Schedule K Incentives - Computation Of Tax printable pdf download

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Schedule K Incentives

COMPUTATION OF TAX

Rev. 03.11

To be filed with Form 480.30(II)

Taxable year beginning on ______________, _____ and ending on _______________, _____

Taxpayer's Name

Employer Identification Number

Case Number

Type of Business

Part I

Normal Tax and Surtax

Column A:

Apply to operations covered under Act 78 of 1993, Act 168 of 1968 and Act 74 of 2010.

Column B:

Apply to operations covered under Act 57 of 1963, Act 26 of 1978, Act 52 of 1983 and Act 8 of 1987.

Column C:

Apply to operations covered under Act 148 of 1988, Act 75 of 1995, Act 225 of 1995, Act 14 of 1996 and fully taxable operations.

Column A

Column B

Column C

Net income subject to normal tax:

Schedule L Incentives, Part I, line 5 ..............................................................

(1a)

Schedule M Incentives, Part I, line 12 ...........................................................

(1b)

Schedule N Incentives, Part I, line 12 ...........................................................

(1c)

Schedule P Incentives, Part I, line 7 .............................................................

(1d)

Total net income subject to normal tax (Add lines 1(a) through 1(d)) ................

(2)

Less: Surtax net income credit (See instructions) ................................................

(3)

Net income subject to surtax ........................................................................

(4)

Normal tax:

20%

22%

25%

30%, as applicable (See inst.) ......

(5)

Surtax ..........................................................................................................

(6)

Recovery of tax for difference in tax rates (See instructions) .................................

(7)

Total tax (Add lines 5 through 7) ......................................................................

(8)

Alternative Tax - Capital Gains (Schedule D Corporation and Partnership) ............................

(9)

10.

Tax determined (Columns A and C, line 8 or 9, whichever is smaller; Column B, line 8) .....

(10)

11.

Recapture of credit claimed in excess (Schedule B Incentives, Part I, line 3) .......

(11)

12.

Credits:

Credit for taxes paid to the United States, its possessions and foreign countries .......

(12a)

Special credits granted under Art. 1042-7 (Do not exceed 50% of line 11) ..........

(12b)

Credit Section 3(a)(3) (Only for exempt businesses under Act No. 8 of 1987) ..

(12c)

Credit for investment in Capital Investment, Tourism, other funds or direct investments

(Schedule Q) .............................................................................................

(12d)

Credit for products manufactured in Puerto Rico (See instructions) .....................

(12e)

Credit for the purchase of tax credits (Complete Schedule B Inc., Part II) ..........

(12f)

Credit attributable to losses in Capital Investment, Tourism or other funds (Schedule Q) .......

(12g)

Alternative minimum tax paid on previous years .............................................

(12h)

Credit for increase in investments .................................................................

(12i)

Credit for Contributions to Educational Foundation for the Free Selection of Schools ..

(12j)

Credit for purchases of products manufactured in Puerto Rico for local sale and

consumption and Puerto Rican agricultural products (Schedule B1 Inc., Part III, line 9) .......

(12k)

Credit for donation of an eligible conservation easement or donation of eligible

land ...............................................................................................

(12l)

Credit for construction investment in urban centers (See instructions) ..................

(12m)

Credit for merchants affected by urban centers revitalization (See instructions) .....

(12n)

Credit for the 2006 Extraordinary Tax (See instructions) .......................

(12o)

Credit to hospital units over eligible payroll expenses ....................................

(12p)

Credit for purchases of products manufactured in Puerto Rico (Schedule

X1 Incentives, Part I, line 6) …………….................................……......….…

(12q)

Credit for investment in research and development (Schedule X1 Incentives, Part III,

line 7(a)) ….........................................................…...............…….….....…

(12r)

Credit for investment in machinery and equipment (Schedule X1 Incentives,

Part IV, line 6 or 8, as applicable) ……..............................................…...…

(12s)

Credit to reduce the cost of electric power (Schedule X1 Incentives, Part V, line 6) ............

(12t)

Credit for investment in strategic projects (Schedule X1 Incentives, Part VII,

line 5(a)) ……………………………...........................................……….……

(12u)

Credit for industrial investment (Schedule X1 Incentives, Part VIII, line 6(a)) ...........

(12v)

Credit for the acquisition or manufacture and installation of electric solar equipment ....

(12w)

Other credits not included on the preceding lines (Submit detail) .................................

(12x)

Total credits (Add lines 12(a) through 12(x)) ....................................................

(12y)

13.

Tax liability before alternative minimum tax (Subtract line 12(y) from the sum of

lines 10 and 11) ................................................................................................

(13)

14.

Excess of alternative minimum tax over regular tax ............................................

(14)

15.

Branch profits tax (Form AS 2879, see instructions) ............................................

(15)

16.

Tax liability (Add lines 13 through 15. Enter here and on Form 480.30(II), Part I, line 1(a))

(16)

Retention

Period: Ten (10) years

Schedule K Incentives - Computation Of Tax

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