The credit against federal income taxes provided by the Revenue Act for qualified depreciable assets after December 31, 1961, except for suspension periods October 10, 1966 to March 9, 1967, and April 18, 1969 to August 15, 1971. Tax Reform Act of 1986 repeals regular ITC for property placed in service after December 31, 1985.
A credit against income taxes, usually computed as a percent of the cost of investment in certain types of assets.
proportion of a companyâ€(tm)s new capital investment that can be used to reduce its taxes.
A specified percentage of the dollar amount of certain new investments that a company can deduct as a credit against its income tax bill.
Prior to 1986, a credit was allowed for the purchase of certain depreciable personal property used in business.
A tax credit granted for specific types of investments.
a provision of the tax code in which the government reduces a company's tax bill by an amount equal to a percentage of its spending on investment
A credit against taxes otherwise due from a taxpayer under the Internal Revenue Code. The credit is generally computed as a percentage of the costs of certain types of assets. It is currently not a part of the IRS Code.
A credit that a taxpayer is permitted to claim on the federal tax return (a direct offset to tax liability) as a result of ownership of qualified equipment. ITC was repealed by the Tax Reform Act of 1986, for all equipment placed in service after 1985.
Proportion of new capital investment that can be used to reduce a company's tax bill (abolished in 1986).
This is a component of the general business credit and consists of the following: 1. The energy credit; 2. The rehabilitation credit; and 3. The reforestation credit.
