Is a passthrough entity, such as a partnership, eligible for the income tax credits?
Yes, but only for commercial property located in North Dakota. Also, the passthrough entity itself does not claim the credit; instead, the entitys owners, if eligible, claim the commercial property income tax credit based on their respective shares of the entitys total property taxes on its North Dakota commercial property. A passthrough entity for this purpose means a partnership, subchapter S corporation, or limited liability company treated like a passthrough entity for income tax purposes. See the next question for more information.
Related Questions
- If I have related entity expenses that aren’t eligible for a deduction and I had similar transactions in years before the addback was required, will the deductions be allowed for those prior years?
- Are the owners of a passthrough entity, such as a partnership, allowed to claim an income tax credit for the property taxes paid by the passthrough entity?
- Is a passthrough entity, such as a partnership, eligible for the income tax credits?
