* 208.1449 THIS SECTION IS REPEALED BY ACT 90 OF 2019 EFFECTIVE FOR TAX YEARS THAT BEGIN AFTER DECEMBER 31, 2031 *

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***** 208.1449 THIS SECTION IS REPEALED BY ACT 90 OF 2019 EFFECTIVE FOR TAX YEARS THAT BEGIN AFTER DECEMBER 31, 2031 *****

208.1449 Tax credit equal to 0.125% of taxpayer's compensation.

Sec. 449.

(1)An eligible taxpayer may claim a credit against the tax imposed by this act equal to 0.125% of the taxpayer's compensation in this state, not to exceed $300,000.00.

(2)If the amount of the credit allowed under this section exceeds the tax liability of the taxpayer for the tax year, that excess shall not be refunded and shall not be carried forward as an offset to the tax liability in subsequent tax years.

(3)As used in this section, "eligible taxpayer" means a taxpayer that meets all of the following:

(a)Operates at least 2,500,000 square feet of enclosed retail space and 1,400,000 square feet of enclosed warehouse, headquarters, and transportation services in this state.

(b)Sells all of the following at retail:

(i)Fresh, frozen, or processed food, food products, or consumable necessities.

(ii)Prescriptions and over-the-counter medications.

(iii)Health and beauty care products.

(iv)Cosmetics.

(v)Pet products.

(vi)Carbonated beverages.

(vii)Beer, wine, or liquor.

(c)Sales of the items listed in subdivision

(b)represent more than 35% of the taxpayer's total sales in the tax year.

(d)The taxpayer maintains its headquarters operation in this state.

History: 2007, Act 36 , Eff. Jan. 1, 2008

Compiler's Notes: Enacting section 1 of Act 36 of 2007 provides:"Enacting section 1. This act takes effect January 1, 2008 and applies to all business activity occurring after December 31, 2007."

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