General Business Credits

Hit Counter

General business credits of eligible small businesses for 2010 carried back 5 years

 

The new law allows an eligible small business to carry back general business credits five years. Previously, the credits could only be carried back one year. The carryback is for credits determined in the first taxable year beginning after December 31, 2009.

An “eligible small business” in general is defined as follows:

• A corporation whose stock is not publicly traded, a partnership, or a sole proprietorship, and
• The taxpayer must have $50,000,000 or less in average annual gross receipts over the three preceding tax years.

Source IRS