Up to $825,000 is available state-wide for this credit. The actual calculation results in a credit for the business equal to 4-6% of wages for each new job created plus an additional 4% of actual costs of creating or renovating the facility, and expenditures for machinery, equipment, and other materials (excluding inventory) limited to $20,000 for each full-time job created. Each business can receive a credit up to $240,000 with a $40,000 credit allowed to be taken per year.
To claim this credit, the eligible business must fill out form ERZ-2 by February 10th following their tax year.
For more specific information, see the ERZ FAQs for business.