Aluminum smelter credit for property taxes paid

From the 2024 DOR Tax Exemption Study

82.04.4481 - Aluminum smelter credit for property taxes paid Description Aluminum smelter businesses are eligible for a B&O credit equal to all qualifying property taxes paid during the calendar year. To qualify, the property must meet the following: - Owned by a direct service industrial customer. - Reasonably necessary for an aluminum smelter's purposes. The B&O tax credit may be: - Carried over and applied against B&O taxes incurred in the subsequent calendar year only. - Taken for property taxes paid after July 1, 2004, through calendar year 2026. The B&O tax credit is non-refundable and must be applied to B&O tax due before new credits are applied. A business claiming this B&O tax credit must file an annual tax performance report with the department. Purpose Provide tax relief to the state's aluminum industry. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this credit would not increase revenue because currently no taxpayers exemption use it. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.