Aluminum smelter purchases

From the 2024 DOR Tax Exemption Study

82.08.805; 82.12.805 - Aluminum smelter purchases Description Aluminum smelter businesses may qualify for a credit of the state portion of sales and use taxes paid for tangible personal property that will be incorporated as an ingredient or component of buildings or structures at an aluminum smelter and for labor and services rendered with respect to the construction of such buildings or structures. The credit may not be claimed for taxable events occurring on or after January 1, 2027. A business claiming this B&O tax credit must file an annual tax performance report with the department. Purpose To support the 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 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions No taxpayers currently use this credit. We expect no usage during the forecasted period of this study. Data Sources Department