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LSDefine

Simple English definitions for legal terms

ITC

Read a random definition: declaration of rights

A quick definition of ITC:

ITC stands for Investment Tax Credit. It is a type of tax credit that allows businesses to get a percentage of the purchase price of capital goods as a credit against their income taxes. This is meant to encourage businesses to invest in new equipment and technology. However, the Investment Tax Credit was mostly repealed in 1986.

A more thorough explanation:

ITC

ITC stands for Investment Tax Credit, which is a type of tax credit that allows a percentage of the purchase price of capital goods to be deducted from a taxpayer's income taxes. This credit is intended to stimulate business investment in capital goods.

  • Under the Investment Tax Credit, a business that purchases new equipment for $100,000 may be able to deduct $20,000 from their income taxes.
  • The Tax Reform Act of 1986 repealed the Investment Tax Credit for most property placed in service after January 1, 1986.

These examples illustrate how the Investment Tax Credit works and how it was affected by changes in tax law. The first example shows how a business can benefit from the credit by deducting a percentage of the purchase price of capital goods from their income taxes. The second example shows how the credit was repealed for most property placed in service after a certain date.

ita te Deus adjuvet | item

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Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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