Sections 16 – 17 Increases the amount of relocation expense credit available to a headquarters facility that has invested at least $1 billion in the state. The credit is increased from $50,000 to $100,000 per job.Sections 18 – 23 Includes funds spent on computer software in determining whether a company has made the required capital investment for purposes of the data center, headquarters facility, emerging industry, and industrial machinery incentives and includes computer software when calculating the credit. Also extends the $1 billion dollar investment period for purposes of theindustrial machinery credit from a maximum of 5 years to a maximum of 7 years.Section 24 Extends the investment period for a data center from a maximum of 5 years to a maximum of 7 years.Section 25 Amends the definition of an emerging industry for purposes of the emerging industry credit by removing the specific exclusion of manufacturing and makes housekeeping changes byremoving references to industries, such as call centers, that cannot qualify for the credit.Sections 26 – 27 Amends the green energy tax credit by allowing the credit to the green energy manufacturer itself as well as separate companies that are integrated into the green energy manufacturer’s operations at its project site.
Sunday, June 07, 2009
The so-called technical corrections bill is a grab bag
of corporate welfare for new companies locating in TN. Meanwhile, exisiting business which have been investing and paying taxes for years in Tennessee are asked to pay higher taxes.
Posted by Ben Cunningham at 4:13 PM