How much is the credit?
The amount of the credit is twenty-five dollars for each person who is a resident of Arizona and for whom a personal or dependent exemption is allowed on the Arizona return. For example, if you are married filing jointly, you may claim a credit of $25 for you, your spouse and $25 each for up to 2 dependents. If you are single, you may claim a credit of $25 for yourself and $25 each for up to 3 dependents. The credit cannot exceed $100 per household.
The residential and agricultural property income tax credit is equal to 10 percent of the property taxes levied on the property, up to a maximum credit for the tax year of: • $500 if the individuals filing status is single, head of household, qualifying widow(er), or married filing separately, or • $1,000 if the individuals filing status is married filing jointly. The commercial property income tax credit is equal to: • 10 percent of the property taxes levied on property directly owned by the taxpayer plus • 10 percent of the taxpayers share of commercial property taxes of a passthrough entity, such as a partnership or S corporation, provided the taxpayer held an ownership interest in the entity on the due date of the entitys property taxes. The maximum commercial property income tax credit for the tax year is limited to: • $500 for an individual whose filing status is single, head of household, qualifying widow(er), or married filing separately, or • $1,000 for an individual whose fil
The credit applies to two different types of expenses: (1) expenses paid or owed to an institution within the University of North Carolina system for research performed in North Carolina (“University Research”), and (2) expenses paid or incurred for research performed in North Carolina other than University Research (“Other Research”). The credit provides the greatest benefits for businesses that partner with the University of North Carolina system. The credit for University Research is equal to 20% of the research and development expenses. Other Research is divided further into three categories. If the expenses qualify for more than one category, the credit is based on the higher percentage. • Small Business: For expenses associated with research performed by businesses with annual receipts of less than $1,000,000, the applicable percentage is 3.25%. • Low Tier: For expenses associated with research performed in the most economically distressed areas, commonly referred to as “low tier
A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $75,000 or more. Whatever the size of the credit a taxpayer receives, the credit must be repaid over a 15-year period.
