§11-13M-9. Credit Recapture; Interest; Penalties; Additions to Tax; Statute of Limitations
(a) If it appears upon audit or otherwise that any person has improperly claimed the credit allowed by this article, the amount improperly claimed and which the person was not entitled to take shall be recaptured. Amended returns shall be filed for any taxable year for which the credit was improperly taken. Any additional taxes […]
§11-13M-10. Administrative Rules
The tax commission may prescribe such rules as may be necessary to carry out the purposes of this article, including, but not limited to, rules relating to applicability of credit, method of claiming of credit, credit recapture, documentation necessary to claim credit and rules preventing abuse of this article by related persons or by change […]
§11-13M-11. Construction of Article
The provisions of this article shall be reasonably construed. The burden of proof is on the person claiming the credit allowed by this article to establish by clear and convincing evidence that the person is entitled to the amount of credit asserted for the taxable year.
§11-13M-12. Effective Date
This article shall be effective for taxable years beginning on or after July 1, 1997.
§11-13M-4. Amount of Credit Allowed; Expiration of the Credit
(a) Credit allowable. — The amount of annual credit allowable under this article to an eligible taxpayer shall be $250 for each new job at a new consumer-ready wood product manufacturing facility located in this state, or at a new consumer-ready wood product line of an existing manufacturing facility located in this state, that is […]
§11-13M-5. Application of Annual Credit Allowance
(a) Application of credit against business franchise tax. — The amount of credit allowed under section four of this article shall first be applied against the eligible taxpayer's liability for the tax imposed by article twenty-three of this chapter that is attributable to a new consumer-ready wood product manufacturing facility located in this state and […]
§11-13M-6. Proration of Credit Among Partners, Members of Limited Liability Companies, or Shareholders in Small Business Corporations
The amount of credit allowed under this article for the taxable year to a partnership or limited liability company classified as a partnership for the taxable year, or to an electing small business corporation, that remains after application the credit against the tax imposed by article twenty-three of this chapter as provided in subsection (a), […]
§11-13M-7. Annual Computation of the Number of New Jobs Held by Full-Time Employees
(a) The eligible taxpayer shall annually determine the number of new jobs held by full-time permanent employees of the eligible taxpayer in the taxable year by calculating the average number of full-time employees holding jobs for each month of the taxable year by averaging the beginning and ending monthly employment of full-time employees, then totaling […]
§11-13M-8. Availability of Credit to Successors
(a) Transfer or sale. — When there is a transfer or sale of the business assets of an eligible taxpayer to a successor taxpayer which continues to operate the new consumer-ready wood product manufacturing facility located in this state, or the new consumer-ready wood product line of an existing manufacturing facility located in this state, […]
§11-13M-1. Legislative Purpose
The Legislature finds that production of consumer-ready wood products is very important to the economy of this state and that a sound economy is in the public interest and promotes the general welfare of the people of this state. In order to encourage capital investment in this state, through the manufacture of consumer-ready wood products […]