(A) There is allowed an economic impact zone tax credit pursuant to Section 12-14-60 for qualifying investments made by a manufacturer which:
(1) is engaged in this State in at least one economic impact zone, as defined in Section 12-14-30(1), in an activity or activities listed under the North American Industry Classification System Manual (NAICS) Section 326;
(2) is employing five thousand or more full-time workers in this State and having a total capital investment in this State of not less than two billion dollars; and
(3) has invested five hundred million dollars in capital investment in this State between January 1, 2006, and July 1, 2011.
(B) A taxpayer that qualifies for the tax credit allowed by this section may claim the credit earned pursuant to this section and credits earned pursuant to Section 12-6-3360 in the manner provided pursuant to Sections 12-6-3360 and 12-14-60, or as a credit in an amount equal to not more than fifty percent of the employee's withholding on the taxpayer's quarterly withholding tax returns. The taxpayer must elect to take the credit either as an income tax or a withholding tax credit but not both. A taxpayer must first take the credits as an income tax credit in a year in which the taxpayer has a corporate income tax liability. The withholding tax credit may be taken only when the taxpayer has used the maximum investment tax credit allowed against the corporate income tax for that year. The withholding credit may only be taken for qualifying investments made or placed in service after July 1, 2007. To claim the credit against the employee's withholding, the taxpayer must be in compliance with its withholding tax and other taxes due to the State.