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When does the income of a qualified business start becoming exempt from corporate taxes and how does the business take the corporate tax benefits?

April 26, 2017Benefits Business corporate exempt income qualified tax taxes

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When does the income of a qualified business start becoming exempt from corporate taxes and how does the business take the corporate tax benefits?

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Income starts becoming exempt when the business has signed the Business Subsidy Agreement and, if necessary, a relocation agreement, and starts operating in the zone. The business will take the subtraction on the Corporate Tax form. Businesses calculate the JOBZ benefits using schedule JOBZ.