SB3934

SB3934 amends the Economic Development for a Growing Economy Tax Credit Act to allow certain taxpayers to claim credits against withholding tax.

SB3934 amends the Economic Development for a Growing Economy Tax Credit Act to allow taxpayers to claim credits against withholding tax liability. The bill specifies that taxpayers primarily engaged in certain business activities, such as manufacturing, can elect to claim credits against withholding tax liability. The credit is subject to conditions, including employment and investment criteria. The bill also allows pass-through entities to treat credits as tax payments. The credit duration is limited to the term of the agreement or a specified number of years, whichever is shorter.