Form 67 - Credit For Idaho Research Activities (Page 4 of 5) in pdf

Form 67 - Page 2

EFO00037p4

8-06-08

FIxED-BASE pERCEnTAGE - pARTS A & B

line 20. If you are a partnership, S corporation, estate, or trust, enter

If you are computing the credit for a start-up company, skip Part A and

the amount of credit that passed through to partners, shareholders, or

use Part B to compute your fixed-base percentage. If you aren’t a

beneficiaries.

start-up company, use Part A and skip Part B.

line 21. If you are a member of a unitary group of corporations, enter

part A

the amount of credit you earned that you elect to share with other

line 1. For each of the years 1984 through 1988 enter the total Idaho

members of your unitary group. Before you can share your credit, you

qualified research expenses for the year in Column A and the total

must use the credit up to the allowable limitation of your Idaho income

Idaho gross receipts in Column B. Use the multistate apportionment

tax.

rules to determine the amount of gross receipts attributable to Idaho.

Gross receipts include receipts minus returns and allowances from

Corporations claiming the Idaho research credit must provide a

the sale of real, tangible, or intangible property held for sale to

calculation of the credit earned and used by each member of the

customers in the ordinary course of the taxpayer’s trade or business.

combined group. The schedule must clearly identify shared credit and

Amounts attributable to Idaho include receipts from property that is

the computation of any credit carryovers.

delivered or shipped to a purchaser in Idaho, regardless of free on

board point or other condition of sale. Sales to the Government are

CREDIT lIMITATIOnS

Idaho gross receipts if the property is shipped from an office, store,

If you earned or are claiming against tax the Idaho credit for qualifying

warehouse, factory, or other place of storage in Idaho.

new employees, skip lines 23 through 27 and compute the limitations

on Form 55, Idaho Credit for Qualifying New Employees, Part III,

line 2. Divide line 1f by line 1g. Round the percentage to four digits

Credit Limitations. The Idaho research credit and most other credits

to the right of the decimal point. For example .06666 is rounded to

will be limited to 50% of your Idaho income tax. Return to Form 67,

.0667 and should be entered as 6.67%. The percentage can’t exceed

line 28 to compute the credit carryover.

16%. Enter the percentage here and on page 1, line 9.

If you did not earn or are not claiming against tax the credit for

part B

qualifying new employees, compute the credit limitations on Form

line 1. Enter on this line which year following 1993 this credit year

67. The Idaho research credit is limited to the Idaho income tax after

is. For example, if this is the first tax year following 1993 in which

allowing all other tax credits that can be claimed before it.

you had qualified research expenses for research conducted in Idaho

enter 1st. If it is the seventh tax year after 1993 in which you had

The following credits must be applied to the tax before the Idaho

qualified research expenses for research conducted in Idaho, enter

research credit:

7th. Do not enter the tax year.

Credit for tax paid to other states;

Consider only the tax years in which you had qualified research

Credit for contributions to Idaho educational entities;

expenses for research conducted in Idaho.

I nvestment tax credit;

Credit for contributions to Idaho youth and rehabilitation facilities;

If this is the 1st through 5th tax years after 1993 in which you had

Credit for production equipment using postconsumer waste;

qualified research expenses for research conducted in Idaho, skip

P romoter sponsored event credit; and

lines 2 a through 4 and enter 3% on line 5. This percent will also be

Credit for qualifying new employees.

entered on page 1, line 9.

line 23. Enter the amount of your Idaho income tax. This is the

lines 2a through 2g. If this is the 6th or later tax year following 1993

computed tax before adding the permanent building fund tax or other

in which you had qualified research expenses for research conducted

taxes, or subtracting any credits.

iin Idaho, use the table below to complete columns A and B for lines

2a through 2g. Column A identifies which years you need to enter

line 24a. Enter the credit for tax paid to other states as computed on

the qualified research expenses for research conducted in Idaho.

Form 39R or Form 39NR. This credit is available only to individuals,

Depending on which year this is, you may not enter an amount on

estates and trusts.

each line. For example, if this is the 8th tax year, enter amounts for

the 5th through 7th tax years only, lines 2b through 2d. Enter the

line 24b. Enter the credit for contributions to Idaho educational

Idaho gross receipts in Column B for the same tax years.

entities from the appropriate Idaho income tax return.

line 4. If this is the 6th or later tax year following 1993 in which

line 24c. Enter the investment tax credit allowed as computed on

you had qualified research expenses for research conducted iin

Form 49, Part II, line 8.

Idaho, use Column C of the table below and enter the percent for the

applicable year. For example, if this is the 8th tax year, enter 50%.

line 24d. Enter the credit for contributions to Idaho youth and

rehabilitation facilities from the appropriate Idaho income tax return.

line 5. If this is the 1st through 5th tax year following 1993 in which

you had qualified research expenses for research conducted in

line 24e. Enter the credit for production equipment using post-

Idaho, enter 3%. For all other years, multiply line 3 by line 4. Round

consumer waste from the appropriate Idaho income tax return.

the percentage to four digits to the right of the decimal point. For

example .06666 is rounded to .0667 and should be entered as 6.67%.

line 24f. Enter the promoter sponsored event credit from the

The percentage can’t exceed 16%. Enter the percentage here and on

appropriate Idaho income tax return.

page 1, line 9.

line 27. Enter the smaller amount from lines 25 or 26. Carry this

pART C

amount to Form 44, Part I, line 5, and enter it in the Credit Allowed

lines 1a through 1d. For each of the 1st through 4th tax years prior

column.

to the credit year, enter the Idaho gross receipts for each applicable

year. Use the multistate apportionment rules to determine the amount

CREDIT CARRYOVER

of gross receipts attributable to Idaho. Do not include returns and

line 30. The amount of credit available that exceeds the total credit

allowances. If one or more of the four preceding tax years is a short

allowed on the current year tax return may be carried forward up

tax year, the Idaho gross receipts for the short year are annualized.

to 14 tax years. Enter this amount on Form 44, Part I, line 5 in the

Carryover column.

Form 67 - Credit For Idaho Research Activities Page 4

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