Fillable Form C-8000mc - Created Jobs Credit - Worksheet Ii (Page 4 of 4) in pdf

either a facility (environmentally contaminated property),

•

Benefits include prescription, primary health care,

functionally obsolete or blighted. Functionally obsolete

and hospitalization coverage

or blighted property must be located in a qualified local

•

Not a qualified new job used to calculate a MEGA

governmental unit. For the purpose of this credit, the

Employment Tax Credit or MEGA Business Activity

local Brownfield Redevelopment Financing Authority

Tax Credit.

designates eligible property in an approved Brownfield

Complete and attached the Created Jobs Credit -

plan.

Worksheet I to claim this credit. Created Jobs Credit -

For the credit to be valid, attach the Certificate of

Worksheet II must also be completed for each employee.

Completion, issued after the completion of the approval

Do not submit Worksheet II with your return, but retain

process, to the return. If the credit is being assigned,

it for your records.

attach documentation verifying that the credit is valid. If

The Old Brownfield Credit was available for tax years

the credit exceeds the tax liability for the year, the

that began after December 31, 1996 and before January

difference may be carried forward for the next 10 tax

1, 2001. The credit carryforwards from credits that were

years.

previously approved may still be applied against the

Note: The sale, disposal, or transfer to another

current tax liability until the credit is used up or the

location of personal property used to calculate this credit

10-year limitation has been reached.

will result in an addition to the tax liability of the qualified

Note: A partial recapture of the credit is required if

taxpayer who was originally awarded the credit in the

tangible assets used in the calculation of the credit are

year in which the sale, disposal or transfer occurs. This

sold, disposed of, or transferred from the property. The

is true even if the credit was assigned to someone else.

recapture is equal to 10% of the federal basis used for

This additional liability will be calculated by multiplying

determining gain or loss as of the date of the sale,

the same percentage as is used to calculate the credit

disposition or transfer.

(e.g., 10%) times the federal basis of the property used

to calculate gain or loss as of the date of the sale,

The Renaissance Zone Credit encourages businesses

disposition or transfer.

and individuals to move into a designated zone to help

revitalize the area. A business located and conducting

PA 249 of 2003 transferred the administration of the SBT

business activity within the Zone may claim a credit for

Brownfield credit program from the Department of Treasury

tax years beginning after December 31, 1996. Beginning

to MEGA. For more information on the approval process,

with the 2003 tax year, the method of calculating the

contact the MEDC at (517) 373-9808.

credit is different for businesses first locating and

The MEGA Business Activity Tax Credit promotes

conducting business activity within a Renaissance Zone

economic growth and jobs in Michigan. Projects must

before December 1, 2002, and those businesses first

be certified by MEGA. Each year, approved businesses

locating and conducting business activity within a

receive a certificate from MEGA showing the total of tax

Renaissance Zone after November 30, 2002. Be sure to

credit allowed. Attach the Annual Tax Credit Certificate

enter the street address or the parcel number of the

to the return to substantiate a claim. The credit will be

property before beginning the calculation.

disallowed if the certificate is not attached. If the credit

Business activities relating to a casino, including operating

exceeds the tax liability for the year, the difference may

a parking lot, hotel, motel or retail store, cannot be used

be carried forward for the next 10 tax years. For more

to calculate this credit. Businesses delinquent in filing or

information, contact MEDC at (517) 373-9808 or visit

paying property tax, single business tax or city income

tax as of December 31 of the prior tax year are not

Attach this schedule to the return.

eligible for this credit. Taxpayers will be notified if a

claimed credit is disallowed. Complete the Renaissance

Zone Credit Worksheet to claim this credit.

For more information on Renaissance Zones, contact the

MEDC at (517) 373-9808 or visit their Web site at

m e d c . m i c h i g a n . o r g / m i a d v a n t a g e / i n c e n t i v e s .

For information on the SBT credit, contact the Michigan

Department of Treasury, Customer Contact Division,

SBT Unit, at (517) 636-4700.

The New Brownfield Credit, extended through 2007,

encourages businesses to make investment on eligible

Michigan property that was used or is currently used for

commercial, industrial or residential purposes and is

Form C-8000mc - Created Jobs Credit - Worksheet Ii Page 4

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