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re: La Tax credit program scores another major victory
Posted on 12/18/14 at 12:05 am to I B Freeman
Posted on 12/18/14 at 12:05 am to I B Freeman
Sorry. Out-of-state here. So these tax credits are refundable? They can't just reduce a company's state tax liability to $0? So, if my company owe $100k in state taxes and my credits are $200k, the state writes a check to me for $100k?
1
Posted on 12/18/14 at 12:10 am to the808bass
quote:
So, if my company owe $100k in state taxes and my credits are $200k, the state writes a check to me for $100k?
Essentially, yes. It would be more like $80k and the accounting behind it would be a little more convoluted but yes that is how it works. It is a subsidy.
Why on Earth would the company have a tax liability that equals 25% of their EXPENSES? That would have to be one hell of a profit margin.
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