Defining Tax Credits
To define tax credits, use the Tax Credit (TAX_CREDITS) component and the Credit Status (TAX_CR_STATUS) component.
This topic discusses how to set up tax credits.
|
Page Name |
Definition Name |
Usage |
|---|---|---|
|
TAX_CREDIT |
Set up your own tax credit tables or modify existing tables. |
|
|
Tax Credit Status |
TAX_CR_STATUS |
Set up credit statuses for tax credits by country. |
PeopleSoft Asset Management is delivered with tax credits defined as business incentive credits:
Energy Tax Credit
Regular Investment Tax Credit
Rehabilitation Tax Credit
These credits are based on existing U.S. tax law, and it is recommended that you review the delivered Tax Credit table before adding any credits.
Use the Credits page (TAX_CREDIT) to set up your own tax credit tables or modify existing tables.
Navigation:
This example illustrates the fields and controls on the Credits page. You can find definitions for the fields and controls later on this page.
Field or Control |
Description |
|---|---|
Reduction Type |
Indicates whether a reduction in the cost basis is required. Three codes are provided: B: Basis reduction P: Percentage rate reduction N: No reduction |
Tax Credit |
Enter the tax credit amount. |
Basis Reduction Rate Percent |
Enter the corresponding rate to reduce the basis. A basis reduction rate of 100 percent means that there will be no reduction in the cost basis of the asset to which the tax credit rate is applied. |