A corporation is allowed an income tax credit equal to 10% per year for five years of the direct costs incurred to adapt or add equipment to retrofit an existing facility or to construct a new facility in North Dakota for the purpose of producing crushed soybeans or canola.
Qualifications
Corporations incurring direct costs to adapt or add equipment to retrofit an existing facility or to construct a new facility in North Dakota for the purpose of producing crushed soybeans or canola.
Credit Amounts
The credit is equal to 10% of the seller’s direct costs incurred to adapt or add the equipment. The credit is allowed in each of five taxable years, beginning with the taxable year in which the seller begins selling the eligible crushed soybeans or canola. The portion of the credit not used in each year may be carried forward for five taxable years. A seller may claim no more than $50,000 in credits for all taxable years. Eligible costs incurred before the taxable year in which sales begin may be included in the calculation of the credit.
Application Process
Not Applicable.
How to Claim
If you're filing as a/an: | Claim the credit on: |
| Individual or Sole Proprietor | Not Applicable |
| C Corporation | Form 40, Corporation Income Tax Return Schedule TC |
| S Corporation | Not Applicable |
| Partnership | Not Applicable |
| Fiduciary | Not Applicable |