(a) The amount of the credit that may be used by a taxpayer for a taxable year may not exceed the amount of individual or corporate income tax otherwise due. Any unused credit may be carried over for a maximum of two (2) consecutive taxable years.
(b) If the business is an S corporation, the pass-through provisions of § 26-51-409, as in effect for the taxable year the credit is earned, shall be applicable.
(c) A partner's or member's distributive share of the credit shall be determined by the partnership or limited liability company agreement, unless the agreement does not have substantial economic effect or does not provide for the allocation of credits. If the agreement does not have substantial economic effect or does not provide for the allocation of the credit, the credit shall be allocated according to the partner's or member's interest in the partnership, pursuant to 26 U.S.C. § 704(b), as in effect on January 1, 1995.
(d) A taxpayer who trains a youth apprentice in a certified youth apprenticeship program as provided in § 26-51-1603 shall be entitled to the tax credit provided in this subchapter for such youth apprentice, even though the apprentice receives his or her wages for such training from a 501(c)(3) corporation.
(e) The tax credit provided by this subchapter shall apply to taxable years beginning January 1, 1998, and all taxable years thereafter.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.