Table of Contents
For its first tax year ending after March 31, 2008, a corporation can elect to claim a refundable credit for certain unused research credits in lieu of the special depreciation allowance for eligible qualified property.
This election is extended (by the American Recovery and Reinvestment Tax Act of 2009 (Public Law 111-5)) for one year to apply to property that is generally placed in service in 2009 (extension property). Corporations may also choose not to have this election apply to extension property, or to make this election only for extension property if the election was not made in its first tax year ending after March 31, 2008. See the instructions for line 18b on page 2.
The following new credits are added to line 1.
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Line 1t - Credits for affected Midwestern disaster area employers (Form 5884-A).
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Line 1v - Agricultural chemicals security credit (Form 8931).
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Line 1w - Credit for employer differential wage payments (Form 8932).
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Line 1x - Carbon dioxide sequestration credit (Form 8933).
The following credits are removed from line 1.
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The qualified railroad track maintenance credit is extended and now allowed to offset the alternative minimum tax (AMT). It is removed from line 1l and placed on new line 29g.
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The Hurricane Katrina housing credit from pass-through entities can no longer be claimed so it is removed from line 1u.
Part II is expanded to accommodate all of the general business credits that are allowed against alternative minimum tax. Filers claiming a credit on line 24 or line 29 must complete Part II.
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