Form 71 Idaho Biofuel Infrastructure Investment Tax Credit

1 a Amount of qualified investments in biofuel infrastructure placed in service during the tax year 1 Credit for tax paid to other states 10 Enter the Idaho income tax from your tax return 10 10 Incentive investment tax credit 11 Credit for tax paid to other states 11 11 Small employer ITC real property improvement tax credit and new jobs tax credit 12 Credit for contributions to Idaho educational entities 12 13 Investment tax credit 13 14 Credit for contributions to Idaho youth and rehabilitation facilities 14 15 Credit for production equipment using postconsumer waste 15 16 Promoter sponsored event credit 16 17 Credit for Idaho research activities 17 18 Broadband equipment investment credit 18 19 Incentive investment tax credit 19 2 Credit earned Multiply line 1c by 6% 2 2 Credit for contributions to Idaho educational entities 20 Small employer investment tax credit 20 21 Small employer real property improvement credit 21 22 Small employer new jobs tax credit 22 23 Credit for live organ donation expenses 23 24 Add lines 11 through 23 24 25 Tax available after other credits Subtract line 24 from line 10 25 26 50% of tax Multiply line 10 by 50% 26 27 Biofuel infrastructure investment tax credit available Enter the amount from line 9 27 28 Total credit allowed on current year tax return Enter the smallest amount from lines 25 26 or 27 here 29 Total credit available subject to limitations Enter the amount from line 9 29 3 Investment tax credit 3 Pass through share of credit from a partnership S corporation estate or trust 3 30 Credit allowed Enter the amount from line 28 or from Form 55 Part II line 31 30 31 Credit carryover to future years Subtract line 30 from line 29 Enter the amount here and on 4 Credit received through unitary sharing Include a schedule 4 5 Carryover of biofuel infrastructure investment tax credit from prior years 5 6 Carryover eliminated due to recapture in 2012 Enter the amount from Form 71R line 13 6 Promoter sponsored event credit 7 Credit distributed to partners shareholders or beneficiaries 7 7 Credit for qualifying new employees 8 Credit for Idaho research activities 8 Credit shared with unitary affiliates 8 9 Broadband equipment investment credit 9 Total credit available subject to limitations Add lines 2 through 5 and subtract lines 6 through 8 9 b Amount of grant funding received for biofuel infrastructure included in line 1a 1b c Subtract line 1b from line 1a This is the amount of qualified investments on which you may earn Include a complete list of qualified investments 1a ITCbeforeithasbeeninserviceforfivefullyears Line 1a Include a list of all property you placed in service during the tax year for which you are claiming the biofuel ITC The list should identify each item of property your basis in the item and the date placed in service Don t include any equipment that was disposed of that ceased to qualify or that was moved from Idaho before the end of the year Line 1b Enter the amount of any biofuel infrastructure grants Line 31 The amount of credit available that exceeds the total credit allowed on the current year tax return may be carriedforwarduptofivetaxyears EnterthisamountonForm 44 Part I line 11 in the Carryover column Line 7 If you are a partnership S corporation trust or estate enter the amount of credit that passed through to partners shareholders orbeneficiaries Name(s) as shown on return project Qualifiedinvestmentalsoincludesthecoststoupgradeexisting fueling infrastructure that is not compatible with biofuel This includes the costs to clean existing fuel storage tanks trucks or other equipment for the purpose of providing biofuels Qualifiedinvestmentistheinstallationofnewfuelinginfrastructure used to sell biofuel or offer biofuel for sale Fueling infrastructure means: received receivedfortheprojectinwhichthequalifiedinvestments claimed on line 1a were acquired You can't claim the credit on this amount service the biofuel infrastructure investment tax credit 1c The fueling infrastructure must be new property Used property doesn't qualify New property is property acquired or constructed by the taxpayer whose original use begins with the taxpayer after such acquisition or construction Originalusemeansthefirstusetowhichthe property is put whether or not that corresponds to the use of the property by the taxpayer Property used by the taxpayer prior to its acquisition doesn't qualify as new property ThegrantsqualifiedinvestmentmustbelocatedinIdaho years File Form 71R to report recapture of the biofuel ITC YoumaycarryforwardforfivetaxyearsbiofuelITCthatwas earned but not used against tax For purposes of the carryover period a short tax year counts as one tax year 09 19 12 09 19 12Recapture 12 Credit for live organ donation expenses A corporation included as a member of a unitary group of corporations may elect to share the biofuel ITC it earns but does not use with other members of the unitary group The corporation must claim the credit to the extent allowable against its Idaho income tax before it can share the credit and on Form 44 Part I line 11 28 any other equipment including installation of equipment necessary for a fuel distributor to offer biofuel to its customers or for a retail fuel outlet to offer biofuel for sale Biofuel is any fuel offered for sale as a transportation fuel It must be agriculturally derived and meet applicable American Society for Testing and Materials standards as required in Idaho Code section 37 2506 This includes ethanol ethanol blended fuel biodiesel and biodiesel blends blending equipment Carryover Periods Corporations claiming the biofuel 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 LIMITATIONS EFO00085 EFO00085p2was earned but not used against tax For purposes of the carryover period a short tax year counts as one tax year EFO00085p3 Election to Claim Two Year Property Tax Exemption and Forgo Investment Tax Credit File Form 71R to report recapture of the biofuel ITC Form 44 Part I line 11 31 Form 71 is used to calculate the biofuel infrastructure investment tax credit (biofuel ITC) earned or allowed Each member of a unitary group that earns or is allowed the credit must complete a separate Form 71 Form 71 Page 2 GENERAL INSTRUCTIONSYou must compute recapture if you sell or otherwise dispose of the property or it ceases to qualify for the biofuel IDAHO BIOFUEL INFRASTRUCTURE INVESTMENT TAX CREDIT If you are claiming against tax the Idaho credit for qualifying new employees skip lines 10 through 28 and compute the limitations on Form 55 Idaho Credit for Qualifying New Employees Part II Credit Limitations The biofuel ITC and most other credits will be limited to 50% of your Idaho income tax Return to Form 71 line 29 to compute the credit carryover If you are claiming the credit for qualifying new employees compute the limitation on Form 55 then complete lines 29 through 31 on this form If you are not claiming the credit for qualifying new employees complete lines 10 through 31 If you aren t claiming against tax the credit for qualifying new employees compute the credit limitations on Form 71 The biofuel ITC is limited to 50% of your Idaho income tax or the Idaho income tax after allowing all other tax credits that can be claimed before the biofuel ITC If you claim the biofuel ITC you can t claim the regular ITC on the same property If you elected to exempt personal property from your property tax you may not claim the biofuel ITC on the same property If you placed property in service during the tax year that is used to sell biofuel in Idaho you may be able to claim a 6% biofuel ITC This credit is allowed instead of the regular 3% investment tax credit (ITC) Include Form 71R 6 Instructions for Idaho Form 71 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 11 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 11 in the Credit Allowed column Line 12 Enter the credit for contributions to Idaho educational entities from the appropriate Idaho income tax return Line 13 Enter the investment tax credit allowed from Form 49 Part II line 8 Line 14 Enter the credit for contributions to Idaho youth and rehabilitation facilities from the appropriate Idaho income tax return Line 15 Enter the credit for production equipment using postconsumer waste from the appropriate Idaho income tax return Line 16 Enter the promoter sponsored event credit from the appropriate Idaho income tax return Line 17 Enter the credit allowed for Idaho research activities from Form 67 line 29 Line 18 Enter the broadband equipment investment tax credit allowed from Form 68 line 18 Line 19 Enter the incentive investment tax credit allowed from Form 69 line 16 Line 20 Enter the small employer investment tax credit allowed from Form 83 line 28 Line 21 Enter the small employer real property improvement tax credit allowed from Form 84 line 26 Line 22 Enter the small employer new jobs tax credit allowed from Form 85 line 35 Line 23 Enter the credit for live organ donation expenses from the appropriate Idaho income tax return Line 28 Enter the smallest amount from lines 25 26 or 27 on line 28 Enter this amount on Form 44 Part I Line 3 Enter the amount of biofuel ITC that is being passed through by partnerships S corporations estates or trusts in which you have an interest This amount is reported on Form ID K 1 Part D line 8 line 31 Line 4 If you are a member of a unitary group enter the amount of credit you received from another member of the unitary group Line 5 Enter the carryover from your 2011 Form 71 Line 8 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 metersfor monitorsSPECIFIC INSTRUCTIONS necessary tanks pipingfive postconsumer waste5 Credit for production equipment using pumps pump stands and hoses Qualifying Property rack injection systems Recapture rehabilitation facilities4 Credit for contributions to Idaho youth and Social Security Number or EIN SPECIFIC INSTRUCTIONS The following credits must be applied to the tax before the biofuel ITC: Unitary Sharing