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J.K. Lasser's Small Business Taxes 2013: Your Complete Guide to a Better Bottom Line by Barbara Weltman

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General Business Credit

Most tax credits discussed in this chapter are part of the general business credit. This means that after figuring each separate credit, there is an overall limit to credits under the general business credit. Total credits in excess of these limits can be carried back and/or forward within limits.

The general business credit is comprised of the following (assuming those credits that expired in 2011 are extended for 2012):

  • Investment credit (rehabilitation credit, renewal energy credit, and the credit from cooperatives)
  • Research credit
  • Low-income housing credit
  • Distilled spirits credit
  • Disabled access credit
  • Renewable electricity production credit
  • Indian employment credit
  • Nonconventional source fuel credit
  • Orphan drug credit
  • Credit for contributions to selected community development corporations
  • Credit for employer-provided child care facilities and services
  • Credit for small employer retirement plan start-up costs
  • New markets credit
  • Biodiesel and renewable diesel fuels credit
  • Low-sulfur diesel fuel production credit
  • Marginal oil and gas well production credit
  • Energy-efficient home credit
  • Energy efficient appliance credit
  • Alternative motor vehicle credit
  • Alternative fuel vehicle refueling property credit
  • Agricultural chemicals security credit
  • Credit for employer differential wage payments
  • Plug-in electric drive motor vehicle credit
  • Work opportunity credit
  • Small employer health insurance credit

The empowerment zone employment credit is not part of the general ...

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