“Payroll Expense Tax Exclusion Credit” means the dollar amount by which a person would have been able to reduce its payroll expense tax liability pursuant to the Enterprise Zone Tax Credit under Section 906A of Article 12-A, the Biotechnology Exclusion under Section 906.1 of Article 12-A, and/or the Clean Technology Business Exclusion under Section 906.2 of Article 12-A, as if the payroll expense tax were in full force and effect and calculated at a rate of 1½ percent.
“Combined Business Tax Liability” means the sum of the gross receipts tax and the payroll expense tax a person owes for a tax year.
For so long as a particular payroll expense tax exclusion listed under subsection (a) is in effect, without regard to whether the payroll expense tax is otherwise in effect, a person may credit against its combined business tax liability for a tax year the amount of a particular payroll expense tax exclusion credit to which it would be entitled under the payroll expense tax; however, in no event shall such credit reduce a person’s combined business tax liability to less than zero. Any person who claims the credit under this Section must meet all of the eligibility requirements of the payroll expense tax exclusion(s) it claims. The credit may be claimed against the tax liability only of the person who qualified for the payroll expense tax exclusion and not against any liability of related entities or other members of that person’s combined group.
(Added by Proposition E, App. 11/6/2012, Oper. 1/1/2014)