The Mega Project Tax Credit is available for companies that employ at least 1,800 net new employees, and either invest a minimum of $450 million or have a minimum annual payroll of $150 million. These qualifying companies may claim a $5,250 per job, per year tax credit for the first five years of each net new job position. Credits are first applied to state corporate income tax, then any excess credits are eligible for use against payroll withholding. Credits may be carried forward for 10 years.
If the taxpayer selects the qualified investment property requirement as one of the conditions for its project, the property shall involve the construction of one or more new facilities. Qualified investment is based on real and personal property purchased or acquired by a taxpayer for use in a qualified project, including, but not limited to, amounts expended on land acquisitions, improvements, buildings, building improvements, and any personal property to be used in the facility or facilities. Companies can have up to 10 years to meet the job creation threshold depending on investment amount, as follows:
|Investment Amount||Investment ramp up period||Years to meet job requirement|
|≥$450 million||By end of year 6||6|
|≥$600 million||By end of year 6||8|
|≥$800 million||By end of year 8||10|