Schedule N Incentives - Partially Exempt Income - 2011

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Schedule N Incentives
PARTIALLY EXEMPT INCOME
Rev. 03.11
20__
UNDER ACT 8 OF 1987
To be filed with Form 480.30(II)
Taxable year beginning on ______________, ____ and ending on ______________, ____
Taxpayer's Name
Employer Identification Number
Type of Business
Case Number
Effective period for income:
Number of jobs directly related with manufacture or designated service:
Begins: _____________________________
Current: ___________________________________
Ends: ______________________________
Required by Decree: _________________________
Part I
Net Income Subject to Tax
00
1.
Net operating income (or loss) for the year (Part IV, line 39) ...........................................................................................................
(1)
00
2.
Less: Income from investments (See instructions) .........................................................................................................................
(2)
3.
Net industrial development income (Subtract line 2 from line 1. If it is a net operating loss, do not continue. Enter zero (-0-) here and on
00
line 12) ...................................................................................................................................................................................
(3)
00
4.
Net operating loss from the preceding year (See instructions. Submit detail) ......................................................................................
(4)
00
5.
Net industrial development income subject to special deductions (Subtract line 4 from line 3) ................................................................
(5)
6.
Special deductions for exempt business (See instructions Schedule N1 Incentives):
a)
00
Payroll deduction ......................................................................................................................
(6a)
b)
00
Human resources training and improvement expenses deduction .......................................................
(6b)
c)
00
Research and development expense deduction ...............................................................................
(6c)
00
d)
Investment on buildings, structures, machinery and equipment deduction .............................................
(6d)
00
e)
Total deductions (Add lines 6(a) through 6(d)) .........................................................................................................................
(6e)
00
7.
Net taxable industrial development income after special deductions (Subtract line 6(e) from line 5) .............................................................
(7)
00
8.
Deduction for purchases of products manufactured in Puerto Rico (See instructions) ................................................................................
(8)
00
9.
Net industrial development income after deduction for purchases of products manufactured in Puerto Rico (Subtract line 8 from line 7) .............
(9)
10.
Basis period income under Act 135 or Act 73 (Schedule V Incentives, Part II, line 4(a) or Schedule X Incentives, Part II) ...........................
(10)
00
11.
Exempt amount:
%
00
(a)
of line 9 (See instructions) .....................................................................................
(11a)
00
(b)
of line 10 if it is a renegotiated case under Act 135 or Act 73 ...........................................
%
(11b)
12.
Net income subject to tax (Subtract line 11(a) from line 9 or line 11(b) from line 10, whichever applies. Enter here and on Schedule
K Incentives,
Part I, line 1(c)) .........................................................................................................................................................................
00
(12)
Special Surtax Section 3(a) of Act 8 of 1987 (See instructions)
Part II
00
(1)
1.
Enter the amount of Part III, line 14 (If it is larger than $1,000,000).....................................................................
00
2.
Enter the amount of Part III, lines 1, 9 and 10, whichever apply .....................................................................
(2)
00
(3)
3.
Multiply line 2 by .00075 ............................................................................................................................
00
4.
Net industrial development income (Part I, subtract line 4 from line 3) ..............................................................
(4)
00
5.
Multiply line 4 by .005 ....................................................................................................................................................................
(5)
6.
Special surtax (Enter here and on Form 480.30(II), Part I, line 13, the smaller of line 3 or 5. In case of decrees renegotiated under Act 135 of
00
1997, enter the average special surtax paid on the years corresponding to the basis period) ................................................................
(6)
Retention
Period: Ten (10) years

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