Join the discussion on the following article:
“Fiscal cliff” legislation includes extension of short line tax credit
Join the discussion on the following article:
“Fiscal cliff” legislation includes extension of short line tax credit
It is not a tax credit. It is a lower tax rate. There is no such thing as a tax credit or for that matter, a tax loophole.
the country is already going down the toilet and the dems throw more damn pork into the bill . communism foward!!. way to go idiots.
the country is already going down the toilet and the dems throw more damn pork into the bill . communism foward!!. way to go idiots.
Postive for all if there are investments in rail and other infrastructure. Are improvements in roads, bridges, and airfields taxed?
Would like to see a credit that encouraged even more investments in improving rail.
Mr. Guse, as a retired owner of an H&R Block franchise and an Enrolled Agent, I’ll categorically state that you are again WRONG. A tax credit is applied after one’s taxes are figured. If it is non-refundable it is limited to the amount of tax that existed. It might be eligible to carry back, or to carry forward, but it might also be just plain lost. If it is refundable by law, then the entity gets the amount that exceeds the tax liability as a refund. Loopholes are another matter, since they are usually the result of either poorly written tax rules or the deliberate writing of the rules to allow certain entities to escape taxation. The latter is basically favoritism. The former is just sloppy bureaucracy at work. Either way, they do exist.