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Form 71R Recapture of Idaho Biofuel Infrastructure Investment Tax Credit
1 Date property placed in 10 Pass through share of credit recapture from S corporations partnerships estates or trusts 11 Add lines 9 and 10 12 Credit recapture distributed to shareholders partners or beneficiaries 13 Enter the portion of original credit on line 4 not used to offset any tax Do not enter more 14 Add lines 12 and 13 15 Recapture of biofuel infrastructure investment tax credit Subtract line 14 from line 11 Enter here and on 2 Cost or other basis 3 Credit percentage 4 Original credit 5 Date property ceased 6 Number of full years 7 Recapture percentage 8 Tentative recapture tax 9 Add line 8 columns A through E INVESTMENT TAX CREDIT PROPERTY Multiply line 2 by line 3 Name(s) as shown on return 09 26 12 5 or more A partner's proportionate interest in the general profits of the partnership (or in a particular item of property) is reduced A trust's estate's or beneficiary's proportionate interest in the income of the trust or estate is reduced An S corporation shareholder's interest is reduced by a sale redemption or other disposition of the shareholder's stock or by the corporation's issuance of more shares and the date on line 5 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 between the date on line 1 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 11 EFO00084 Form 44 Part II line 6 Do not use this amount to reduce current year's biofuel infrastructure investment from table in instructions GENERAL INSTRUCTIONS If recapture is necessary due to a reduction of a shareholder's proportionate stock interest in an S corporation reduction in the interest in the general profits of a partnership or reduction in the proportionate interest in the income of the trust or estate include that recapture on line 10 as well If the number of full years INFRASTRUCTURE INVESTMENT TAX CREDIT Instructions are for lines not fully explained on the form Instructions for Idaho Form 71R Line 1 Enter the month day and year that the property was first available for service Line 10 Enter the amount of recapture of biofuel ITC 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 11 Add lines 9 and 10 to determine the amount of credit subject to recapture Line 12 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 13 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 14 Line 15 This is the total increase in tax Enter it on this line and on Form 44 Part II line 6 DO NOT use this amount to reduce your current year's biofuel ITC from Form 71 Line 2 Enter the cost or other basis of the property used to compute the original biofuel ITC Line 4 Multiply line 2 by line 3 to compute the credit originally earned for each property listed Line 5 Enter the month day and year the property ceased to qualify as biofuel ITC property Line 6 Do not enter partial years If the property was held less than 12 months enter zero Line 7 Enter the appropriate recapture percentage from the following table Line 9 Add all amounts on line 8 If you have used more than one Form 71R 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 9 Lines A through E Describe the property for which you must recompute the biofuel ITC Fill in lines 1 through 8 in Parts II and III for each property on which you are recomputing the credit Use a separate column for each item Use an additional Form 71R or other schedule with the same information as required on Form 71R if you have biofuel ITC recapture on more than five items Multiply line 4 by line 7 on Form 71R line 6 is PART I PART I IDENTIFY PROPERTY THAT CEASED TO QUALIFY AS IDAHO BIOFUEL INFRASTRUCTURE PART II PART II ORIGINAL IDAHO BIOFUEL INFRASTRUCTURE INVESTMENT TAX CREDIT PART III PART III COMPUTATION OF RECAPTURE TAX 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 10 If the only recapture you are reporting is from a pass through entity skip lines 1 through 9 and begin on line 10 Properties Property Description Recapture may be necessary when: RECAPTURE OF IDAHO BIOFUEL S corporations partnerships estates and trusts that have credit subject to recapture must complete lines 1 through 9 to determine the amount of credit recapture S corporations partnerships estates and trusts that pass through biofuel ITC to the 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 service Social Security Number or EIN SPECIFIC INSTRUCTIONS tax credit computed on Form 71 than line 11 The amount on this line reduces the carryover available to the current year Then the recapture percentage is to qualify Use Form 71R to compute the increase in tax and reduction to credit carryover for the recapture of biofuel infrastructure investment tax credit (biofuel ITC) You must recompute the credit if you earned it in an earlier year but disposed of the property before the end of the five year recapture period You must also recompute the credit on any property ceasing to qualify as biofuel ITC property including property that is no longer used to sell biofuel Property moved from Idaho ceases to qualify as biofuel ITC property and is subject to recapture