A credit can be taken for qualified expenses incurred in testing certain drugs for treating rare diseases and conditions. The credit is 50% of qualified clinical testing expenses of drugs for a rare disease or condition pursuant to section 526 of the Food, Drug, and Cosmetic Act.
Renewable Electricity Production Credit - Form 8835
This credit for alternative sources of energy is generally calculated as cents per kilo-watt hour (kWh) for the sale of energy produced from qualified energy resources at a qualified facility owned, or in certain cases leased by the taxpayer. Qualified energy resources include wind, closed-loop and open-loop biomass, poultry waste, geothermal energy, solar energy, small irrigation power, municipal solid waste, and refined coal.
Welfare - To - Work Credit - Form 8861
This credit provides businesses with an incentive to hire long-term family assistance recipients. The credit is 35% of qualified first-year wages and 50% of qualified second-year wages. In order to claim this credit, you must request and obtain a certification for each employee from the state employment security agency (SESA), proving that the employee is a long-term family assistance recipient. If you do not receive the certification, you can complete Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity and Welfare-to-Work Credits, on or before the date you hire the employee. Form 8850 must be signed by you and the employee and must then be submitted to the SESA by the 21st calendar day after the individual begins work. This form can be downloaded from the IRS website.