Enhanced New Jobs Tax Credit ExplainedFind more information from the following link(s):
This 12-year credit benefits large expansion projects and is available when businesses either: 1) Increase their space by at least 250,000 square feet, and either (a) create 1,250 new permanent, full-time positions or (b) create 500 new permanent, full-time positions in addition to retaining at least 2,500 existing permanent, full-time positions. OR 2) Expend at least $150 million to obtain at least 700,000 square feet of new space and employ at least 1,100 individuals, with at least 500 being in new, permanent, full-time positions.
The company must pay all these employees at least 150% of the federal minimum wage. A business has six years from the notification date to create and fill the required number of new jobs and acquire and inhabit the new space. When this is accomplished, the business will begin receiving the credit. The Enhanced Tax Credit is calculated at the same rate for all 12 years and is given against the local real and personal property tax based on the amount of additional taxes due as a result of the expansion. See website for additional information.
New Jobs Tax CreditProperty Tax Credit and Exemption Information