- 1 -
|
Corporation name as shown on GR-1120 Federal Employer Identification Number
2020 GRAND RAPIDS
CORPORATION RENAISSANCE ZONE DEDUCTION, SCHEDULE RZ OF FORM GR-1120
FOR COMPUTATION OF THE RENAISSANCE ZONE DEDUCTION
FOR USE BY A CORPORATION LOCATED AND DOING BUSINESS IN A GRAND RAPIDS RENAISSANCE ZONE
1. Address of each location in a Grand Rapids Renaissance Zone and the number of the zone 2. Dates qualified to claim RZ deduction
Starting date / /
Ending date / /
Starting date / /
Ending date / /
DISQUALIFICATION SECTION
A CORPORATION IS NOT QUALIFIED TO CLAIM THE RENAISSANCE ZONE DEDUCTION IF ANY OF THE FOLLOWING TAXES ARE DELINQUENT:
Grand Rapids Income Tax Personal Property Tax Commercial Facilities Tax (CFT) City (Detroit) Utilities Users Tax
Michigan Income Tax Michigan Single Business Tax Enterprise Zone Tax Technology Park Development Tax
General Property Tax Industrial Facilities Tax (IFT) Neighborhood Enterprise Zone Tax Commercial Forest Tax
CORPORATION LOCATED AND DOING BUSINESS IN A GRAND RAPIDS RENAISSANCE ZONE
TO CLAIM A RENAISSANCE ZONE DEDUCTION A CORPORATION MUST HAVE REAL AND/OR PERSONAL PROPERTY
LOCATED IN A GRAND RAPIDS RENAISSANCE ZONE AND BE CONDUCTING BUSINESS ACTIVITY IN THE ZONE
COLUMN 1 COLUMN 2 COLUMN 3
RENAISSANCE ZONE APPORTIONMENT PERCENTAGE LOCATED IN RENAISSANCELOCATED INZONEPERCENTAGE
GRAND RAPIDS
3. Average net book value of real and tangible personal property 3 (Column 2
(If qualified for less than a full tax year, use monthly average) divided by
4. Gross rents paid on real property multiplied by 8 4 column 1)
5. Total property (Add lines 3 and 4 of columns 1 and 2) 5 %
6. Total wages, salaries and other compensation 6 %
7. Total percentages (Add column 3 lines 5 and 6) 7 %
8. Renaissance Zone deduction percentage (Line 7 divided by 2) 8 %
RENAISSANCE ZONE DEDUCTION
The Renaissance Zone designation starts on January 1 of the first year of designation and ends on December 31 of the final year of
designation. The deduction is reduced during the last 3 calendar years of a zone's designation. The deduction allowance factor is:
100% for all but the last three years of a zone's designation; 75% for the tax year that is 2 years before the final year of designation;
50% for the tax year immediately preceding the final year of designation; and 25% for the final year of designation. For example,
properties in Renaissance within Zones 1 through 6, began having reduced deductions in 2009 (unless a specific property was granted
an extension). COLUMN 1 COLUMN 2
CALCULATION OF RENAISSANCE ZONE DEDUCTION MONTHS IN TAX MONTHS IN TAX
(for both fiscal year and calendar year taxpayers) YEAR PRIOR TO YEAR AFTER
01/01/2021 12/31/2020
9. Total allocated income (Form CF-1120, page 1, line 7) 9
10. Renaissance Zone deduction base (Line 9 multiplied by line 8) 10
11. Enter the number of months in each column for the stated time period 11
12. Renaissance Zone deduction base for portion of year (Line 10 times line 11 of the
column divided by the total number of months in the tax year or short period) 12
13. Enter Renaissance Zone Deduction Allowance Factor for each
column. (Must be equal to 100%, 75%, 50%, 25% or 0%) 13 % %
14. Renaissance Zone deduction for each portion of the tax year
(Line 12 multiplied by line 13 of the column) 14
Renaissance Zone deduction for the tax year (Add amounts on line 14 of
15.
columns 1 and 2; enter here and on Form CF-1120, page 1, line 8) 15
Revised 11/12/2014
|