Dùil Dhèanaidhean sònraichte agus NOLCO

### Special Allowable Itemized Deductions and NOLCO

•  This chapter covers special itemized deductions and the net operating loss carry-over (NOLCO).
•  After studying this chapter, students should master additional deduction incentives granted by special laws.
•  They should also understand special deductions allowed under the National Internal Revenue Code (NIRC) and special laws.
•  The study should also cover requisites and deduction rules for allowable special deductions.
•  Finally, students should know the measurement and carry-over rules related to NOLCO.

### Deduction Incentives

•  Senior Citizen Employees: Private establishments can deduct 15% of salaries paid to senior citizens.
•  Persons with Disability (PWDs): Private entities can deduct 25% of salaries paid to PWD employees.
•  Facilities Improvements for PWDs: Improvements made to facilities to accommodate PWDs are deductible at 50%.
•  Training Expenses (Jewelry Industry):  50% of training expenses incurred by qualified jewelry enterprises are deductible.
•  Labor Training (CREATE Law): 50% additional labor training expenses under the CREATE Law are allowed.
•  Adopt-a-School Program: Additional contributions under the Adopt-a-School program are deductible.
•  Expanded Breastfeeding Promotion Act: Additional deductions are available.
•  Free Legal Assistance: Additional deductions for free legal assistance.
•  Productivity Incentive Bonus: Additional deductions for productivity incentive bonus expenses.

### Special Deductions under NIRC and Special Laws

•  Income Distribution from Taxable Estate/Trust (REIT): 70% of income distribution from a taxable estate or trust is deductible.
•  Dividend from Real Estate Investment Trust (REIT): Dividends distributed by REITs are special deductions.
• Transfer to Reserve Funds of Taxable Cooperatives: A deductible amount of transfers .
•  Discounts for Senior Citizens: Discounts received by senior citizens are deductible.
•  Discounts for Persons with Disability (PWDs): Deductible discounts given to PWDs.

### Deduction Incentives Details

•  Deduction incentives are additional deductions, with no actual cash outlay, provided by law as rewards for following certain policies or supporting government programs.
•  Special deductions are mandated tax treatments that may not involve cash outflow but are still deductible against gross income.

### Additional Information from the Text

• Various additional deductions and incentives are mentioned under different laws and acts
• Specific requirements exist for claiming the additional deductions such as the number of months the employment must continue and the annual income criteria for senior citizens.
•  Examples of how these deductions are calculated are provided in the text, including specific amounts and percentages.

Tha an caibideil seo a' còmhdach dùilean sònraichte agus an t-seirbheis a th' ann an NOLCO. Às deidh an sgrùdadh, bu chòir do dh'oileanaich tuigse fhaighinn air riatanasan agus riaghailtean airson na dùilean sònraichte. Cuideachd, feumaidh iad fios a bhith aca mu na h-innleachdan is na h-ullachaidhean a tha ceadaichte.