42-5017. Credit for accounting and reporting expenses; definition

A. A credit is allowed against the taxes imposed by this article and article 5 of this chapter for expenses incurred by the taxpayer in accounting and reporting those taxes. The credit is:

1. For a taxpayer who files a paper return, one percent of the amount of tax due but not to exceed a total of ten thousand dollars in any calendar year for the combined total of all business premises of the taxpayer.

2. For a taxpayer who files using an electronic filing program established by the department, one and two-tenths percent of the amount of tax due but not to exceed a total of twelve thousand dollars in any calendar year for the combined total of all business premises of the taxpayer.

B. Estimated taxes under section 42-5014, subsection D are not considered a separate reporting period.

C. A taxpayer shall claim the credit for each tax period on forms prescribed and furnished by the department, which may be incorporated in the return form prescribed pursuant to section 42-5014. A claim for credit is not allowed if the taxpayer fails to pay the tax due, plus any estimated tax liability, before the payment becomes delinquent. A claim for the increased credit amount under subsection A, paragraph 2 of this section is not allowed if the taxpayer fails to file using the department's electronic filing program for any taxable period during the calendar year. The department shall recapture any credit amounts claimed by the taxpayer but disallowed.

D. For the purposes of this section, " taxpayer" means the business entity under which the business reports for state income tax purposes or an entity that is exempt from state income tax.