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2000 SESSION

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HB 402 Technology industry in tobacco-dependent localities.

Introduced by: William W. (Ted) Bennett, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Technology industry in tobacco-dependent localities. Creates tax credits and/or grants for capital, debt, cash, and stock investments in certain technology companies located in tobacco-dependent communities and for qualified research taking place in tobacco-dependent communities. The Technology Initiative in Tobacco-Dependent Localities Fund will be used to fund such tax credits and/or grants. Credits for capital investments are limited to 50 percent of the amount of the investment up to $500,000 per taxable year. Tax credits for debt, cash, and stock investments are limited to 50 percent of the amount of the investment up to $500,000 in aggregate per taxpayer. Tax credits for capital, debt, cash, and stock investments may first be taken in the taxable year in which the Tobacco Indemnification and Community Revitalization Commission finds that such investments were spent in a tobacco-dependent locality. Tax credits for qualified research taking place in tobacco-dependent localities is limited to 50 percent of the amount paid or incurred for such research and may be taken in the year in which such research and development activity occurred.


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