Form 85R Recapture of Idaho Small Employer New Jobs Tax Credit

1 Year in which small employer 10 Credit recapture distributed to shareholders partners or beneficiaries 11 Enter the portion of original credit on line 3 not used to offset any tax Do not enter more than line 9 12 Add lines 10 and 11 13 Recapture of small employer new jobs tax credit Subtract line 12 from line 9 Enter here and on 2 Average number of qualifying 3 Idaho small employer new 4 If you failed to meet the tax 5 From the Recapture Worksheet 6 Tentative recaptured credit 7 Add line 6 columns A through E 8 Pass through share of credit recapture from S corporations partnerships estates or trusts 9 Add lines 7 and 8 and go to line 6 below enter the recapture credit was earned during the recapture period that employees fell below the average number of employees listed on employees for the year the Form 44 Part II line 5 Do not use this amount to reduce current year's small employer new jobs incentive criteria enter 100% jobs tax credit earned line 2 Multiply line 3 by line 4 or 5 Name(s) as shown on return new jobs tax credit was earned percentage for the earliest year tax credit computed on Form 85 The amount on this line reduces the carryover available to the current year the average number of qualifying 06 29 11 after the end of the project period Tax Year primarily within the project site during the year percentage Also you must compute recapture if you do not maintain the level of qualifying employees for which you earned the credit for five full years from the date the project period ends Any resulting tax from recapture of credits claimed in prior years must be added to the tax otherwise determined in the year of recapture Recapture of credits not claimed in prior years reduces the amount of credit carryover available to the current year Capital investment in new plant and building facilities of at least $500 000 Complete the recapture worksheet only if you are reporting recapture because you did not maintain the level of qualifying employees on which you earned the credit for five full years after the end of the project period If you must report recapture because you did not meet the tax incentive criteria do not complete the worksheet but instead enter 100% on line 4 of the form COMPUTATION OF RECAPTURED CREDIT Compute the unused portion of the original credit on a separate sheet and enter it on this line Do not enter more than the tax from recapture on line 9 Date project period ended EFO00019 EFO00019p2 EMPLOYER NEW JOBS TAX CREDIT enter the tax year in the first column and the average number of employees who worked primarily at the project site in the second column This should be listed for each year until the average number of employees reported for a year falls below the qualifying level of employment reported on line 2 The first year in the recapture period that the average number of qualifying employees falls below the average number of qualifying employees listed on line 2 is the year in which recapture is required and determines the recapture percentage Fifth year after the end of the project period 20% First year after the end of the project period 100% For new employment increases above the 10 new employees the average wages of the additional new employees is at least $15 50 per hour worked See the instructions for who is included in this calculation Fourth year after the end of the project period 40% GENERAL INSTRUCTIONS IDAHO SMALL EMPLOYER NEW JOBS TAX CREDIT EARNED IN PRIOR YEARS If you claimed the SE NJTC in an earlier year and fail to meet the tax incentive criteria you must recapture all the SE NJTC claimed in the earlier years Increased employment by at least 10 new employees who each earn at least $19 23 per hour and receive health benefits and Instructions are for lines not fully explained on the form Instructions for Idaho Form 85R Line 1 Starting with the earliest tax year in Column A enter each tax year that the SE NJTC was earned Line 10 If you are a partnership S corporation trust or estate enter the amount of credit recapture that passed through to partners shareholders or beneficiaries Do not include any recapture on this line for partners shareholders or beneficiaries for whom you are paying the tax Line 11 If you did not use all the credit you originally computed either in the year earned or in a carryover year you will not have to pay tax from recapture of the amount of the credit you did not use Line 13 This is the total increase in tax Enter it on this line and on Form 44 Part II line 5 DO NOT use this amount to reduce your current year's SE NJTC from Form 85 Line 2 Enter the average number of qualifying employees for the year listed on line 1 This amount can be found on Form 85 line 1 for the applicable year Line 3 Enter the amount of the SE NJTC credit earned for the year listed on line 1 This amount can be found on Form 85 line 10 for the applicable year Line 4 If recapture is required because you did not meet the tax incentive criteria enter 100% on line 4 Leave line 5 blank and continue with line 6 Line 5 If recapture is required because you did not maintain the required number of qualifying employees for five full years from the date the project period ended you will need to complete the Recapture Worksheet at the bottom of the form Enter on line 5 the recapture percentage for the earliest tax year from the Recapture Worksheet that the average number of qualified employees working primarily in the project site fell below the average number of qualifying employees listed on line 2 Line 6 Multiply line 3 by the larger of the percents listed on line 4 or 5 If there is no percent listed on line 5 multiply line 3 by the percent on line 4 Line 8 Enter the amount of recapture of SE NJTC that is being passed to you from S corporations partnerships estates and trusts This amount is reported on Form ID K 1 Part D line 16 Line 9 Add lines 7 and 8 to determine the amount of credit subject to recapture Partners shareholders and beneficiaries will use the information provided by the partnership S corporation trust or estate to report their pass through share of the credit to be recaptured on line 8 If the only recapture you are reporting is from a pass through entity skip lines 1 through 7 and begin on line 8 Project period end date The project period ends when the new plant and building facilities for the project are placed in service but no later than December 31 2020 Enter the earlier of the two dates RECAPTURE OF IDAHO SMALL Recapture Period Five years Average number of qualifying employees working Recapture Recapture period For each year of the recapture period RECAPTURE WORKSHEET RECAPTURE WORKSHEET If you did not meet the tax incentive criteria do not use this section S corporations partnerships estates and trusts that have SE NJTC subject to recapture must complete lines 1 through 7 to determine the amount of credit recapture S corporations partnerships estates and trusts that pass through SE NJTC to shareholders partners or beneficiaries must provide Form ID K 1 reporting the recapture amount and including in Part E Supplemental Information details on the year(s) the credit being recaptured was originally earned Second year after the end of the project period 80% Social Security Number or EIN SPECIFIC INSTRUCTIONS Third year after the end of the project period 60% Use Form 85R to compute the increase in tax and reduction to credit carryover for the recapture of the small employer new jobs tax credit (SE NJTC) You did not maintain the level of qualifying employees for which you earned the credit for five full years after the end of the project 2 period You did not meet the following tax incentive criteria:1 You must report recapture if one or both of the following occurred: