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§ 26-51-1009 - Credit granted -- Land leveling for water conservation.

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26-51-1009.Credit granted -- Land leveling for water conservation.(a)Thereshall be allowed as a credit against the tax imposed by the Income TaxAct of 1929,26-51-101 et seq., in an amount equal to ten percent(10%) of the project cost incurred for agricultural land leveling toconserve irrigation water.(b)(1)Theamount of the credit that may be used by a taxpayer for a taxable yearmay not exceed the lesser of the amount of individual or corporateincome tax otherwise due or nine thousand dollars ($9,000).(2)Anyunused tax credit may be carried over for a maximum of two (2)consecutive taxable years following the taxable year in which the creditoriginated.
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  • 26-51-1009. Credit granted -- Land leveling for water conservation.

    (a) There shall be allowed as a credit against the tax imposed by the Income Tax Act of 1929, 26-51-101 et seq., in an amount equal to ten percent (10%) of the project cost incurred for agricultural land leveling to conserve irrigation water.

    (b) (1) The amount of the credit that may be used by a taxpayer for a taxable year may not exceed the lesser of the amount of individual or corporate income tax otherwise due or nine thousand dollars ($9,000).

    (2) Any unused tax credit may be carried over for a maximum of two (2) consecutive taxable years following the taxable year in which the credit originated.

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