TAX/TAXATION: Provides for the treatment of certain pass through entities under the inventory tax credit. (gov sig) (EN INCREASE SD RV See Note)

The bill header and page numbering were updated to reflect the original version (SLS 25RS-229) instead of the enrolled version.

The digest section was rewritten to accurately summarize the final provisions of the bill, removing references to C-corporations that were not part of the final enacted text.

Conflicting text prohibiting C-corporations and trusts from claiming the credit was removed to align with the intended final law.

The carry-forward period for unused tax credits was clarified to be five years instead of ten years, and the expiration date for the carry-forward provision was updated to January 1, 2025.

C-corporations, estates, and trusts are now prohibited from earning the natural gas storage tax credit for taxable periods beginning on or after July 1, 2026.

S-corporations are allowed to earn the credit only for amounts that flow through to shareholders in proportion to their ownership.

The carry-forward period for unused tax credits was extended from five to ten years for credits earned in taxable periods beginning on or after January 1, 2025.

The bill status changed from 'Reengrossed' to 'Enrolled,' indicating the final version approved by both legislative chambers.

The carry-forward period for unused tax credits was increased from five years to ten years for credits that would have expired prior to January 1, 2025.

The effective date for the Act was changed to apply to income tax periods beginning on or after January 1, 2025, instead of July 1, 2026.

Minor formatting and phrasing adjustments were made to the introductory text and section headers to align with standard legislative formatting.