Form 320 - Credit For Employment Of Tanf Recipients

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Credit for Employment of TANF Recipients

2001

ARIZONA FORM

320

For the calendar year 2001, or ﬁ scal year

beginning ____________ 20____, and ending ____________ 20____

M M

D D

M M

D D

Attach to your return

Name(s) as shown on Form 140, 140PY, 140NR, 140X, 120, 120A, 120S, 120X or 165

Your Social Security Number or Federal Employer ID Number

Part I

Business Information

1 Business name:

_______________________________________________________________________

2 Business location:

_______________________________________________________________________

3a State Withholding Number:

_______________________________________________________________________

3b Federal Employer Identiﬁ cation Number: _______________________________________________________________________

Part II Net Increase in Qualiﬁ ed Employment Positions

4 Average number of qualiﬁ ed employment positions during the current taxable year .........................................................................

5 Average number of qualiﬁ ed employment positions during the immediately preceding taxable year.................................................

6 Net increase in the number of qualiﬁ ed employment positions: Subtract line 5 from line 4...............................................................

7 Number of positions on line 6 that are eligible for any other income tax credit under Arizona law.....................................................

8 Maximum number of positions eligible for the credit: Subtract line 7 from line 6...............................................................................

Part III Qualifying New Employees

9 New employees hired during the year ................................................................................................................................................

10 Qualiﬁ ed new employees....................................................................................................................................................................

11 Maximum number of qualifying net new employees: Enter the smaller of line 8 or line 10 ...............................................................

Part IV Credit Calculation for Qualifying Employees

(a)

(b)

(c)

(d)

Number of

Qualifying

Allowable

Qualifying Employees

Wages

Percentage

Credit

12 Qualifying Net New Employees: .............

(Maximum $2,000 for each net new employee)

................................................................

25%

13 Previously Qualiﬁ ed Employees in the

(Maximum $3,000 for each previously qualiﬁ ed

Second Year of Continuous Employment

employee in the 2

year of continuous employment)

................................................................

33 1/3% $

14 Previously Qualiﬁ ed Employees in the

(Maximum $3,000 for each previously qualiﬁ ed

Third Year of Continuous Employment

employee in the 3

year of continuous employment)

................................................................

50%

15 Totals ......................................................

Part V S Corporation Credit Election and Shareholder’s Share of Credit

16 The S corporation has made an irrevocable election for the taxable year ending

to:

M M

D D

Y Y Y Y

(Check only one box)

Claim the credit, as shown on Part IV, line 15, column (d), for the taxable year mentioned above;

Pass the credit, as shown on Part IV, line 15, column (d), for the taxable year mentioned above through to its shareholders.

Signature

Title

Date

If passing the credit through to the shareholders, complete lines 17 through 19 separately for each shareholder. Furnish each shareholder with a copy of the

completed Form 320.

17 Name of shareholder:

18 Shareholder’s TIN:

19 Shareholder’s share of the amount on Part IV, line 15, column (d) ....................................................................................................

ADOR 91-0012 (01) slw