§11-13L-1. Short Title
This article shall be known and cited as the "Natural Gas Industry Jobs Retention Act".
§11-13L-2. Definitions
(a) General. — When used in this article, or in the administration of this article, terms defined in subsection (b) of this section have the meanings ascribed to them by this section, unless a different meaning is clearly required by the context in which the term is used. (b) Terms defined. (1) "Affiliate" means and […]
§11-13L-3. Eligibility for Tax Credits; Creation of the Credit
There shall be allowed to every eligible taxpayer a credit against the tax prescribed under section two-e, article thirteen of this chapter, as determined under this article.
§11-13L-4. Amount of Credit Allowed
(a) Credit allowed. — Eligible taxpayers shall be allowed a credit against the tax prescribed by section two-e, article thirteen of this chapter, the application of which and the amount of which shall be determined as provided in this article. (b) Amount of credit. — (1) The amount of credit allowed to the eligible taxpayer […]
§11-13L-5. Application of Annual Credit Allowance
(a) Application of credit. — The amount of credit allowed shall be taken against the tax liabilities of the eligible taxpayer for the current taxable year prescribed by section two-e, article thirteen of this chapter. Any credit remaining after application of the credit against the tax liabilities for the current taxable year is forfeited and […]
§11-13L-6. Annual Computation of the Number of Jobs Held by Qualified Employees
(a) The taxpayer shall determine the number of jobs held by qualified employees of the taxpayer in the taxable year by calculating the average number of qualified employees holding jobs for each month of the taxable year by averaging the beginning and ending monthly employment of qualified employees, then totalling the monthly averages and dividing […]
§11-13L-7. Availability of Credit to Successors
(a) (1) Where there has been a transfer or sale of the business assets of an eligible taxpayer to a successor taxpayer which continues to operate the business in this state, and remains subject to the tax prescribed under section two-e, article thirteen of this chapter, the successor taxpayer is entitled to the credit allowed […]
§11-13L-8. Credit Recapture; Interest; Penalties; Additions to Tax; Statute of Limitations
(a) If it appears upon audit or otherwise that any person or entity has taken the credit against tax allowed under this article and was not entitled to take the credit, then the credit improperly taken under this article shall be recaptured. Amended returns shall be filed for any tax year for which the credit […]
§11-13L-9. Effective Date
This article shall be effective for tax years beginning on or after October 1, 1996.