Economic Growth – Week of March 3, 2011

STAFF CONTACT:  Sue Foecke

SF 145 – Manufacturing Tax Credits

COMMITTEE ACTION:

SF 145 establishes a Manufacturing Jobs Program within the Department of Economic Development. The Manufacturing Jobs Program provides corporate and individual income tax credits to eligible manufacturers for 100 percent of their capital investment directly related to increasing manufacturing activities. The eligible manufacturer must increase manufacturing activities by manufacturing a new product or by expanding production capacity for an existing product; and make a minimum capital investment of $25,000 per job in case of a new product or $15,000 per job in case of expanded capacity of an existing product. The tax credits are available against the individual and corporate income taxes. [3/1: short form]