Preparing Your Tax Return(s) and Information Returns
Business Credit
General Business Credit
Your general business credit for the year consists of your
carry-forward of business credits from prior years plus the total of your
current year business credits. In addition, your general business credit for the
current year may be increased later by the carry-back of business credits from
later years. You subtract this credit directly from your tax. All of the
following credits are part of the general business credit. See Publication 553
for current year to year changes.
Caution: Although the empowerment zone employment
credit (Form
8844) is part of the general business credit, never
report it on Form 3800.
Important References:
Publication
334 Tax Guide for Small Business
Publication 553
Highlights of the Tax Law Changes