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Tennessee Schedule W - Franchise and Excise Tax Day Care Credit Computation
Extracted from PDF file 2023-tennessee-fae-schd-w.pdf, last modified December 2004Schedule W - Franchise and Excise Tax Day Care Credit Computation
TENNESSEE DEPARTMENT OF REVENUE W - FRANCHISE AND EXCISE TAX DAY CARE CREDIT COMPUTATION Taxpayer Name Taxable Year Account Number/FEIN/SSN (a) FRANCHISE TAX (b) EXCISE TAX 25% 25% 1. Qualified Expenses (Attach schedule) ............................................................................... 2. Percentage Allowed ............................................................................................................ 3. Original Credit (Line 1 multiplied by Line 2) ....................................................................... 4. Day Care Credit carryover from prior years ........................................................................ 5. Total Day Care Credit available (Add lines 3 and 4) ........................................................... 6. Total number of day care facilities in existence from all periods ....................................... 7. Number of facilities on Line 6 multiplied by $25,000 ......................................................... 8. Limitation on credit (Lesser of Line 7 or $100,000) ........................................................... 9. Total Credit Available for each tax (Lesser of Line 5 or Line 8) .......................................... 10. Franchise Tax (Schedule A, Line 3) .................................................................................... 11. Franchise Tax Day Care Credit (Lesser of Line 9 or Line 10) ........................................... 12. Excise Tax (Schedule B, Line 5) .......................................................................................... 13. Excise Tax Day Care Credit (Lesser of Line 9 or Line 12) ................................................ 14. Total Credit from both taxes (Line 11a plus Line 13b) ................................................................................ _______________________ 15. Franchise and Excise taxes (From Schedule A, Line 3, plus Schedule B, Line 5) ..................................... _______________________ 16. Credits from Schedule D, Lines 1 and 2 ..................................................................................................... _______________________ 17. Line 15 less Line 16 .................................................................................................................................... _______________________ 18. Amount available in current year (lesser of Line 14 or Line 17) to Schedule D, Line 3 ............................. _______________________ SCHEDULE OF FRANCHISE TAX DAY CARE CREDIT CARRYOVER YEAR PERIOD ENDED MM/YY FOR ORIGINAL RETURN OR AMENDED USED IN PRIOR YEARS EXPIRED DAY CARE CREDIT CARRYOVER AVAILABLE 1 2 3 Amount to carry to Line 4, Column a .............................................................................................. SCHEDULE OF EXCISE TAX DAY CARE CREDIT CARRYOVER YEAR PERIOD ENDED MM/YY FOR ORIGINAL RETURN OR AMENDED USED IN PRIOR YEARS EXPIRED DAY CARE CREDIT CARRYOVER AVAILABLE 1 2 3 Amount to carry to Line 4, Column b .............................................................................................. RV-F1403101 INTERNET (12-04) INSTRUCTIONS FOR DAY CARE CREDIT COMPUTATION LINE 1: Enter on this line the cost of planning, site preparation, construction, renovation or acquisition of facilities for the purpose of establishing a child day care facility to be used primarily by the children of the corporation's employees and equipment installed for the permanent use within or immediately adjacent to such facility, including kitchen appliances that are necessary in the use of such facility for the purpose of child day care. LINE 3: Multiply amount on Line 1 by Line 2. LINE 4: Day Care Credit carryover as shown on the carryover schedules. Unused Day Care Credit may be carried forward for three (3) years. LINE 5: Add amounts on lines 3 and 4. LINE 6: Enter the number of licensed day care facilities provided by the corporation for use primarily by the corporation's employees in Tennessee for which the application for building permit was issued after May 2, 1994. Include all facilities in existence, regardless if they were claimed in a prior year. Do not claim a facility, however, if it is operated for a period less than six (6) months. LINE 7: Multiply amount on Line 6 by $25,000. LINE 8: Enter the lesser of Line 7 or $100,000. LINE 9: Enter the lesser of Line 5 or Line 8. LINE 10: Amount of franchise tax shown on Page 1, Schedule A, Line 3 of the current return. LINE 11: Enter the lesser of Line 9 or Line 10. LINE 12: Amount of excise tax shown on Page 1, Schedule B, Line 5 of the current return. LINE 13: Enter the lesser of Line 9 or Line 12. LINE 14: Enter the total credit of both taxes by adding Line 11a and Line 13b. LINE 15: Enter the total amount of Franchise, Excise tax by adding Schedule A, Line 3 and Schedule B, Line 5. LINE 16: Enter the total amount of credits reported on Schedule D, Lines 1 and 2. LINE 17: Enter the amount of Line 15 less Line 16. LINE 18: Enter amount of credit available in current year, the lesser of Line 14 or Line 17. Enter on Schedule D, Line 3. If the taxpayer has multiple type of credits to apply in Schedule D of the return, the credit application worksheet can be completed in order to allow the taxpayer to elect the amount of credit to be applied to each tax. The credit permitted under Public Chapter No. 885 of the Public Acts of 1994 shall be allowed only under the following conditions: 1. The credits shall only apply to projects for which an application for a building permit for the project is made after May 2, 1994. 2. Applications as submitted to the Department of Revenue for the credit shall be approved in the order that applications for building permits are filed. 3. For each application approved for credit it shall be assumed that credit will be twenty-five thousand dollars ($25,000) for the fiscal year in which the application is approved and the ensuing two (2) fiscal years for purposes of limiting credits as set out in item 4 below. 4. Applications shall be limited to those that would result in no greater credit in any fiscal year than one hundred thousand dollars ($100,000) based upon the assumption set forth in item 3 above. INTERNET (12-04)
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
More about the Tennessee FAE-Schd-W Corporate Income Tax Tax Credit TY 2023
Schedule W - Franchise and Excise Tax Day Care Credit Computation
We last updated the Schedule W - Franchise and Excise Tax Day Care Credit Computation in February 2024, so this is the latest version of FAE-Schd-W, fully updated for tax year 2023. You can download or print current or past-year PDFs of FAE-Schd-W directly from TaxFormFinder. You can print other Tennessee tax forms here.
Related Tennessee Corporate Income Tax Forms:
TaxFormFinder has an additional 65 Tennessee income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Tennessee FAE-Schd-W.
| Form Code | Form Name |
|---|---|
| FAE-Schd-X | Schedule X - Franchise Tax Jobs Credit Computation |
| FAE-Schd-Y | Low Income Housing Tax Credit (LIHTC) Schedule and Instructions |
| FAE-Schd-174SC | Consolidated Apportionment Schedules |
| FAE-Schd-170NC | Consolidated Apportionment Schedule |
| FAE-Schd-T | Schedule T - Industrial Machinery Tax Credit |
View all 66 Tennessee Income Tax Forms
Form Sources:
Tennessee usually releases forms for the current tax year between January and April. We last updated Tennessee FAE-Schd-W from the Department of Revenue in February 2024.
FAE-Schd-W is a Tennessee Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Tennessee FAE-Schd-W
We have a total of nine past-year versions of FAE-Schd-W in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 FAE-Schd-W
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
2022 FAE-Schd-W
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
2021 FAE-Schd-W
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
2020 FAE-Schd-W
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
2019 FAE-Schd-W
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
2018 FAE-Schd-W
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
2016 FAE-Schd-W
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
2015 FAE-Schd-W
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
2012 FAE-Schd-W
Schedule W - Franchise and Excise Tax Day Care Credit Computation (2004)
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