United States
U.S. income tax has numerous nonrefundable business credits. In most cases, any amount of these credits in excess of current year tax may be carried forward to offset future taxes, with limitations. The credits include the following, available to individuals and businesses:
- Alternative motor vehicle credit: several credits are available for purchase of varying types of non-gasoline powered vehicles.
- Alternative fuel credits: a credit based on the amount of production of certain non-petroleum fuels.
- Disaster relief credits
- Credits for employing individuals in certain areas or those formerly on welfare or in targeted groups
- Credit for increasing research expenses
- A variety of industry specific credits
Many sub-Federal jurisdictions (states, counties, cities, etc.) within the U.S. offer income or property tax credits for particular activities or expenditures. Examples include credits similar to the Federal research and employment credits, property tax credits granted by cities (often called abatements) for building facilities within the city, etc. These items often are negotiated between a business and a governmental body, and specific to a particular business and property.
Read more about this topic: Tax Credit
Famous quotes related to united states:
“Then the American flag was saluted. In general, in the United States people always salute the American flag.”
—Friedrich Dürrenmatt (1921–1990)
“In the United States adherence to the values of the masculine mystique makes intimate, self-revealing, deep friendships between men unusual.”
—Myriam Miedzian, U.S. author. Boys Will Be Boys, introduction (1991)
“The United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written.”
—Franklin D. Roosevelt (1882–1945)
“The city of Washington is in some respects self-contained, and it is easy there to forget what the rest of the United States is thinking about. I count it a fortunate circumstance that almost all the windows of the White House and its offices open upon unoccupied spaces that stretch to the banks of the Potomac ... and that as I sit there I can constantly forget Washington and remember the United States.”
—Woodrow Wilson (1856–1924)
“Some time ago a publisher told me that there are four kinds of books that seldom, if ever, lose money in the United States—first, murder stories; secondly, novels in which the heroine is forcibly overcome by the hero; thirdly, volumes on spiritualism, occultism and other such claptrap, and fourthly, books on Lincoln.”
—H.L. (Henry Lewis)