Form It-Rc - Retraining Tax Credit

ADVERTISEMENT

Form IT-RC (rev. 12/01)
DEPARTMENT OF REVENUE
INCOME TAX DIVISION
State Of Georgia
Retraining Tax Credit
This form may be used to compute credit by individuals, C Corporations and S Corporations.
Section 48-7-40.5 grants tax credits to employers who provide or sponsor an approved Retraining
Education Program. The amount of the tax credit shall be equal to one-half of the direct costs of
retraining per full-time employee up to $500.00 for each employee who has successfully completed an
approved retraining program.
A. FEI/SS NUMBER
NAME
TAX YEAR/FISCAL YEAR ENDING
B. GEORGIA STI NUMBER
NUMBER AND STREET
CITY OR TOWN AND STATE
C. CONTACT PERSON
TELEPHONE NO.
(
)
1. Total training costs
2. Divide the total training cost by 2
3. Multiply the number of employees trained _____ by $500
4. Tentative credit earned is the lesser of line 2 or line 3
5. Carryover from prior year(s)
6. Total available tax credit (line 4 plus 5)
7. Income tax liability (before application of any credit)
8. Maximum possible credit (50% of line 7)
9. Credit to be claimed on this return (lesser of line 6 or line 8)
10. Unused retraining tax credit (line 6 minus line 9)
If filing on Georgia Form 500 claim credit on Line 17; on Form 600 use Line 3 of Schedule 3; on Form 600S use Line 3 of
Schedule 4.
A copy of this schedule and the Completion Form with required information must be attached to the Tax Return when filed, as
well as when claiming any unused Retraining Tax Credit from a previous year. Classes with direct cost of less than $1000 may
not be combined with classes with direct cost of $1,000 or more. Please use a separate form for direct cost of classes that c annot
be combined.

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go