In the case of a partnership, S corporation, or a limited liability company, does the maximum amount of the commercial property income tax credit apply to the passthrough entity or to the owner?
The maximum credit applies to the owner. Each of the eligible owners will report their respective share of the passthrough entitys total eligible commercial property taxes on the applicable schedule of their own North Dakota income tax return. This amount is then added to any other eligible commercial property taxes on directly owned property or from other passthrough entities to determine the owners total eligible commercial property taxes. The owner is allowed a commercial property income tax credit equal to the lesser of (1) 10% of the owners total eligible commercial property taxes or (2) the maximum credit amount. The maximum credit amount is equal to: • $500 if the owner is an individual whose filing status is single, head of household, qualifying widow(er), or married filing separately, or • $1,000 if the owner is an individual whose filing status is married filing jointly, or • $1,000 if the owner is a regular (C) corporation. If the owner is another partnership, S corporation,
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