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re: I asked Dasher on Facebook if he supports corporate welfare
Posted on 10/19/14 at 2:45 pm to I B Freeman
Posted on 10/19/14 at 2:45 pm to I B Freeman
I am not a fan of he film tax credits because I would rather there be no income tax in Louisiana. But since we have it, tax credits are typically a reduction of taxes due unless it is refundable. Is this tax credit refundable? If not, how is corporate welfare if the corporation is simply being gouged less by the State than it otherwise would be?
1
Posted on 10/19/14 at 2:58 pm to LeonPhelps
quote:
Is this tax credit refundable?
It is convertible to cash regardless of whether you have taxes to pay or not. It is based on expenses and not income.
It is just like the state giving you a "tax credit" for 30% of your power bill, your gasoline bill and your food bill. Then telling you regardless if you owe taxes or not they would give you cash for the credit. Tax credit is a misnomer of this subsidy.
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