How are investment tax credits claimed?
• The investment tax credit requires an application process, which must be approved before the credit can be claimed on the tax return. The regulation requires that the application be filed within 30 days of the completion of the project. For most taxpayers this will be within 30 days of the close of the tax year in which the project was completed. Applicants should allow a minimum of 60 days for the application to be processed. NOTE: Applications filed after the 30-day period must petition the Commissioner for approval to file the application late.
