Plain English Breakdown
The provided text is a bill summary, so it confirms that rules will be created but does not list what those detailed application rules are.
Strategic Industrial Development Enhancement (SIDE) Tax Credit Act
This bill creates a temporary state income tax credit for businesses that spend money on projects promoting industrial infrastructure enhancement and connectivity.
What This Bill Does
- Creates a new, temporary income tax credit for specific spending on projects promoting industrial infrastructure enhancement and connectivity.
- Requires the Department of Community Affairs to approve which projects are eligible for this credit.
- Sets limits on how much total money can be given out as credits each year.
- Allows businesses that do not use their full tax credit amount to sell or transfer those unused credits to others.
- Establishes rules and regulations needed to manage the program.
Who It Names or Affects
- Businesses spending money on projects promoting industrial infrastructure enhancement and connectivity.
- The Department of Community Affairs, which must approve eligible projects.
Limits and Unknowns
- The bill does not state the specific dollar amount of the annual limit for these credits in this summary text.
- The exact start date when this law becomes effective is not listed in the provided text.