Deadline approaching for the automation tax credit
The North Dakota Department of Commerce today announced that the application window for the automation tax credit will close on Jan. 31.
Under the incentive administered by Commerce, a taxpayer is allowed up to a 20% income tax credit for the purchase or capital lease of machinery and equipment to automate a manufacturing process in their operation.
Applications must be completed no later than Jan. 31 of the calendar year following the date of purchase or lease of equipment.
“All eligible primary sector businesses (manufacturers, food processors, etc.) across the state are encouraged to apply for this tax incentive aimed at increasing our state’s manufacturing and processing capacity through automation,” said David Lehman, advanced business development manager at Commerce. “This incentive is not just for robots, any automated equipment used to improve job quality or productivity may qualify.”
To qualify, the business must be certified as a primary sector business and the machinery and equipment must be approved by Commerce’s Division of Economic Development and Finance.
More information and access to the application can be accessed at belegendary.link/Automation-tax-credit-0121.
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