How much is the credit?
The credit is based on the amount of tuition and qualified expenses (examples given below) paid for a student who meets the criteria defined above. In computing the credit, qualified tuition and expenses must be reduced for scholarships, grants and other tuition benefits (i.e. employer-paid tuition programs). In other words, only amounts paid “out of pocket” are eligible for the credit. Tuition and qualified expenses paid through a student loan can be applied toward the credit. The credit can be calculated based on the following: 100% of the first $1,200 paid for tuition and qualified expenses,50% of the next $1,200 paid for tuition and qualified expenses. Up to $1,800 for each eligible student who meets the requirements. back to top What kind of tuition-related expenses qualify for the credit? The following GRCC fees would be considered eligible for the credit: class lab/course fees, admission fees, general service fees and technology fees.The following expenses would not be considere
27 CFR 24.278(d)(1)(2) Up to $.90 per gallon on the first 100,000 gallons of wine (other than sparkling) taxably removed per calendar year. Removals beyond 100,000 gallons are taxed at the tax rates shown in the law at 26 U.S.C. 5041. • How much credit may be taken? 27 CFR 24.278(d)(1)(2) The amount of credit is based on how much wine is produced by the winery each calendar year. If production is 150,000 gallons or less, the credit is $.90 on the first 100,000 gallons (other than sparkling) taxably removed each year. If production is more than 150,000 and not more than 250,000, the credit is reduced by 1% for every 1,000 gallons produced in excess of 150,000 (i.e., the more wine made, the smaller the credit). Contact the National Revenue Center for assistance in determining the correct rate of credit. Wineries which are qualified to produce wine, but for some reason do not, are not entitled to take credit during the year when there is no production. Production of all members of a contr
