Schedule N Incentives - Partially Exempt Income Under Act 8 Of 1987 - Commonwealth Of Puerto Rico

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Schedule N Incentives
PARTIALLY EXEMPT INCOME
Rev. 05.04
200__
UNDER ACT 8 OF 1987
To be filed with Form 480.30(II)
Taxable year beginning on ______________, ____ and ending on ______________, ____
Taxpayer's Name
Employer's 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: _____________________________
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:
a)
Payroll deduction (See instructions Schedule N1 Incentives) ...........................................................
(6a)
00
b)
Human resources training and improvement expenses deduction ......................................................
(6b)
00
c)
Research and development expense deduction ..............................................................................
(6c)
00
d)
Investment on buildings, structures, machinery and equipment deduction ............................................
(6d)
00
00
e)
Total deductions (Add lines 6(a) through 6(d)) ........................................................................................................................
(6e)
7.
Net taxable industrial development income after special deductions (Subtract line 6(e) from line 5. If it is a net operating loss, do not continue.
00
Enter zero here and on line 12) ..............................................................................................................................................................
(7)
00
Deduction for purchases of products manufactured in P.R. (See instructions) .............................................................................
8.
(8)
Net industrial development income after deduction for purchases of products manufactured in P.R. (Subtract line 8 from line 7.
9.
00
If it is a net operating loss, do not continue. Enter zero here and on line 12) ...............................................................................
(9)
00
Basis period income under Act 135 (Schedule V Incentives, Part II, line 4(a)) ...........................................................................
10.
(10)
Exempt amount:
11.
00
of line 9 (See instructions) ...............................................................................
(a)
%
(11a)
00
of line 10 if it is a renegotiated case under Act 135 ................................................
(b)
%
(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
00
K Incentives, Part I, line 1(c)) ...................................................................................................................................................
(12)
Part II
Special Surtax Section 3(a) of Act 8 of 1987 (See instructions)
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 9, the smaller of line 3 or 5. In case of decrees renegotiated under Act 135 of 1997,
enter the average special surtax paid on the years corresponding to the basis period) ........................................................................
(6)
00
Conservation Period: Ten (10) years

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