extends the advanced industry investment tax credit for an additional
5 years year , increases the annual maximum amount of the tax credit from $750,000 to $4 million for the additional year, and increases the tax credit from 30% to 35% of a qualified investment in rural or economically distressed areas , and increases the total amount of the tax credit for each qualified investment from $50,000 to $100,000. Current law requires that individuals who are co-owners of a business may claim only their pro rata share of the tax credit. The bill now makes it so that the tax credit may be allocated among partners, shareholders, members, or other constituent qualified investors, as defined under law, in any manner agreed to by such partners, shareholders, members, or other constituent qualified investors.
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)