COMMITTEE ON WAYS AND MEANS
HOUSE OF REPRESENTATIVES AMENDMENTS TO S.B. 1416
(Reference to Senate engrossed bill)
Strike everything after the enacting clause and insert:
"Section 1. Section 41-1525, Arizona Revised Statutes, is amended to read:
41-1525. Arizona quality jobs incentives; tax credits for new employment; qualifications; definitions
A. The
owner of a business that is located
in this state before July 2017 2025 is
eligible for income tax credits under section 43‑1074 or 43‑1161 or
an insurance premium tax credit under section 20‑224.03 for net increases
in full-time employees residing in this state and hired in qualified employment
positions in this state.
B. To
qualify under this section, and subject to preapproval by the authority, the
business must meet either at least one of the
following requirements for each location of the business before it claims a
first year tax credit for the location:
1. Invest
at least five million dollars of capital investment and create at least
twenty-five net new
qualified employment positions at a location within
the exterior boundaries of a city or town that has a population of fifty
thousand persons or more and that is located in a county that has a population
of eight hundred thousand persons or more that pay compensation at least equal to one hundred
percent of the county median wage as computed annually by the authority in an
urban location.
2. Invest at least two million five hundred thousand dollars of capital investment and create at least twenty-five net new qualified employment positions that pay compensation at least equal to one hundred twenty-five percent of the county median wage as computed annually by the authority in an urban location.
3. Invest at least one million dollars of capital investment and create at least twenty-five net new qualified employment positions that pay compensation at least equal to one hundred fifty percent of the county median wage as computed annually by the authority in an urban location.
4. INVEST AT LEAST FIVE HUNDRED THOUSAND DOLLARS OF CAPITAL INVESTMENT AND Create at least twenty-five net new qualified employment positions that pay compensation at least equal to two hundred percent of the county median wage as computed annually by the authority in an urban location.
2. 5. Invest at
least one million dollars of capital investment and create at least five net new qualified employment
positions in any other a rural location.
6. Invest at least five hundred thousand dollars of capital investment and create at least five net new qualified positions that pay compensation at least equal to one hundred twenty-five percent of the county median wage as computed annually by the authority in a rural location.
7. Invest at least one hundred thousand dollars of capital investment and create at least five net new qualified positions that pay compensation at least equal to one hundred fifty percent of the county median wage as computed annually by the authority in a rural location.
C. The
capital investment and the new qualified employment positions requirements of
subsection B of this section must be accomplished within twelve months after
the start of the required capital investment. No credit may be
claimed until both requirements are met. A business that meets the
requirements of subsection B of this section for a location is eligible to
claim first year credits for three years beginning with the taxable year in
which those requirements are completed. Employees hired at the location before
the beginning of the taxable year but during the twelve-month period allowed in
this subsection are considered to be new employees for the taxable year in
which all of those requirements are completed. The employees that
are considered to be new employees for the taxable year under this subsection
shall not be included in the average number of full-time employees during the
immediately preceding taxable year until the taxable year in which all of the
requirements of subsection B of this section are completed. An
employee working at a temporary work site
worksite in this state
while the designated location is under construction is considered to be working
at the designated location if all of the following occur:
1. The employee is hired after the start of the required investment at the designated location.
2. The employee is hired to work at the designated location after it is completed.
3. The payroll for the employees destined for the designated location is segregated from other employees.
4. The employee is moved to the designated location within thirty days after its completion.
D. No more than ten thousand new jobs for all employers qualify for first year credits each year.
E. To claim a tax credit, the business must:
1. Obtain preapproval from the authority at a time, on a form and in a manner prescribed by the authority. Preapproval shall cover all first year credits intended to be claimed for the designated location and all second and third year credits associated with those first year credits.
2. Certify to the department of revenue or the department of insurance, as applicable, on or before the due date of the tax return, including any extensions for the year for which the credit is claimed, in a form prescribed by the department, including electronic media, information that the department may require, including the ownership interests of co‑owners of the business if the business is a partnership, limited liability company or an S corporation, and the following information for each employee in the designated location:
(a) The date of initial employment.
(b) The number of hours worked during the year.
(c) Whether the position was full‑time.
(d) The employee's annual compensation.
(e) The total cost of health insurance for the employee and the cost paid by the employer.
(f) Other information required by the department.
3. Report and certify to the authority the following information, and provide supporting documentation, on a form and in a manner approved by the authority, and as specified in subsection F of this section, for each year in which the taxpayer earned and claimed or used credits or is carrying forward amounts from previously earned and claimed credits:
(a) The business name and mailing address and any other contact information requested by the authority.
(b) The physical address of the business location or locations and the number of employees qualified for the credit at each location.
(c) The average hourly wage and the total amount of compensation paid to employees qualified for the credit and for all employees.
(d) The total number of qualified employment positions and the amount of income tax or premium tax credits qualified for in the taxable year.
(e) The estimated amount of tax credits to be used in the taxable year to offset tax liability.
(f) The estimated amount of tax credits to be available for carryforward in the taxable year and the year in which the credits expire.
(g) The number of jobs and the amount of credits earned and claimed on the prior year's tax return.
(h) The amount of credits used to offset tax liabilities on the prior year's tax return.
(i) The amount of credits available for carryforward as reported on the prior year's tax return and the year the credits expire.
(j) Capital investment made during the taxable year and the preceding taxable year.
(k) Other information necessary for the management and reporting of the incentives under this section.
4. For any year in which the taxpayer is claiming first year credits, report and certify the following additional information and provide supporting documentation to the authority on a form and in a manner approved by the authority, and as specified in subsection F of this section:
(a) That the net increase in the number of qualified employment positions for which credit is sought is the least of:
(i) The total number of filled qualified employment positions created at the designated location or locations during the taxable year.
(ii) The difference between the average number of full‑time employees in this state in the current taxable year and the average number of full‑time employees in this state during the immediately preceding taxable year.
(b) That all employees filling a qualified employment position were employed for at least ninety days during the first taxable year. Employees hired in the last ninety days of the taxable year are excluded for that taxable year and are considered to be new employees in the following taxable year.
(c) That none of the employees filling qualified employment positions were employed by the taxpayer during the twelve months before the current date of hire except for those relocating to this state.
(d) That all employees for whom second and third year credits are claimed are in qualified employment positions for which first year credits were allowed and claimed by the taxpayer on the original first and second year tax returns.
(e) That all employees for whom credits are taken performed their job duties primarily at the designated locations of the business.
F. To qualify for first year credits, the report and certification prescribed by subsection E, paragraphs 3 and 4 of this section must be filed with the authority by the earlier of six months after the end of the taxable year in which the qualified employment positions were created or by the date the tax return is filed for the taxable year in which the qualified employment positions were created. To qualify for second year credits, the report and certification prescribed by subsection E, paragraph 3 of this section must be filed with the authority by the earlier of six months after the end of the taxable year or the date the tax return is filed for the taxable year in which the second year credits are allowable. To qualify for third year credits, the report and certification prescribed by subsection E, paragraph 3 of this section must be filed with the authority by the earlier of six months after the end of the taxable year or the date the tax return is filed for the taxable year in which the third year credits are allowable.
G. Any information submitted to the authority under subsection E, paragraph 3, subdivisions (e) through (j) of this section is exempt from title 39, chapter 1, article 2 and considered to be confidential and is not subject to disclosure except:
1. To the extent that the person or organization that provided the information consents to the disclosure.
2. To the department of revenue for use in tax administration.
H. Documents filed with the authority, the department of insurance and the department of revenue under subsection E of this section shall contain either a sworn statement or certification, signed by an officer of the company under penalty of perjury, that the information contained is true and correct according to the best belief and knowledge of the person submitting the information after a reasonable investigation of the facts. If the document contains information that is materially false, the taxpayer is ineligible for the tax credits described under subsection A of this section and is subject to recovery of the amount of tax credits allowed in preceding taxable years based on the false information, plus penalties and interest.
I. The authority may make site visits to a taxpayer's facilities if it is necessary to further document or clarify reported information. The taxpayer must freely provide the access.
J. The authority by rule shall prescribe preapproval requirements and additional reporting requirements for taxpayers who claim tax credits pursuant to this section.
K. On or before September 30 of each year, the authority shall transmit a report to the governor, the president of the senate, the speaker of the house of representatives and the chairpersons of the senate finance committee and the house of representatives ways and means committee and provide a copy of the report to the secretary of state. The report shall include the following information:
1. The business names, locations, number of employees and amount of compensation paid to employees qualifying for income tax credits as reported to the authority.
2. The amount of capital investment, made during the preceding fiscal year and cumulatively.
3. The total amount of income tax credits allowed for the preceding taxable year and the number of qualified employment positions for which credits were claimed pursuant to sections 43‑1074 and 43‑1161.
L. For the purposes of this section:
1. "Capital investment" means an expenditure to acquire, lease or improve property that is used in operating a business, including:
(a) Land, buildings, machinery and fixtures.
(b) For taxable years beginning from and after June 30, 2011, equipment.
2. "Designated location" means the location at which the required capital investment is made under subsection B of this section.
3. "Location"
means a single parcel or contiguous parcels of owned or leased land in this
state, the structures and personal property contained on the land or any part
of the structures occupied by the owner. Parcels that are separated only by a
public thoroughfare or right-of-way are considered to be contiguous but parcels
that are in locations respectively described by subsection B, paragraphs 1 and 2 5 of this section are not considered to be contiguous.
4. "Qualified employment position" means employment that meets the following requirements:
(a) The position consists of at least one thousand seven hundred fifty hours per year of full-time permanent employment.
(b) The job duties are performed primarily at the location or locations of the business in this state.
(c) The
employment provides health insurance coverage for the employee for which the
employer pays at least sixty-five per cent
percent of the premium
or membership cost. If the business is self-insured, the employer
pays at least sixty-five per cent percent of a predetermined
fixed cost per employee for an insurance program that is payable whether or not
the employee has filed claims.
(d) The
employer pays compensation at least equal to the median
wage by county as computed annually by the authority wage threshold as described in
subsection B of this section.
5. "Rural location" means a location that is within the boundaries of tribal lands or a city or town with a population of less than fifty thousand persons or a county with a population of less than eight hundred thousand persons.
6. "Urban location" means a location that is within the exterior boundaries of a city or town that has a population of fifty thousand persons or more and that is located in a county that has a population of eight hundred thousand persons or more.
Sec. 2. Section 42-13054, Arizona Revised Statutes, is amended to read:
42-13054. Taxable value of personal property; depreciated values of personal property in class one and class two (P)
A. The taxable value of personal property that is valued by the county assessor is the result of acquisition cost less any appropriate depreciation as prescribed by tables adopted by the department. The taxable value shall not exceed the market value.
B. Except as provided in subsection C of this section and notwithstanding any other statute, the assessor shall adjust the depreciation schedules prescribed by the department as follows to determine the valuation of personal property:
1. For personal property that is initially classified during tax year 1994 through tax year 2007 as class one, paragraph 8, 9, 10 or 13 pursuant to section 42‑12001 and personal property that is initially classified during tax year 1995 through tax year 2007 as class two (P) pursuant to section 42‑12002:
(a) For the first tax year of assessment, the assessor shall use thirty‑five per cent percent of the scheduled depreciated value.
(b) For the second tax year of assessment, the assessor shall use fifty‑one per cent percent of the scheduled depreciated value.
(c) For the third tax year of assessment, the assessor shall use sixty‑seven per cent percent of the scheduled depreciated value.
(d) For the fourth tax year of assessment, the assessor shall use eighty‑three per cent percent of the scheduled depreciated value.
(e) For the fifth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed in the department's guidelines.
2. For personal property that is initially classified during tax year 2008 through tax year 2011 as class one, paragraph 8, 9, 10 or 13 pursuant to section 42‑12001 and personal property that is initially classified during tax year 2008 through tax year 2011 as class two (P) pursuant to section 42‑12002:
(a) For the first tax year of assessment, the assessor shall use thirty per cent percent of the scheduled depreciated value.
(b) For the second tax year of assessment, the assessor shall use forty-six per cent percent of the scheduled depreciated value.
(c) For the third tax year of assessment, the assessor shall use sixty-two per cent percent of the scheduled depreciated value.
(d) For the fourth tax year of assessment, the assessor shall use seventy-eight per cent percent of the scheduled depreciated value.
(e) For the fifth tax year of assessment, the assessor shall use ninety-four per cent percent of the scheduled depreciated value.
(f) For the sixth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed in the department's guidelines.
3. For personal property that is initially classified during or after tax year 2012 as class one, paragraph 8, 9, 10 or 13 pursuant to section 42‑12001, and personal property that is initially classified during or after tax year 2012 as class two (P) pursuant to section 42‑12002 and PERSONAL PROPERTY that is used in a manufacturing application and THAT IS ACQUIRED DURING OR AFTER TAX YEAR 2017 AND INITIALLY CLASSIFIED DURING OR AFTER TAX YEAR 2018 AS CLASS SIX PURSUANT TO SECTION 42-12006:
(a) For the first tax year of assessment, the assessor shall use twenty-five per cent percent of the scheduled depreciated value.
(b) For the second tax year of assessment, the assessor shall use forty-one per cent percent of the scheduled depreciated value.
(c) For the third tax year of assessment, the assessor shall use fifty-seven per cent percent of the scheduled depreciated value.
(d) For the fourth tax year of assessment, the assessor shall use seventy-three per cent percent of the scheduled depreciated value.
(e) For the fifth tax year of assessment, the assessor shall use eighty-nine per cent percent of the scheduled depreciated value.
(f) For the sixth and subsequent tax years of assessment, the assessor shall use the scheduled depreciated value as prescribed in the department's guidelines.
C. The additional depreciation prescribed in subsection B of this section:
1. Does not apply to any property valued by the department.
2. Shall not reduce the valuation below the minimum value prescribed by the department for property in use.
Sec. 3. Section 43-1074.01, Arizona Revised Statutes, as amended by Laws 2014, chapter 168, section 6, is amended to read:
43-1074.01. Credit for increased research activities
A. A credit is allowed against the taxes imposed by this title in an amount determined pursuant to section 41 of the internal revenue code, except that:
1. The amount of the credit is based on the excess, if any, of the qualified research expenses for the taxable year over the base amount as defined in section 41(c) of the internal revenue code and is computed as follows:
(a) If the excess is two million five hundred thousand dollars or less, the credit is equal to twenty per cent twenty-four percent of that amount.
(b) If the excess is over two million five hundred thousand dollars, the credit is equal to five six hundred thousand dollars plus eleven per cent fifteen percent of any amount exceeding two million five hundred thousand dollars, except that:
(i) For taxable years beginning from and after December 31, 2000 through December 31, 2001, the credit shall not exceed one million five hundred thousand dollars.
(ii) For taxable years beginning from and after December 31, 2001 through December 31, 2002, the credit shall not exceed two million five hundred thousand dollars.
(c) For taxable years beginning from and after December 31, 2011, an additional credit amount is allowed if the taxpayer made basic research payments during the taxable year to a university under the jurisdiction of the Arizona board of regents. The additional credit amount is equal to ten per cent percent of the excess, if any, of the basic research payments over the qualified organization base period amount for the taxable year. The department shall not allow credit amounts under this subdivision and section 43‑1168, subsection A, paragraph 1, subdivision (d) that exceed, in the aggregate, a combined total of ten million dollars in any calendar year. Subject to that limit, on application by the taxpayer, the department shall certify credit amounts under this subdivision and section 43‑1168, subsection A, paragraph 1, subdivision (d) based on priority placement established by the date that the taxpayer filed the application. For taxable years beginning from and after December 31, 2014, any basic research payments used to determine the additional credit under this subdivision must first receive certification from the Arizona commerce authority pursuant to section 41‑1507.01. The additional credit amount under this subdivision shall not exceed the amount allowed based on actual basic research payments or the department's certification, whichever is less. If an application, if certified in full, would exceed the ten million dollar limit, the department shall certify only an amount within that limit. After the limit is attained, the department shall deny any subsequent applications regardless of whether other certified amounts are not actually claimed as a credit or other taxpayers fail to qualify to actually claim certified amounts. Notwithstanding subsections B and C of this section, any amount of the additional credit under this subdivision that exceeds the taxes otherwise due under this title is not refundable, but may be carried forward to the next five consecutive taxable years. For the purposes of this subdivision, "basic research payments" and "qualified organization base period amount" have the same meanings prescribed by section 41(e) of the internal revenue code without regard to whether the taxpayer is or is not a corporation.
2. Qualified research includes only research conducted in this state, including research conducted at a university in this state and paid for by the taxpayer.
3. If two or more taxpayers, including partners in a partnership and shareholders of an S corporation, as defined in section 1361 of the internal revenue code, share in the eligible expenses, each taxpayer is eligible to receive a proportionate share of the credit.
4. The credit under this section applies only to expenses incurred from and after December 31, 2000.
5. The termination provisions of section 41 of the internal revenue code do not apply.
B. Except as provided by subsection C of this section, if the allowable credit under this section exceeds the taxes otherwise due under this title on the claimant's income, or if there are no taxes due under this title, the amount of the credit not used to offset taxes may be carried forward to the next fifteen consecutive taxable years. The amount of credit carryforward from taxable years beginning from and after December 31, 2000 through December 31, 2002 that may be used in any taxable year may not exceed the taxpayer's tax liability under this title or five hundred thousand dollars, whichever is less, minus the credit under this section for the current taxable year's qualified research expenses. The amount of credit carryforward from taxable years beginning from and after December 31, 2002 that may be used in any taxable year may not exceed the taxpayer's tax liability under this title minus the credit under this section for the current taxable year's qualified research expenses. A taxpayer who carries forward any amount of credit under this subsection may not thereafter claim a refund of any amount of the credit under subsection C of this section.
C. For taxable years beginning from and after December 31, 2009, if a taxpayer who claims a credit under this section employs fewer than one hundred fifty persons in the taxpayer's trade or business and if the allowable credit under this section exceeds the taxes otherwise due under this title on the claimant's income, or if there are no taxes due under this title, in lieu of carrying the excess amount of credit forward to subsequent taxable years under subsection B of this section, the taxpayer may elect to receive a refund as follows:
1. The taxpayer must apply to the Arizona commerce authority for qualification for the refund pursuant to section 41‑1507 and submit a copy of the authority's certificate of qualification to the department of revenue with the taxpayer's income tax return.
2. The amount of the refund is limited to seventy-five per cent percent of the amount by which the allowable credit under this section exceeds the taxpayer's tax liability under this title for the taxable year. The remainder of the excess amount of the credit is waived.
3. The refund shall be paid in the manner prescribed by section 42‑1118.
4. The refund is subject to setoff under section 42‑1122.
5. If the department determines that a credit refunded pursuant to this subsection is incorrect or invalid, the excess credit issued may be treated as a tax deficiency pursuant to section 42‑1108.
D. A taxpayer that claims a credit for increased research and development activity under this section shall not claim a credit under section 43‑1085.01 for the same expenses.
Sec. 4. Section 43-1168, Arizona Revised Statutes, as amended by Laws 2014, chapter 168, section 10, is amended to read:
43-1168. Credit for increased research activity
A. A credit is allowed against the taxes imposed by this title in an amount determined pursuant to section 41 of the internal revenue code, except that:
1. The amount of the credit is computed as follows:
(a) Add:
(i) The excess, if any, of the qualified research expenses for the taxable year over the base amount as defined in section 41(c) of the internal revenue code.
(ii) The basic research payments determined under section 41(e)(1)(A) of the internal revenue code.
(b) If the sum computed under subdivision (a) is two million five hundred thousand dollars or less, the credit is equal to twenty per cent twenty-four percent of that amount.
(c) If the sum computed under subdivision (a) is over two million five hundred thousand dollars, the credit is equal to five six hundred thousand dollars plus eleven per cent fifteen percent of any amount exceeding two million five hundred thousand dollars, except that:
(i) For taxable years beginning from and after December 31, 2000 through December 31, 2001, the credit shall not exceed one million five hundred thousand dollars.
(ii) For taxable years beginning from and after December 31, 2001 through December 31, 2002, the credit shall not exceed two million five hundred thousand dollars.
(d) For taxable years beginning from and after December 31, 2011, an additional credit amount is allowed if the taxpayer made basic research payments during the taxable year to a university under the jurisdiction of the Arizona board of regents. The additional credit amount is equal to ten per cent percent of the excess, if any, of the basic research payments over the qualified organization base period amount for the taxable year. The department shall not allow credit amounts under this subdivision and section 43‑1074.01, subsection A, paragraph 1, subdivision (c) that exceed, in the aggregate, a combined total of ten million dollars in any calendar year. Subject to that limit, on application by the taxpayer, the department shall certify credit amounts under this subdivision and section 43‑1074.01, subsection A, paragraph 1, subdivision (c) based on priority placement established by the date that the taxpayer filed the application. For taxable years beginning from and after December 31, 2014, any basic research payments used to determine the additional credit under this subdivision must first receive certification from the Arizona commerce authority pursuant to section 41‑1507.01. The additional credit amount under this subdivision shall not exceed the amount allowed based on actual basic research payments or the department's certification, whichever is less. If an application, if certified in full, would exceed the ten million dollar limit, the department shall certify only an amount within that limit. After the limit is attained, the department shall deny any subsequent applications regardless of whether other certified amounts are not actually claimed as a credit or other taxpayers fail to qualify to actually claim certified amounts. Notwithstanding subsections B and D of this section, any amount of the additional credit under this subdivision that exceeds the taxes otherwise due under this title is not refundable, but may be carried forward to the next five consecutive taxable years. For the purposes of this subdivision, "basic research payments" and "qualified organization base period amount" have the same meanings prescribed by section 41(e) of the internal revenue code.
2. Qualified research includes only research conducted in this state, including research conducted at a university in this state and paid for by the taxpayer.
3. If two or more taxpayers, including corporate partners in a partnership, share in the eligible expenses, each taxpayer is eligible to receive a proportionate share of the credit.
4. The credit under this section applies only to expenses incurred from and after December 31, 1993.
5. The termination provisions of section 41 of the internal revenue code do not apply.
B. Except as provided by subsection D of this section, if the allowable credit under this section exceeds the taxes otherwise due under this title on the claimant's income, or if there are no taxes due under this title, the amount of the credit not used to offset taxes may be carried forward to the next fifteen consecutive taxable years. The amount of credit carryforward from taxable years beginning from and after December 31, 2000 through December 31, 2002 that may be used under this subsection in any taxable year may not exceed the taxpayer's tax liability under this title or five hundred thousand dollars, whichever is less, minus the credit under this section for the current taxable year's qualified research expenses. The amount of credit carryforward from taxable years beginning from and after December 31, 2002 that may be used under this subsection in any taxable year may not exceed the taxpayer's tax liability under this title minus the credit under this section for the current taxable year's qualified research expenses. A taxpayer that carries forward any amount of credit under this subsection may not thereafter claim a refund of any amount of the credit under subsection D of this section.
C. If a taxpayer has qualified research expenses that are carried forward from taxable years beginning before January 1, 2001, the amount of the expenses carried forward shall be converted to a credit carryforward by multiplying the amount of the qualified expenses carried forward by twenty per cent percent. A credit carryforward determined under this subsection may be carried forward to not more than fifteen years from the year in which the expenses were incurred. The amount of credit carryforward from taxable years beginning before January 1, 2001 that may be used under this subsection in any taxable year may not exceed the taxpayer's tax liability under this title or five hundred thousand dollars, whichever is less, minus the credit under this section for the current taxable year's qualified research expenses. The total amount of credit carryforward from taxable years beginning before January 1, 2003 that may be used in any taxable year under subsection B and this subsection may not exceed the taxpayer's tax liability under this title or five hundred thousand dollars, whichever is less, minus the credit under this section for the current taxable year's qualified research expenses.
D. For taxable years beginning from and after December 31, 2009, if a taxpayer who that claims a credit under this section employs fewer than one hundred fifty persons in the taxpayer's trade or business and if the allowable credit under this section exceeds the taxes otherwise due under this title on the claimant's income, or if there are no taxes due under this title, in lieu of carrying the excess amount of credit forward to subsequent taxable years under subsection B of this section, the taxpayer may elect to receive a refund as follows:
1. The taxpayer must apply to the Arizona commerce authority for qualification for the refund pursuant to section 41‑1507 and submit a copy of the authority's certificate of qualification to the department of revenue with the taxpayer's income tax return.
2. The amount of the refund is limited to seventy-five per cent percent of the amount by which the allowable credit under this section exceeds the taxpayer's tax liability under this title for the taxable year. The remainder of the excess amount of the credit is waived.
3. The refund shall be paid in the manner prescribed by section 42‑1118.
4. The refund is subject to setoff under section 42‑1122.
5. If the department determines that a credit refunded pursuant to this subsection is incorrect or invalid, the excess credit issued may be treated as a tax deficiency pursuant to section 42‑1108.
E. A taxpayer that claims a credit for increased research and development activity under this section shall not claim a credit under section 43‑1164.02 for the same expenses.
Sec. 5. Effective date
This act is effective from and after December 31, 2017."
Amend title to conform