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Discussion:General Business Credit - 2010

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Discussion Forum Index --> Advanced Tax Questions --> General Business Credit - 2010


Discussion Forum Index --> Tax Questions --> General Business Credit - 2010

Karendhill (talk|edits) said:

14 January 2011

Does anyone know: Can the general business credit for 2010 be carried back (for up to five years) without the minimum tax limitation imposed in the prior years? That seems too good to be true and I just wanted to get confirmation on it if anyone knows. Thanks.

Wiles (talk|edits) said:

6 February 2011
Check out P.L. 111-240: Law Sec. 2013(d) EFFECTIVE DATE. The amendments made by subsection (a) shall apply to credits determined in taxable years beginning after December 31, 2009, and to carrybacks of such credits.

I must be reading this wrong. Because to me it seems to state that the subsection (a) DOES apply to the carryback of the 2010 ESB credits. This does seem to good to be true. Can anybody show me what I am missing?

Nightsnorkeler (talk|edits) said:

6 February 2011
Small Business Jobs Act of 2010 Tax Provisions

See Section 2012 & 2013

The provision is effective for any general business credits determined in the first taxable year beginning after December 31, 2009, and to any carryback of such credits.


Jaclack (talk|edits) said:

25 January 2012
I agree, but are you required to apply the 5 year (or 1 yr if applicable)carryback. We get a better result if we carryforward.

This question has been reposted with more info here: Discussion:5 year eligible small business credit carryback.

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