What taxes qualify in future years?

For 1999 and subsequent tax years, the personal property tax timely paid in the tax year on business machinery and equipment is the basis for the credit. For example: For tax year 1999, you may use the last half of 1998 taxes paid by June 20, 1999, and also the 1999 taxes paid by December 20, 1999.

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1. How much is the new income tax credit available to business machinery and equipment owners?
2. What types of machinery and equipment qualify for the credit?
3. What taxes qualify for the 1998 credit?
4. What taxes qualify in future years?
5. Who may take the credit?