Form 49, 2014, Idaho Investment Tax Credit

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49
2014
IDAHO INVESTMENT TAX CREDIT
F
O
R
M
EFO00030
07-15-14
Name(s) as shown on return
Social Security Number or EIN
PART I -- CREDIT AVAILABLE SUBJECT TO LIMITATION
1. a. Amount of qualified investments acquired during the tax year. Include a complete list .........................
1a
b. Amount of investments for which you claimed the property tax exemption. Include Form 49E ............
1b
c. Subtract line 1b from line 1a. This is the amount of qualified investments on which you may
earn the investment tax credit ................................................................................................................
1c
2. Credit earned. Multiply line 1c by 3% ..........................................................................................................
2
3. Pass-through share of credit from a partnership, S corporation, estate, or trust:
a. Pass-through Entity Name
b. Pass-through Entity EIN
c. Pass-through Share of ITC
Total column c ..............................
3
4. Credit received through unitary sharing. Include a schedule ......................................................................
4
5. Carryover of investment tax credit from prior years. Include Form 49C or other schedule ........................
5
6. Credit distributed to partners, shareholders, or beneficiaries ......................................................................
6
7. Credit shared with unitary affiliates ..............................................................................................................
7
8. Total credit available subject to limitation. Add lines 2 through 5 and subtract lines 6 and 7 .......................
8
PART II -- LIMITATION
1. Enter the Idaho income tax from your return ................................................................................................
1
2. Credit for tax paid to other states .................................................................................................................
2
3. Idaho income tax after credit for tax paid to other states. Subtract line 2 from line 1 ..................................
3
4. Credit for contributions to Idaho educational entities ...................................................................................
4
5. Tax available after credits. Subtract line 4 from line 3 .......................................
5
6. 50% of tax after credit for tax paid to other states. Multiply line 3 by 50% ........
6
7. Investment tax credit available. Enter the amount from Part I, line 8 ................
7
8. Investment tax credit allowed. Enter the smallest amount from lines 5, 6, or 7 here
and on Form 44, Part I, line 1 .......................................................................................................................
8
QUALIFYING DEPRECIABLE PROPERTY
NONQUALIFYING PROPERTY
Idaho generally follows the definition of qualified property found
Property that does not qualify includes:
in the Internal Revenue Code (IRC) Sections 46 and 48 as in
effect prior to 1986. The property must have a useful life of three
● Buildings and their structural components
years or more and be property for which you are allowed the
● Property used in lodging facilities that rent 50% or more of
deduction for depreciation or amortization in lieu of depreciation.
their lodging units for periods of 30 days or longer, such as
Qualifying property includes the following property used in a
apartment houses or rental homes
trade or business:
● The cost of property expensed under IRC Section 179
● Property subject to 60-month amortization
● Tangible personal property - machinery and equipment
● Used property not acquired by purchase
● Other tangible property - property used as an integral part
● The portion of property used for personal use
of manufacturing, production, extraction; or furnishing
● Used property in excess of $150,000
transportation, communications, or utility services; or research
● Horses
facilities and bulk storage facilities used in connection with
● Property not used in Idaho
those businesses
● Vehicles under 8,000 pounds gross weight
● Elevators and escalators
● Single purpose agricultural or horticultural structures
● Qualified timber property
● Petroleum storage facilities
● Qualified broadband equipment as approved by the Idaho
Public Utilities Commission

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