Montana Form Iufc - Infrastructure User Fee Credit - 2014 Page 2

Download a blank fillable Montana Form Iufc - Infrastructure User Fee Credit - 2014 in PDF format just by clicking the "DOWNLOAD PDF" button.

Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.

Complete Montana Form Iufc - Infrastructure User Fee Credit - 2014 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.

Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.

ADVERTISEMENT

Form IUFC Instructions
Who can claim this credit?
is reported to you on a Montana Schedule K-1. Enter the
name and FEIN of the pass-through entity. If you received
A business that is created or expanded as the result of
the credit from multiple pass-through entities, add the credit
a loan made by the Montana Board of Investments to
amounts from each entity and enter the total credit amount.
enhance economic development and create jobs in the
Also, if you received credit amounts from multiple pass-
basic sector of the economy may claim this credit for the
through entities, include a statement that identifies each
fees it pays to use the infrastructure.
pass-through entity and the amount of credit each pass-
If my business paying the user fees is a partnership,
through entity distributed to you.
an S corporation, or a limited liability company taxed
Line 3 – Pass-through entities do not enter an amount on
as a partnership or S corporation, are my partners,
this line. Enter your credit carryforward and/or carryback.
members or shareholders entitled to the infrastructure
Your credit for prior years needs to be calculated in the
user fee credit?
same manner as the current year. Include a detailed
As a partnership, an S corporation, or a limited liability
schedule.
company taxed as an S corporation or partnership, your
Line 4 – Add lines 1, 2 and 3; enter the result. This is your
partners, shareholders or members are entitled to apply
total available infrastructure user fee credit. Enter this
their portion of the credit against their income tax or
amount on Form 2, Schedule V for individuals, Form PR-1,
corporate income tax liability. The amount of each partner,
Schedule II for partnerships or Form CLT-4S, Schedule II
member or shareholder’s credit is based on the portion
for S corporations.
of the entity’s income or loss the partner, member or
shareholder reports for Montana tax purposes.
Part II. Credit Computation – C Corporations Only
For example, if your business is an S corporation with four
Complete a column for each entity that has a Montana
shareholders who each have the same number of shares
infrastructure loan repayment agreement with the Montana
of stock, each shareholder would be entitled to 25% of the
Board of Investments. Include a copy of the letter from the
total credit.
Montana Board of Investments showing the interest and
Partners, members or shareholders claiming their portion
principal paid. The amounts provided in the letter are based
of the pass-through entity’s credit should include with
on a calendar year. If you are a fiscal filer, prorate the credit
their individual income or corporate income tax return a
based on the number of months.
completed Form IUFC.
Line 1 – Enter the name of each entity paying fees to use
Can I carry any excess infrastructure user fee credit
an infrastructure.
back to a prior year or forward to a subsequent year?
Line 2 – Enter the federal employer identification number
This credit may be carried back for three tax years or
(FEIN) of each entity.
carried forward for seven tax years. The current year credit
Line 3 – Your current year credit is the total of the interest
must be applied first before applying any credit carryover.
and principal paid as reported in the letter from the
What information do I have to include with my return
Montana Board of Investments.
when I claim this credit?
Line 4 – Enter your separate entity credit carryforward
When you claim this credit, include a copy of the letter from
and/or carryback. Your credit for prior years needs to be
the Montana Board of Investments showing the current
calculated in the same manner as the current year. Include
year’s interest and principal paid. You also need to include
a detailed schedule of your separate entity credit carryover.
a detailed schedule of your separate entity infrastructure
Line 5 – Add lines 3 and 4; enter the result on this line. This
user fee credit carryforward and/or carryback, if applicable.
is your total available infrastructure user fee credit.
What limitations apply to this credit?
Line 6 – Enter your Montana tax liability.
The credit is limited in the current tax year to the taxpayer’s
This amount can be found on page 3, line 10 of the
current year tax liability. In addition, the total amount of the
Montana Form CIT. If you are filing a combined return, and
tax credit claimed may not exceed the amount of the loan.
have more than one entity with activity in Montana, enter
line 6h of the Schedule K-Combined for this entity.
Part I. Credit Computation – Individuals and Pass-
Through Entities Only
Line 7 – Enter the lesser of line 5 or line 6. This is your
Complete Part I if you are an individual or pass-through
allowable separate entity credit. The current year credit
entity. If you are a C corporation, skip Part I and complete
must be applied first before applying any credit carryover.
Part II.
Line 8 – Add line 7, columns A through C, and enter the
Line 1 – Enter your current year infrastructure user
result here. This is your allowable infrastructure user fee
fee credit. The credit is the total amount of interest and
credit. Enter this amount on Form CIT, Schedule C.
principal paid as reported in the letter from the Montana
Administrative Rules of Montana: 42.4.3002 through
Board of Investments. Include a copy of the letter.
42.4.3004
Line 2 – If you are an owner in a pass-through entity,
Questions? Call us toll free at (866) 859-2254 (in Helena,
enter your portion of the credit. Your portion of the credit
444-6900).

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 2