https://www.taxtmi.com/acts?id=49230 A tonnage tax company must credit at least twenty percent of book profit from qualifying shipping activities to a Tonnage Tax Reserve Account; shortfalls may be carried forward once but two consecutive years of failure terminates the option. Reserve sums must be used within eight years to acquire new ships or for qualifying shipping operations; misuse, non use, or sale within three years causes a proportionate amount to be taxed under general provisions, reduced by the tonnage income earlier taxed. en-us Fri, 14 Feb 2025 17:50:47 +0530 Sat, 15 Feb 2025 11:27:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49230 A tonnage tax company must credit at least twenty percent of book profit from qualifying shipping activities to a Tonnage Tax Reserve Account; shortfalls may be carried forward once but two consecutive years of failure terminates the option. Reserve sums must be used within eight years to acquire new ships or for qualifying shipping operations; misuse, non use, or sale within three years causes a proportionate amount to be taxed under general provisions, reduced by the tonnage income earlier taxed. Act-Rules Bills Fri, 14 Feb 2025 17:50:47 +0530 https://www.taxtmi.com/acts?id=49230