Small Business Phased Tax Credit
Businesses with an annual gross income from $250,001 to $300,000 are eligible for a credit and pay only a percentage of their tax due. The table below represents the percentage of the tax credit depending on annual gross income.
After calculating the total tax due on the Business & Occupation tax return, there is a line titled Small Business Tax Credit – enter the amount of the credit and subtract it from the tax due.
|
Annual Gross Income
|
Tax Credit - Percentage of Total Tax Due
|
|
$250,001 - $260,000
|
90%
|
|
$260,001 - $270,000
|
80%
|
|
$270,001 - $280,000
|
70%
|
|
$280,001 - $290,000
|
45%
|
|
$290,001 - $300,000
|
25%
|