No TMT Limit for College Access Tax Credit
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August 6, 2015
Good news for taxpayers claiming the College Access Tax Credit (CATC)!
Recently passed legislation (Senate Bill 81) modified provisions to the CATC. Now taxpayers may use the credit to reduce their tax below tentative minimum tax (TMT) for taxable years beginning on or after January 1, 2014.
We will contact impacted taxpayers who filed their 2014 tax return prior to the passage of this law. Impacted taxpayers may be able to take more of their credit against their 2014 taxes paid.
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