1. (a) Effective Dates of the JSF Property Credit. The JSF Property Credit shall cease to be effective on December 1, 2006; however, any unused credit may be carried forward, as provided in Revenue and Taxation Code section 23637, subsection (g), and Regulation 23637-9.
2. (b) Manufacturers' Investment Credit (MIC). Under Revenue and Taxation Code section 23637, in any case where a credit would be allowed for qualified property under both that provision and the Manufacturers' Investment Credit (MIC) provided in Revenue and Taxation Code section 23649, a qualified taxpayer may claim either the MIC credit or the JSF Property Credit. Thus, a qualified taxpayer may not claim both the JSF Property Credit and the MIC for the costs of the same qualified property.
3. (c) Enterprise Zone Sales or Use Tax Credit. Under Revenue and Taxation Code sections 23637 and 23612.2, a qualified taxpayer that also operates in an Enterprise Zone may claim both the JSF Property Credit and the Enterprise Zone sales or use tax credit on the same item of qualified property to the extent that all of the requirements of each of those sections are satisfied.

Miscellaneous Provisions -- (See Regulation 23637-0 for Table of Contents.)

Note: Authority cited: Section 19503, Revenue and Taxation Code. Reference: Section 23637, Revenue and Taxation Code.

History

1. New section filed 1-23-2003; operative 2-22-2003 (Register 2003, No. 4).