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The inventory tax credit is nontransferable, nonrefundable, and unused amounts cannot be carried forward. The inventory tax credit CANNOT reduce the LLET liability below the $175 minimum. The inventory tax credit is available only after all other available credits have been claimed.
A Limited Liability Entity Tax (LLET) applies to both C corporations and Limited Liability Pass-Through Entities (LLPTEs) and is not an alternative to another tax. However, corporations paying the LLET are allowed to apply that amount as a credit towards its regular corporate income tax.
Use your ITC to reduce income tax payable or get a refund You may earn an investment tax credit (ITC) on your qualified SR&ED expenditures for the year. The ITC can be: refundable (if you have excess ITCs in the year and are eligible) non-refundable (which may reduce your income tax payable)
Refundable tax credits are amounts that you receive regardless of how much income tax you pay. Non-refundable tax credits can lower your income tax payable, but can't reduce it lower than zero.
Refundable Development Area Tax Credit: The credit will be equal to the amount in which the property tax timely paid on the residential property exceeds the amount of property tax assessed on that residential property on January 1, 2021.