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Business Taxes
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What if I sell, dispose of, or transfer to another location, personal property used to calculate this credit?
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Answer:
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The sale, disposal, or transfer to another location of personal property used to calculate this credit will result in an addition to the tax liability of the qualified taxpayer who was originally awarded the credit in the year in which the sale, disposal or transfer occurs. This is true even if the credit was assigned to someone else. This additional liability will be calculated by multiplying the same percentage as is used to calculate the credit (e.g. 10%) times the federal basis of the property used to calculate gain or loss as of the date of the sale, disposition or transfer. The amount otherwise added to the tax liability may also be used to reduce any carry forward of credits available to the taxpayer.
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