Jobs Credit Reduces AMT Wage Deduction
- Tags:
- Alternative Minimum Tax,
- V,
- Thomson Corp.,
- Taxes,
- Recruitment & Selection,
- Job,
- Human Resources,
- Free Trade,
- Financial Planning,
- Finance,
- ...
- Source:
- Thomson Gale
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Overview: The Federal Circuit recently held that an employer's wage deduction has to be reduced by the taxpayer's jobs credit in computing Alternative Minimum Tax (AMT), even though the jobs credit is not allowed for AMT purposes. V owns and leases hospitals, nursing centers and personal care facilities. For the tax years at issue, V was entitled to a "Targeted jobs credit" against its regular tax, under Sec. 51. This credit awards the hiring of disadvantaged individuals (it is now called the work opportunity credit); it allows a regular income tax credit for a portion of payroll for the employment of such individuals.
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Format: HTML | Date: Nov 2004
