Form 69 Idaho Incentive Investment Tax Credit

1 Credit carryover from 2011 (2011 Form 69 line 17) 1 10 Enter the Idaho income tax from your tax return 10 11 a Credit for tax paid to other states 11a 12 Net income tax after other credits Subtract line 11i from line 10 12 13 Credit allowable subject to limitation of tax Enter the smaller of: 14 Incentive investment tax credit allowed Enter the smaller amount from line 12 or line 13 here 15 Total credit available subject to limitations Enter the amount from line 9 15 16 Credit allowed Enter the amount from line 14 or from Form 55 Part II line 21 16 17 Credit carryover to future years Subtract line 16 from line 15 Enter the amount here and 2 Pass through share of credit from a partnership S corporation estate or trust that received credit 3 Credit received through unitary sharing in 2012 Include a schedule 3 4 Credit received by transfer in 2012 Include Form 70 4 5 Elimination of carryover related to property no longer used in Idaho during the tax year 5 6 Credit distributed to partners shareholders or beneficiaries 6 7 Credit shared with unitary affiliates 7 8 Credit transferred to another taxpayer in 2012 Include Form 70 8 9 Total credit available subject to limitations Add lines 1 through 4 and subtract lines 5 through 8 9 b $500 000 13 b Credit for contributions to Idaho educational entities 11b c Investment tax credit 11c d Credit for contributions to Idaho youth and rehabilitation facilities 11d e Credit for production equipment using postconsumer waste 11e f Promoter sponsored event credit 11f g Credit for Idaho research activities 11g h Broadband equipment investment credit 11h i Add lines 11a through 11h 11i 09 19 12 09 19 12 A corporation included as a member of a unitary group of corporations may elect to share the incentive ITC it earned but does not use with other members of the unitary group The corporation must claim the incentive ITC to the extent allowable against its Idaho income tax before it can share the credit A taxpayer who earned the incentive ITC may transfer the credit to another taxpayer The transferor must submit Form 70 Idaho Statement of Credit Transfer to the Tax Commission at least 60 days prior to the date of transfer The Tax Commission will verify the amount of credit available for transfer and the number of carryover years a the amount from line 9 or and on Form 44 Part I line 7 14 Broadband equipment investment credit by transfer in 2012 2 Carryover Periods Corporations claiming the incentive ITC must provide a calculation of the credit earned and used by each member of the combined group The schedule must clearly identify shared credit and the computation of any credit carryovers CREDIT AVAILABLE SUBJECT TO LIMITATION CREDIT CARRYOVER Credit for contributions to Idaho educational entities Credit for contributions to Idaho youth and rehabilitation facilities Credit for Idaho research activities Credit for production equipment using postconsumer waste Credit for qualifying new employees Credit for tax paid to other states CREDIT LIMITATIONS EFO00040 EFO00040p2 EFO00040p3 Form 69 is used to calculate the incentive ITC allowed Each member of a unitary group that is allowed the credit must complete a separate Form 69 Form 69 Page 2 GENERAL INSTRUCTIONS IDAHO INCENTIVE INVESTMENT If you are claiming against tax the Idaho credit for qualifying new employees skip lines 10 through 14 and compute the limitations on Form 55 Idaho Credit for Qualifying New Employees Part II Credit Limitations The incentive ITC and most other credits will be limited to 50% of your Idaho income tax Return to Form 69 line 15 to compute the credit carryover If you are claiming the credit for qualifying new employees compute the limitation on Form 55 If you are not claiming the credit for qualifying new employees complete lines 10 through 17 If you aren't claiming against tax the credit for qualifying new employees compute the credit limitations on Form 69 The incentive ITC is limited to the smaller of $500 000 or the Idaho income tax after allowing all other tax credits that can be claimed before it Instructions are for lines not fully explained on the form Instructions for Idaho Form 69 Investment tax credit Line 10 Enter the amount of your Idaho income tax This is the computed tax before adding the permanent building fund tax or any other taxes or subtracting any credits Line 11a Enter the credit for tax paid to other states from Form 39R or Form 39NR This credit is available only to individuals estates and trusts Line 11b Enter the credit for contributions to Idaho educational entities from the appropriate Idaho income tax return Line 11c Enter the investment tax credit allowed from Form 49 Part II line 8 Line 11d Enter the credit for contributions to Idaho youth and rehabilitation facilities from the appropriate Idaho income tax return Line 11e Enter the credit for production equipment using postconsumer waste from the appropriate Idaho income tax return Line 11f Enter the promoter sponsored event credit from the appropriate Idaho income tax return Line 11g Enter the credit allowed for Idaho research activities from Form 67 line 29 Line 11h Enter the broadband equipment investment credit allowed from Form 68 line 18 Line 14 Enter the smaller amount from lines 12 or 13 on line 14 Enter this amount on Form 44 Part I line 7 in the Credit Allowed column Line 17 Subtract the credit allowed on line 16 from the credit available on line 15 and enter the result on line 17 The credit earned in 2001 that you couldn't apply against the tax that year may be carried forward and claimed against tax but not longer than 14 tax years Enter this amount on Form 44 Part I line 7 in the Carryover column Line 2 Enter the amount of incentive ITC that is being passed to you from partnerships S corporations estates or trusts in which you have an interest This amount is from Form ID K 1 Part D line 7 Line 3 If you are a member of a unitary group of corporations enter the amount of credit you received from another member of the unitary group Line 4 If you received credit as a result of a transfer from another taxpayer in 2012 enter the amount of credit you received Include a copy of Form 70 Line 6 If you are a partnership S corporation estate or trust enter the amount of credit that passed through to partners shareholders or beneficiaries Line 7 If you are a member of a unitary group of corporations enter the amount of credit you earned that you elect to share with other members of your unitary group Before you can share your credit you must use the credit up to the allowable limitation of your Idaho income tax Line 8 If you transferred credit to another taxpayer in 2012 enter the amount of credit you transferred You can only transfer credit that you originally earned Name(s) as shown on return on Form 44 Part I line 7 17 Promoter sponsored event credit Social Security Number or EIN SPECIFIC INSTRUCTIONS TAX CREDIT The credit carryover is limited to 14 tax years A transferee is entitled to the same carryover period that would have been allowed to the transferor The following credits must be applied to the tax before the incentive ITC: The incentive investment tax credit (incentive ITC) was eligible to be earned on qualified investments in Idaho that were placed in service in tax years beginning in 2001 only Although the credit can no longer be earned it may be carried over from 2001 or acquired by transfer from another taxpayer who earned the credit in 2001 The transferee may first claim the transferred credit on his income tax return originally filed during the calendar year in which the transfer takes place However the credit may not be claimed on a tax return that begins prior to January 1 2001 The transferee must include a copy of Form 70 with each income tax return in which the credit is claimed or carried over then complete lines 15 through 17 on this form Transfer of Credit Unitary Sharing