Tax Type
General Provisions
Miscellaneous Taxes
Description
Coalfield Employment Enhancement Credit; Change in taxable year
Topic
Credits
Date Issued
03-23-2001
March 23, 2001
Dear ****
This will reply to your inquiry concerning the department's response to your ruling request regarding the Coalfield Employment Enhancement Credit (the "Coal Credit").
In Public Document ("P.D.") 00-5 (2/22/00)(copy enclosed), the department responded to a number of your questions concerning the application of earned Coal Credits when a taxpayer changes taxable years from a calendar year to a fiscal year resulting in a short taxable year. P.D. 00-5 included a schedule showing how the Coal Credit would be redeemed when the taxable year changed. This schedule did not properly reflect the timing of the credit redemption in this circumstance. The schedule should read as follows:
Taxable Years In Which Credits Will Be Redeemed in the Taxable
Coal Credits are Earned Years as Shown
1/1/96 - 12/31/96 50% in 1/1/99 - 6/30/99
50% in 7/1/05 - 6/30/06
1/1/97 - 12/31/97 50% in 7/1/99 - 6/30/00
50% in 7/1/06 - 6/30/07
1/1/98 - 12/31/98 75% in 7/1/00 - 6/30/01
25% in 7/1/07 - 6/30/08
1/1/99 - 6/30/99 75% in 7/1/01 - 6/30/02
25% in 7/1/08 - 6/30/09
7/1/99 - 6/30/00 75% in 7/1/02 - 6/30/03
25% in 7/1/08 - 6/30/09
7/1/00 - 6/30/01 100% in 7/1/03 - 6/30/04
7/1/01 - 6/30/02 100% in 7/1/04 - 6/30/05
If you have any questions regarding the correction of the schedule, you may contact **** at ****.
Sincerely,
Danny M. Payne
Tax Commissioner
OTP/33224B
Dear ****
This will reply to your inquiry concerning the department's response to your ruling request regarding the Coalfield Employment Enhancement Credit (the "Coal Credit").
In Public Document ("P.D.") 00-5 (2/22/00)(copy enclosed), the department responded to a number of your questions concerning the application of earned Coal Credits when a taxpayer changes taxable years from a calendar year to a fiscal year resulting in a short taxable year. P.D. 00-5 included a schedule showing how the Coal Credit would be redeemed when the taxable year changed. This schedule did not properly reflect the timing of the credit redemption in this circumstance. The schedule should read as follows:
Taxable Years In Which Credits Will Be Redeemed in the Taxable
Coal Credits are Earned Years as Shown
1/1/96 - 12/31/96 50% in 1/1/99 - 6/30/99
50% in 7/1/05 - 6/30/06
1/1/97 - 12/31/97 50% in 7/1/99 - 6/30/00
50% in 7/1/06 - 6/30/07
1/1/98 - 12/31/98 75% in 7/1/00 - 6/30/01
25% in 7/1/07 - 6/30/08
1/1/99 - 6/30/99 75% in 7/1/01 - 6/30/02
25% in 7/1/08 - 6/30/09
7/1/99 - 6/30/00 75% in 7/1/02 - 6/30/03
25% in 7/1/08 - 6/30/09
7/1/00 - 6/30/01 100% in 7/1/03 - 6/30/04
7/1/01 - 6/30/02 100% in 7/1/04 - 6/30/05
If you have any questions regarding the correction of the schedule, you may contact **** at ****.
Sincerely,
Danny M. Payne
Tax Commissioner
OTP/33224B
Related Documents
Rulings of the Tax Commissioner