Get 1999 Instructions For 3800. General Business Credit

Corporations. Corporations are allowed a general business credit equal to 25% of the excess (if any) of net income tax over $25,000. Net income tax means the sum of the regular tax liability and the tax imposed by the alternative minimum tax under section 55, reduced by certain other credits.

To carry back an unused credit, file an amended return (Form 1040-X, Amended U.S. Individual Income Tax Return, Form 1120-X, Amended U.S. Corporation Income Tax Return, or other amended return) for the prior tax year or an application for tentative refund (Form 1045, Application for Tentative Refund, or Form 1139, ...

Your general business credit for the year consists of your carryforward of business credits from prior years plus the total of your current year business credits. In addition, your general business credit for the current year may be increased later by the carryback of business credits from later years.

Credit Ordering Rule Therefore, the order in which the credits are used in any tax year is: Carryforwards to that year, the earliest ones first; • The general business credit earned in that year; and • The carryback to that year.

Credit Ordering Rule Carryforwards to that year, the earliest ones first; The general business credit earned in that year; and. The carryback to that year.

Most unused general business credits may be carried back one year and carried forward forward 20 years.

Dozens of business tax credits may be included in Form 3800, including the investment credit, low-income housing credit, and the credit for small employer health insurance premiums.

If the dollar limitations on the general business credit prevent you from claiming all of it in the year that it was earned (the "credit year"), you can generally carry it back to the year preceding the credit year, and forward to the following 20 years.