Get Computation Schedule For Claiming License Tax Reduction For Approved New Business Facility Gross

This guide provides a clear and concise approach to completing the Computation Schedule for claiming license tax reduction for approved new business facilities. It focuses on each section of the form, ensuring users can accurately fill it out and submit it online.

Follow the steps to successfully complete the Computation Schedule.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin with Part A by entering the federal employer identification number and the tax period ending date in the appropriate fields.
3. In the same section, fill in the name of the taxpayer, address, location of the qualifying business facility (if different), and the date operations commenced.
4. Proceed to Part B where you will check the appropriate qualifying activity or activities that pertain to your business, such as aviation maintenance, manufacturing, or wholesaling.
5. Move on to Part C for the computation of the new business facility credit. Start by entering the total gross receipts for the facility.
6. Next, input the applicable exclusion based on your business type, as specified in the instructions.
7. Subtract the exclusion from the total gross receipts to find the taxable gross receipts for the facility.
8. Enter the tax rate for your specific business activity and multiply this rate by the taxable gross receipts.
9. Complete lines related to gross receipts attributable to the new business facility, calculating the percentage of new business facility receipts to total receipts.
10. Indicate the number of months elapsed since operations commenced and enter the corresponding percentage of tax reduction.
11. Calculate the new business facility tax credit by multiplying the prior line results, and place this amount on the 'Approved Tax Credit' line of the gross receipts tax coupon.
12. Finally, ensure that you attach this form to your monthly or quarterly license tax gross receipts coupon for submission.

Complete your forms online today to ensure you take full advantage of the available tax reductions for your new business facility.