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4.2¢ magnis energy technologies ltd

Ann: NY Battery Production Fast Tracked with Acquisition, page-67

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syzygy

3,529 Posts.

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22/02/18

13:03

Post #: 31256422
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Originally posted by Names little ↑

Hi Amorga, obviously most of those "funding" sources require expenditure to have happened first and then get a credit for it later, eg tax credits

On the $5.75m NY Investment tax credit, can you advise if this was calculated using the $130m cost for equipment that I think was originally sprouted, if so one would expect it will be significantly reduced if they only spend $5m on equipment as I believe the credit is a percentage of expenditure?

https://www.tax.ny.gov/pit/credits/investment_tax_credit.htm

Highly unlikely they will get $5.75m investment tax credits if they now only need to spend $5m on equipment, or is there some other huge cost to come that will qualify for the investment credit.

Thanks

Expand

They'll still have to expand on the equipment to bring up production levels, so this will probably keep them qualified for the NY State funds. I expect they'll start upgrading once the factory is running smoothly, which will between 6 and 12 months.

MNS Price at posting: 39.5¢ Sentiment: Buy Disclosure: Held
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