No. The state does not make payments of these credits to the taxpayers. If taxpayers meet certain statutory requirements, they may be eligible for tax credits. Once earned, the tax credits may be claimed on taxpayers’ returns to satisfy between 50% and 100% of the amount of tax due, depending on the type of credit. Thus, the state is paid less in franchise, excise tax when the tax return is filed.
Under prior law, the excess headquarters relocation tax credit was refundable, but this credit expired July 1, 2015, unless a taxpayer had already filed a business plan. The investment period for this credit is 6 years.