Form 49ER Recapture of Qualified Investment Exemption From Property Tax

1 Date asset placed in service 10 If locally assessed property 11 If centrally assessed property or 12 Multiply line 9 by line 10 or 11 13 Property tax benefit: 14 Date asset ceased to qualify 15 Number of full years between 16 Recapture percentage from table 17 Property Tax Recapture: 18 Add line 17 columns A through E This is the total amount due 2 First year exemption claimed 3 County where placed in service 4 Exempted value in year 1 5 If locally assessed property 6 If centrally assessed property or 7 Multiply line 4 by line 5 or 6 8 County where placed in service 9 Exempted value in year 2 A B C D E Add lines 7 and 12 dates on line 1 and line 14 enter the average property tax enter the average urban property levy for the county in year 1 levy for the county in year 2 Multiply line 13 by line 16 Name(s) Social Security Number or EIN on page 1 of instructions property in more than one county tax levy of the state in year 1 tax levy of the state in year 2 12 08 11 12 08 11 5 or more Asset Description Asset Number Assets Average Property Tax Levies EFO00032 EFO00032p2 EFO00032p3 Enter the amount on the appropriate line of the income tax return and include all Forms 49ER and any separate sheets with your return Fill in lines 1 through 17 in Parts II and III for each property listed in Part I on which you are recapturing property tax benefit Use a separate column for each item If you have recapture on more than five items use additional Forms 49ER or other schedules with the same information as required to be included on Form 49ER FInd the applicable rates for the first and second years you claimed the exemption Enter the rate for the first year on line 5 and the rate for the second year if applicable on line 10 Form 49ER Page 2 GENERAL INSTRUCTIONS If centrally assessed property or property in more than one county enter the applicable state average urban property tax levy for the first year you claimed the exemption on line 6 and the rate for the second year if applicable on line 11 If the number of full years If the property tax exemption was not claimed in year 2 for an asset skip lines 8 through 12 for that column and go to line 13 Include this form with your Idaho income tax return Instructions are for lines not fully explained on the form Instructions for Idaho Form 49ER Line 1 Enter the month day and year that the asset was first available for service Line 10 If the asset was locally assessed enter the average property tax levy for the county for the second year you claimed the exemption as listed for that county on page 2 If the asset was centrally assessed leave this line blank and go to line 11 Line 11 If the asset was centrally assessed or used in more than one county enter the average urban property tax levy of the state for the second year you claimed the exemption as listed on page 2 Line 13 Add lines 7 and 12 to determine the amount of property tax benefit subject to recapture Line 14 Enter the month day and year the property ceased to qualify as ITC property Line 15 Enter the number of full years between the dates on line 1 and line 12 Do not enter partial years If the property was held less than 12 months enter zero Line 16 Enter the appropriate recapture percentage from the following table Line 17 Multiply line 13 by line 16 This is the property tax benefit to be recaptured for each asset Line 18 Add all amounts on line 17 This is the total property tax benefit to be recaptured If you have used more than one Form 49ER or separate sheets to list additional items on which you computed an increase in tax write to the left of the entry space "Tax from attached" and the total tax from the separate sheets Include the amount in the total for line 18 Line 2 Enter the year you first claimed the exemption Line 3 Enter the Idaho county in which the asset was placed in service This should match your Form 49E for the first year the exemption was claimed for this asset Line 4 Enter the exempted value of the asset for the first year you claimed the exemption If you do not have this information contact the applicable county assessor Line 5 If the asset was locally assessed enter the average property tax levy for the county for the first year you claimed the exemption as listed for that county on page 2 If the asset was centrally assessed leave this line blank and go to line 6 Line 6 If the asset was centrally assessed or used in more than one county enter the average urban property tax levy of the state for the first year you claimed the exemption as listed on page 2 Line 8 Enter the Idaho county in which the asset was placed in service This should match your Form 49E for the second year the exemption was claimed for this asset Line 9 Enter the exempted value of the asset for the second year you claimed the exemption If you do not have this information contact the applicable county assessor Lines A through E Describe each asset for which you must recapture the property tax benefit Provide the asset number and the description of the asset in Part I on Form 49ER line 15 is PART I PART I IDENTIFY PROPERTY THAT CEASED TO QUALIFY AS IDAHO INVESTMENT TAX CREDIT PROPERTY PART II PART II PROPERTY TAX BENEFIT TO BE RECAPTURED PART III PART III COMPUTATION OF PROPERTY TAX RECAPTURE RECAPTURE OF QUALIFIED INVESTMENT EXEMPTION FROM PROPERTY TAX SPECIFIC INSTRUCTIONS Then the recapture percentage is Use Form 49ER to compute the recapture of the property tax benefit you received from the property tax exemption elected instead of earning the Idaho investment tax credit (ITC) Use this form to report recapture on assets on which you claimed a property tax exemption YEAR 1 YEAR 2 You must compute the recapture if you claimed the qualified investment exemption (QIE) for property tax on property you disposed of before the end of the five year recapture period You must also recapture the property tax benefit on any property ceasing to qualify as ITC property Property moved from Idaho ceases to qualify as ITC property and is subject to recapture