Tax Credit Review Process Amendments

Exempts the tax credit for taxes paid to another state from the mandatory five-year review cycle required for other income tax credits.

Clarifies the application process for agricultural fuel refunds by specifying that the claimant must retain the original invoice and correcting the phrasing regarding the one-claim-per-year limit.

Changes the review deadline for the agricultural motor fuel tax credit from November 30, 2028, to November 30, 2028 (aligning the review cycle with other credits).

Corrects a typo in Section 59-10-1403.3 regarding the $250,000 refund threshold for pass-through entities.

Exempted the income tax credit for taxes paid to another state from the periodic review cycle required by the Revenue and Taxation Interim Committee.

Repealed the requirement for the committee to review the $250,000 refund threshold for pass-through entities, as the original review deadline had passed.

Changed the review cycle for the agricultural motor fuel tax credit from every three years to every five years to match the schedule for other tax credits.

Extended the sunset date for the nonrefundable enterprise zone tax credit from December 31, 2026, to December 31, 2027.