Schedule X - Franchise & Excise Tax Jobs Credit Computation Page 3
Download a blank fillable Schedule X - Franchise & Excise Tax Jobs Credit Computation in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Schedule X - Franchise & Excise Tax Jobs Credit Computation with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3Instructions for Schedule X – Franchise and Excise Tax Jobs Credit Computation
General Information
higher level of investment.
•
Line 8 Multiply the number on Line 7 by $5,000.
Prior approval is required for this credit. In order to receive
Line 9 Enter the Job Tax Credit carryover from prior years. Please
approval the taxpayer must file a Job Tax Credit Business Plan
include the Job Tax Credit Carryover table.
or a Job Tax Credit for Hiring Persons with Disabilities Busi-
Line 10 Add the amounts from Lines 2, 4, 6, 8, and 9.
ness Plan. Provided all requirements are met, the taxpayer will
Line 11 Enter the total Franchise and Excise taxes shown on page one
be issued a control number.
•
of the return, before credits or payments have been deducted.
In order to qualify for the standard Job Tax Credit the tax-
Line 12 Enter the limitation percentage. The limitation percentage
payer must be a Qualified Business Enterprise as defined in
will generally be 50%.
Tenn. Code Ann. Section 67-4-2109(a)(5). Generally, in order
Line 13 Multiply Line 11 by Line 12.
to be a Qualified Business Enterprise the taxpayer must be
Line 14 Enter the sum of all credits claimed on Schedule D, Lines 1
engaged in manufacturing, warehousing and distribution, pro-
through 7 and Schedule D, Line 9. Industrial Machinery and
cessing tangible personal property, research and develop-
Job Tax Credits are applied last since they have the longest
ment, computer services, call centers, headquarters facilities,
carryover period and it is usually in the taxpayer’s best inter-
as defined in Tenn. Code Ann. Section 67-6-224(b), conven-
est to apply the other credits first.
tion or trade show facilities, or a tourism related business.
Line 15 Subtract Line 14 from Line 11.
This requirement does not apply to the Job Tax Credit for
Line 16 Enter the least of Lines 10, 13, or 15. Also enter this number
Hiring Persons with Disabilities. In order to qualify for the
on Schedule D, Line 8.
standard Job Tax Credit a capital investment of at least $500,000
must be made within the Investment Period. This require-
Part 2
ment does not apply to the Job Tax Credit for Hiring Persons
Line 17 Enter the number of jobs qualifying for the additional annual
with Disabilities.
•
credit in Tier 2 and Tier 3 Enhancement Counties or in an
In order to qualify for the standard Job Tax Credit at least 25
Adventure Tourism Zone. Do not include any jobs on this
net new full-time Tennessee jobs must be created and filled
line that are included in Line 19. See Tenn. Code Ann. Section
within the Investment Period. This requirement does not
67-4-2109(b)(2)(A) and Tenn. Code Ann. Section 67-4-
apply to the Job Tax Credit for Hiring Persons with Disabili-
2109(b)(2)(C) for further information.
ties.
Line 18 Multiply the number on Line 17 by $4,500.
Line 19 Enter the number of jobs qualifying for the additional annual
Line by Line Instructions
credit based on a higher level of investment and job creation
under the provisions of Tenn. Code Ann. Section 67-4-
Control Number. Enter the control number received from the Depart-
2109(b)(2)(B). Do not include any jobs on this line that are
ment of Revenue. If more than one control number has been
included in Line 17.
received, enter the most recent number.
Line 20 Multiply the number on Line 19 by $5,000.
Line 21 Add Lines 18 and 20. Also enter this number on Schedule D,
Part 1
Line 9. The additional annual credit calculated in Part 2 can
Line 1 Enter the number of net new full-time Tennessee jobs created
be used to offset up to 100% of the current year Franchise
and filled during the current fiscal year that do not fall into
and Excise tax liability. Any remaining additional annual credit
one of the categories specifically listed elsewhere on Sched-
is not refundable and cannot be carried forward.
ule X.
Line 2 Multiply the number on Line 1 by $4,500.
Line 3 Enter the number of net new full-time Tennessee jobs created
and filled by persons with disabilities during the current fis-
cal year. Only include employees for whom health insurance
is provided. If health insurance is not provided, the job should
be claimed on Line 5.
Line 4 Multiply the number on Line 3 by $5,000.
Line 5 Enter the number of net new part-time Tennessee jobs cre-
ated and filled by persons with disabilities during the current
fiscal year. Include full-time employees with disabilities for
whom health insurance is not provided.
Line 6 Multiply the number on Line 5 by $2,000.
Line 7 Enter the number of net new full-time Tennessee jobs created
and filled during the current fiscal year under the provisions
of Tenn. Code Ann. Section 67-4-2109(b)(2)(B), requiring a
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form Rv-f1402401 - Schedule X - Franchise & Excise Tax Jobs Credit Computation Form - 2006
Financial
Form Rv-f1402401 - Schedule X - Franchise Tax Jobs Credit Computation - Tennessee Department Of Revenue
Financial
Franchise And Excise Tax Job Tax Credit For Hiring Persons With Disabilities Business Plan Instructions
Financial
Related Categories
Parent category: Financial