§ 11-1706 Credits against tax.
AC § 11-1706
(a)Credit relating to net capital gain. For taxable years beginning in nineteen hundred eighty-seven, a credit against the tax imposed under section 11-1701 shall be allowed. The amount of the credit shall be one-half of one percent of net capital gain includible in city adjusted gross income for the taxable year. The credit allowed by this subdivision shall not exceed the tax imposed by section 11-1701 reduced by the credits permitted under section 11-1721 and subdivision (b) of this section.
(b)Household credit.
(1)For taxable years beginning after nineteen hundred eighty-six, a credit against the city personal income tax imposed by section 11-1701 shall be allowed. The credit, computed as described in paragraph two of this subdivision, shall not exceed the tax imposed by section 11-1701, reduced by the credit permitted under section 11-1721.
(2)(A) For any individual who is not married nor the head of a household nor a surviving spouse, the amount of the credit shall be determined in accordance with the following table: If household gross income is:The credit shall be:For taxable years beginning after 1986 and before 1996For taxable years beginning after 1995Not over $7,500$15$15Over $7,500 but not over $10,000$10 $15 Over $10,000 but not over $12,500 $0 $10 (B) For any husband and wife, head of household or surviving spouse, the amount of the credit shall be determined by multiplying the number of exemptions for which the taxpayer (or in the case of a husband and wife, taxpayers) is entitled to a deduction for the taxable year for federal income tax purposes under subsections (b) and (c) of section one hundred fifty-one of the internal revenue code by the credit factor for the taxable year as specified in the following table: If household gross income is: The credit factor is: For taxable years beginning in For taxable years beginning after 1995 198719881989 through 1995 Not over $12,500$30$50$50$30Over $12,500 but not over $15,000$20$40$50$30Over $15,000 but not over $17,500 $10$20$25$25Over $17,500 but not over $20,000$0$15$15$15Over $20,000 but not over $22,500$0$0$0$10 (3) For purposes of this subsection: (A) "Household gross income" shall mean the aggregate federal adjusted gross income of a household, as the term household is defined in subparagraph (B) of this paragraph, for the taxable year. (B) "Household" means a husband and wife, a head of household, a surviving spouse, or an individual who is not married nor the head of a household nor a surviving spouse nor a taxpayer with respect to whom a deduction under subsection (c) of section one hundred fifty-one of the internal revenue code is allowable to another taxpayer for the taxable year. (C) "Household gross income of a husband and wife" shall be the aggregate of their federal adjusted gross incomes for the taxable year irrespective of whether joint or separate city income tax returns are filed. Provided, however, that a husband or wife who is required to file a separate city income tax return shall be permitted one-half the credit otherwise allowed his or her household, except as limited by paragraph one of this subdivision. (D) "Household gross income" shall be computed in all cases as if each member of the household were a resident for the entire taxable year. (E) If a taxpayer changes his status during his taxable year from resident to nonresident, or from nonresident to resident, the household credit shall be prorated according to the number of months in the period of residence. In the case of a husband and wife, if either or both changes his or her status from resident to nonresident or from nonresident to resident and separate returns are filed, the credit computed for the entire year shall be divided first as provided in subparagraph (C) of this paragraph and then prorated according to the number of months in the period of residence. (c)* State school tax reduction credit. Editor's note: there are two divisions designated (c) in this section.
(5)Part-year residents. If a taxpayer changes status during the taxable year from resident to nonresident, or from nonresident to resident, the state school tax reduction credit shall be prorated according to the number of months in the period of residence. (c)* Credit for unincorporated business taxes paid. Editor's note: there are two divisions designated (c) in this section.
(3)Subject to the provisions of subparagraph (C) of this paragraph, the amount determined in this paragraph is the sum of: (A) for each unincorporated business conducted by the taxpayer, the tax imposed by chapter five of this title on such unincorporated business for its taxable year ending with the taxable year of the taxpayer and paid by the unincorporated business; and (B) for each unincorporated business in which the taxpayer is a partner, the product of: (i) the sum of (I) the tax imposed by chapter five of this title on such unincorporated business for its taxable year ending within or with the taxable year of the partner and paid by the unincorporated business and (II) the amount of any credit or credits taken by the unincorporated business under subdivision (j) of section 11-503 of this title for its taxable year ending within or with the taxable year of the partner; and (ii) a fraction, the numerator of which is the net total of the partner's distributive share of income, gain, loss and deductions of, and guaranteed payments from, the unincorporated business for such taxable year, and the denominator of which is the sum, for such taxable year, of the net total distributive shares of income, gain, loss and deductions of, and guaranteed payments to, all partners in the unincorporated business for whom or which such net total (as separately determined for each partner) is greater than zero. (C) For a taxpayer that changes its status from a city resident to a city nonresident or from a city nonresident to a city resident during the taxable year: (i) the amount determined in subparagraph (A) of this paragraph shall be, with respect to each unincorporated business conducted by the taxpayer, the tax imposed by chapter five of this title on such unincorporated business for its taxable year ending with the taxable year of the taxpayer and paid by the unincorporated business, multiplied by a fraction, the numerator of which is that portion of the income, gain, loss and deductions of the unincorporated business included in the taxpayer's adjusted gross income for the portion of the taxable year during which the taxpayer was a city resident, and the denominator of which is the total, for such taxable year, of the income, gain, loss and deductions of the unincorporated business, and (ii) the amount determined in clause (ii) of subparagraph (B) of this paragraph shall be a fraction, the numerator of which is that portion of the taxpayer's net total distributive share of income, gain, loss and deductions of, and that portion of guaranteed payments from, the unincorporated business included in the taxpayer's city adjusted gross income for the portion of the taxable year during which the taxpayer was a city resident, and the denominator of which is the sum, for such taxable year, of the net total distributive shares of income, gain, loss and deductions of, and guaranteed payments to, all partners in the unincorporated business, for whom or which such net total (as separately determined for each partner) is greater than zero.
(4)For purposes of subdivision (c) of section 11-1902 of this title, in determining the amount of tax that a nonresident would be required to pay if such nonresident were a resident of the city and subject to the tax on personal income of residents, the credit allowed by this subdivision shall be taken into account.
(d)Earned income tax credit.
(e)Credit for certain household and dependent care services necessary for gainful employment.
(f)Credit for general corporation tax paid.
(g)Credit for city pass-through entity tax.
(h)Credit for certain taxpayers with incomes below certain thresholds.
