Free Application for Tax Credit on Qualified Property (Chapter 313, Subchapter D, Property Tax Code) - Texas


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Pages: 4
Date: January 24, 2008
File Format: PDF
State: Texas
Category: Tax Forms
Word Count: 1,308 Words, 8,550 Characters
Page Size: Letter (8 1/2" x 11")
URL

http://www.window.state.tx.us/taxinfo/taxforms/50-300.pdf

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50-300 (Rev. 9-07/3)

APPLICATION FOR TAX CREDIT ON QUALIFIED PROPERTY (Tax Code, Chapter 313, Subchapter D)
School district name

First year of qualifying time period

Phone (area code and number)

Address

Application filing date

This application is for credit for taxes paid on the portion of value in excess of the value limit under Tax Code Chapter 313 Subchapter B or C, in the two-year qualifying period. You must file this completed application with the school district before September 1 of the year immediately following the second year of the qualifying time period under Subchapter B or C. The school board must determine eligibility of this application before the 90th day from the application filing date. Subject to certain limitations, the school's tax assessor will apply annually one-seventh of the credit to taxes imposed on the qualified property for a seven-year period beginning with the tax year after the date the school board approves the application. Remaining credit may be applied to taxes in the tax credit settle-up period, as provided in Tax Code Section 313.104(2)(B).

Step 1: Applicant name and address

Only entities that received an appraised value limitation under Tax Code Chapter 313 Subchapter B or C are eligible for this tax credit.
Applicant name:

Mailing address:

City, State:

ZIP code + 4:

Texas Taxpayer I.D. Number (11 digits):

Appraisal district account number:

Name of person preparing this application:

Title:

Phone (area code and number):

Step 2: Provide attachments and supplements Step 3: Show tax credit amount

Attach the following items to this application: 1. A copy of receipts for taxes paid on qualified property during the first two years of the qualifying time period. 2. Schedule A­updated for all years from amounts in application schedule. 3. Schedule B­updated for all years from amounts in application schedule. 4. Schedule C­updated for all years from amounts in application schedule. Year 1 1. Total Taxable Value of Property 2. Limitation Value of Property under Agreement 3. School District Maintenance and Operations Tax Rate 4. Total Maintenance and Operations Taxes Paid 5. Tax Obligation under Limited Value ((Line 2 Amount/100) x Line 3) 6. Tax Credit for which you are applying (Line 4 - Line 5) 7. Total Tax Credit (Sum of Line 6 Year 1 and Year 2 amounts) _____________ _____________ _____________ _____________ _____________ _____________ Year 2 ____________ ____________ ____________ ____________ ____________ ____________ ____________

Step 4: Sign and date application

By signing this application, you certify that this information is true and correct and that you are in full compliance with the terms of the attached agreement to the best of your knowledge and belief.

Name of authorized company officer

Title

Signature of authorized company officer

Date

On behalf of

Name of corporation/company

If you make a false statement on this application, you could be found guilty of a Class A misdemeanor or a state jail felony under Texas Penal Code Section 37.10.
Page 1 of 4 pages

50-300 Page 2 of 4

SCHEDULE A: INVESTMENT
PROPERTY INVESTMENT AMOUNTS ($)
(Estimated Investment in each year. Do not put cumulative totals.)
Column A: Tangible Personal Property: the amount of new investment (original cost) placed in service during this year Column B: Building or permanent nonremovable component of building (annual amount only) Column C: Sum of Column D: Other A and B--Qualifying investment that is not Investment (during qualified investment but the qualifying time investment affecting period) economic impact and total value Column E: Total Investment (A+B+D)

Year

pre-'year 1' Qualifying time period 1 2 3 4 Tax Credit Value Period Limitation (with Period 50% cap on credit) Continue to Maintain Viable Presence 5 6 7 8 9 10 Credit SettleUp Period 11 12 13

"Pre-Year 1" is the time period after the applicant has applied to the district and before January 1 of the first tax year of the qualifying time period.
Qualifying Time Period is the first two tax years beginning after the date of the approval of the application (the agreement).
Column A: This represents the total dollar amount of planned investment in tangible personal property the applicant considers qualified investment- as defined in Tax Code §313.021(1)(A)-(D). For the purposes of investment, please list amount invested each year, not cumulative totals. [For the years outside the qualifying time period, this number should simply represent the planned investment in tangible personal property]. Include estimates of investment for "replacement" property-property that is part of original agreement but scheduled for probable replacement during limitation period. Column B: The total dollar amount of planned investment each year in buildings or nonremovable component of buildings that the applicant considers qualified investment under Tax Code §313.021(1)(E). For the years outside the qualifying time period, this number should simply represent the planned investment in new buildings or non-removable components of buildings. Column D: Dollar value of other investment that may not be qualified investment but that may affect economic impact and total value. The most significant example for many projects would be land. Others may choose to include items such as professional services, etc. Note: Land can be listed as part of investment during the "pre-year 1" time period. It cannot be part of qualifying investment.

This schedule must be submitted with the original application, any agreement addendum, any reporting of replacement property, and any application for tax credit. When using this schedule for any purpose other than the original application, replace original estimates with actual appraisal district data for past years and update estimates for current and future years. If original estimates have not changed, enter those amounts for future years.

50-300 Page 3 of 4

SCHEDULE B: ESTIMATED MARKET AND TAXABLE VALUE
All figures here are to be cumulative

Qualified Property
Column A: Column B: Estimated Estimated Total Market Value Market Value of of Land new buildings or other new improvements

Reductions from market value (exemptions, etc)
E: Due to other exemptions

Estimated Taxable Value
F: Estimated total taxable value for I&S: (A+B+C)-(D+E) G: Estimated total taxable value for M&O: (Column F amount with the limitation value in years 3-10)

Year

Column C: D: Due to pollution Estimated Total control property Market Value of (estimated or actual tangible personal as appropriate) property in the new building or "in or on the new improvement"

pre- year 1 Qualifying time period 1 2 3 4 Tax Credit Period (with 50% cap on credit) 5 Value Limitation Period 6 7 8 9 10 Credit Settle-Up Period Continue to Maintain Viable Presence 11 12 13

This schedule must be submitted with the original application, any agreement addendum, any reporting of replacement property, and any application for tax credit. When using this schedule for any purpose other than the original application, replace original estimates with actual appraisal district data for past years and update estimates for current and future years. If original estimates have not changed, enter those amounts for future years.

50-300 Page 4 of 4

SCHEDULE C: EMPLOYMENT INFORMATION

Construction Number of Average wage Construction rates for FTE's or man- construction hours (specify) workers Year

Permanent New Jobs Qualifying Jobs Existing Jobs Total number Average wage Total number of Total number Number of of permanent rate for all permanent new of permanent permanent full-time new permanent new qualifying jobs qualifying jobs existing jobs jobs created jobs for each with wages meeting all prior to by the year greater than criteria of Sec. application applicant 110% of the 313.021(3) county average weekly manufacturing wage

pre- year 1 Qualifying time period 1 2 3 4 Tax Credit Period (with 50% cap on credit) 5 Value Limitation Period 6 7 8 9 10 Credit Settle-Up Period Continue to Maintain Viable Presence 11 12 13

This schedule must be submitted with the original application, any agreement addendum, any reporting of replacement property, and any application for tax credit. When using this schedule for any purpose other than the original application, replace original estimates with actual employment data for past years and update estimates for current and future years. If original estimates have not changed, enter those amounts for future years.