Valleyview

Franklin County

Income tax repealed, effective 1/1/2018

Recent Tax and Credit History

From Date Thru Date Tax Rate Credit Factor
(Tax Credit)		 Credit Rate
(Credit Limit)
01/01/2019 current 0.000% 0.000% 0.000%

* History displayed for the past 7 years.

Special Notes and Tax Documents

NET OPERATING LOSS
Beginning with losses incurred in 2017 and thereafter, a net operating loss may be carried forward for 5 years. For taxable years beginning in 2018, 2019, 2020, 2021 and 2022, losses are subject to a 50% phase-in limitation. The amount of net operating loss carry forward that may be utilized in tax years 2018 through 2022 is limited to the lesser of 50% of the carried forward loss or 50% of that year’s income. For taxable years beginning in 2023 and thereafter, a net operating loss is no longer limited to a 50% phase-in limitation and the full loss may be used.
S-CORPS
S-Corp distributive shares that do not represent wages are generally not taxable and should not be reported on Form 37 Schedule J.