§ 5930x - Economic advancement sustainable technology export tax credit - Vermont Statutes

§ 5930x. Economic advancement sustainable technology export tax credit

(a) For the purposes of this section, a "sustainable technology business" means a business whose activity in Vermont is primarily in design, development, or manufacture of computer software, machinery, or equipment used by an industry to generate electricity using biomass, geothermal, methane, solar, or wind energy resources; or to produce heat for residential or commercial structures using biomass, geothermal, methane, solar, or wind energy resources.

(b) A sustainable technology business, after obtaining the approval of the Vermont economic progress council pursuant to section 5930a of this title, may receive a credit against its income taxes imposed by this chapter.

(1) For a C corporation, the credit is in an amount equal to the difference between a calculation of its income tax under the formula for apportionment provided in section 5833 of this title and a calculation of its income tax under the formula for apportionment provided in section 5833, except that such calculation shall be determined without regard to that portion of subdivision 5833(a)(3) which provides that sales of property shipped from this state are sales of tangible personal property made in this state, and by triple-weighting the sales factor in subdivision 5833(a)(3).

(2) For persons other than C corporations, the credit is equal to the difference between the amount computed by applying the corporate income tax rates provided in section 5832 of this chapter to the income attributable to Vermont determined using the two apportionment methods set out in subdivision (1) of this subsection as if the income attributable to Vermont were taxed at the entity level.

(c) A person shall be eligible for the credit in this section if the business entity is engaged, as its primary source of business, in the design, development, or manufacture of computer software, machinery, or equipment used by an industry to generate electricity using biomass, geothermal, methane, solar, or wind energy resources; or to produce heat for residential or commercial structures using biomass, geothermal, methane, solar, or wind energy resources. (Added 2003, No. 67, § 24c, eff. June 16, 2003; amended 2005, No. 184 (Adj. Sess.), § 4, eff. Jan. 1, 2017.)