Log - Schedule Rz Instructions Renaissance Zone Act Exemptions And Tax Credits - North Dakota Office Of State Tax Commissioner - 2003 Page 13
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16North Dakota Office of State Tax Commissioner
2003 Schedule RZ instructions
Line 10
•
For information on the amount of credits
An individual (on Form ND-1 or
Current year credit
still available under the city or statewide
Form ND-2).
Enter on this line the portion of your total
thresholds, contact the Office of State Tax
•
An estate or trust (on Form 38,
available tax credit (on line 9) that you are
Commissioner.
Schedule 1 or 2).
actually offsetting against your 2003 tax
If the initial $2.5 million credit ceiling is
•
A corporation (on Form 40).
liability. In determining this amount, you
reached, an additional $2.5 million in credits
•
A financial institution (on Form 35).
must first use the amount of any tax credit
will be allowed. A renaissance fund
attributable to qualifying payments made in
organization that receives investments for
Pass-through entity. If the taxpayer is a
the 2003 tax year (total of lines 6c and 7).
which the additional $2.5 million credits are
partnership, S corporation, or other pass-
Then, you must use any tax credit
Pass-through entity
allowed may not use more than 50 percent
through entity, see
carryforward from a prior year (on line 8)
of those investments outside of a
on page 2.
starting with the earliest tax year.
renaissance zone.
Attach a statement showing how you
Amount of tax credit
Investment reporting form
determined the amount entered on this
The tax credit is equal to 50 percent (50%)
line.
When a taxpayer makes an investment in a
of the amount invested during the tax year.
renaissance fund organization, the
If the tax credit exceeds the taxpayer’s tax
Line 11
renaissance fund organization must
liability for the tax year in which the
Carryforward to 2004
complete a North Dakota Renaissance
investment is made, the excess tax credit
If your total available tax credit (on line 9)
Fund Organization Investment Reporting
may be carried forward and used in the
exceeds the amount of the tax credit (on
Form and submit it to the Office of State
following five tax years.
line 10) that you are offsetting against your
Tax Commissioner. Two copies of the
2003 tax liability, enter on this line the
Maximum tax credits
completed form must be given to the
portion of the excess that is eligible for
taxpayer—one to be attached to the
On a statewide basis, the maximum
carryforward to your 2004 tax year.
taxpayer’s North Dakota tax return (along
amount of tax credits allowed for
Attach a statement showing how you
with Schedule RZ) and one for the
investments made by all taxpayers in all
determined the amount entered on this
taxpayer’s records.
tax years is $2.5 million. This amount is
line.
allocated to three categories of renaissance
Disqualifying redemption
zone cities having an RFO based on their
The tax credit is disallowed and must be
population, as shown below:
Instructions for
repaid to the state by a taxpayer if the
City population
Maximum credit
category
for category
taxpayer originally made the investment
Part 5
0 thru 5,000
$250,000
and redeems the investment within ten
5,001 thru 30,000
$1 million
years of making it. For this purpose,
Renaissance
Over 30,000
$1.25 million
“redeem” means that the taxpayer initiates
a transaction with the renaissance fund
fund
Credits in excess of the city or statewide
organization in which the taxpayer receives
maximum amount are not allowed. For
cash or property in return for the stock or
organization
purposes of determining which taxpayers
other investment interest. A disqualifying
are allowed the credits when the city or
investment
redemption does not occur if a taxpayer
statewide maximum amount is reached, the
transfers part or all of an investment
credits will be allowed to taxpayers based
tax credit
interest to a third party, nor does it occur if
on the filing of investment reporting forms
the renaissance fund organization initiates
by the renaissance fund organizations—
the transaction.
Investment reporting form
see
on
General instructions
If there is a disqualifying redemption, the
this page.
renaissance fund organization must
The tax credits will be allowed on a first-
complete another North Dakota
Eligibility
come basis according to the date the
Renaissance Fund Organization
A tax credit is allowed to a taxpayer for
investment reporting forms are received by
Investment Reporting Form and submit it
income tax purposes (under N.D.C.C.
the Office of State Tax Commissioner. If
to the Office of State Tax Commissioner.
ch. 57-38) or financial institution tax
the tax credits attributable to the
Two copies of the completed form must be
purposes (under N.D.C.C. ch. 57-35.3) for
investments shown on the investment
given to the taxpayer—one to be attached
making an investment in a renaissance
reporting forms received on a particular
to the taxpayer’s North Dakota tax return
fund organization (RFO) established by a
day exceed the city or statewide maximum
filed for the year of redemption and one
city with a renaissance zone.
amount, the tax credits will be allowed
for the taxpayer’s records.
based on the time of day the investments
This tax credit may be claimed by the
were received by the renaissance fund
following taxpayers:
organization, as shown on the investment
reporting form.
11
ADVERTISEMENT
0 votes
Related Articles
Related forms
Schedule Rz - Renaissance Zone Act Exemptions And Credits - North Dakota Office Of State Tax Commissioner - 2000
Financial
Schedule Rpt-c - Continuation Schedules For Retroactive Property Tax Credit - North Dakota Office Of State Tax Commissioner - 2009
Financial
Shedule Nd-1cs - Calculation Of Tax On Proceeds From Sale Of Income Tax Credit - North Dakota Office Of State Tax Commissioner - 2012
Financial
Shedule Nd-1qec - Qualified Endowment Fund Tax Credit - North Dakota Office Of State Tax Commissioner - 2012
Financial
Shedule Nd-1pg - Planned Gift Tax Credit - North Dakota Office Of State Tax Commissioner - 2012
Financial
Shedule Nd-1fc - Family Member Care Income Tax Credit - North Dakota Office Of State Tax Commissioner - 2012
Financial
Related Categories
Parent category: Financial