Income and corporation taxes: credit: manufacturer's investment.

The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would, for taxable years beginning on or after January 1, 2009, allow a credit against the taxes imposed by those laws in an amount equal to 6% of the amount paid or incurred by the taxpayer during the taxable year for qualified property, as defined, that is placed in service in this state. This bill would take effect immediately as a tax levy.