Instructions For Form 328 - Neighborhood Electric Arizona Form Vehicle (Nev) Credit (Page 4 of 4) in pdf

Form 328

Part V - Lessor/Lessee Agreement

1999 taxable year. Complete line 42 if you claimed a credit for a

NEV on your 1999 return and the credit was more than your tax.

Lines 21 through 29 -

VIII

Use Part

of Form 328 to figure your carryover, even though you

claimed the original 1999 credit on Form 313.

If you have entered into a lease agreement for the NEV, the lessor

may claim a share of the credit for the NEV as provided in the lease

In column (b), enter the credit originally computed for the 1999

agreement. The total credit allowed to be taken between the lessor

taxable year. In column (c), enter the amount of the credit that you

and the lessee cannot be more than the total credit allowed for that

have already used. Subtract the amount in column (c) from the

NEV.

amount in column (b) and enter the difference in column (d).

Complete lines 21 through 29 as instructed on the form.

Part IX - Total Available Credit

If a lessee and lessor share a credit for a NEV leased on or after July

Line 43 - Current Year’s Credit

1, 2000, and that NEV is later used on a golf course for other than

maintenance purposes, then the following applies:

Individuals and corporations (including S corporations that elected

to claim the credit), enter the amount from Part IV, line 20, or if a

•

The lessee must inform the lessor that the NEV was used on a

lessor, from Part V, line 26, or if a lessee, from Part V, line 29. S

golf course.

corporation shareholders, enter the amount from Part

, line 33.

VII

Partners of a partnership, enter the amount from Part

, line 36.

•

The lessee must remit the $1,000 penalty to the Arizona

Line 44 - Available Credit Carryover

Department of Commerce Energy Office.

VIII

•

Enter the amount from Part

, line 42, column (d).

Both the lessee and the lessor must recapture the amount of any

Line 45 - Total Available Credit

credit claimed for any disqualified vehicle.

Part VI – S Corporation Credit Election and

Add lines 43 and 44. Enter the total.

Shareholder’s Share of Credit

Individuals, also enter the total available credit on Arizona Form

Line 30 - S Corporation Credit Election

301, Part I, line 22.

NOTE For Individual Taxpayers Only: If you are married, and

All S corporations must complete line 30. The S corporation must

you and your spouse file separate returns, you may each take only

make an irrevocable election to either claim the credit or pass the

one-half of the total credit that would otherwise be allowed on a joint

credit through to its shareholders. One of the officers of the S

return.

corporation who is also a signatory to the Arizona Form 120S must

sign this election.

Corporations (including S corporations that elected to take the

Lines 31 through 33 -

credit), also enter the total available credit on Arizona Form 300,

Part I, line 19.

If the S corporation elects to pass the credit through to its

Part X – Recapture of NEV Credit

shareholders, it must also complete lines 31 through 33.

Lines 46 through 63 -

An S corporation must complete the Form 328 through line 30.

Then, complete lines 31 through 33 separately for each shareholder.

Due to recent legislation, Part X has been removed. If events

Each shareholder may claim only a pro rata share of the credit based

have occurred to trigger a recapture during the 2000 taxable

on the shareholder’s ownership interest in the S corporation. The S

year, you do not qualify for a credit for the particular vehicle for

corporation must furnish each shareholder with a copy of the

which the events occurred. The recapture will apply to taxable

completed Form 328.

years subsequent to taxable year 2000.

Each shareholder must complete lines 42 through 45.

Where Should I Mail My Return?

Part VII – Partner’s Share of Credit

Attach this form to your Arizona income tax return, and mail your return

to: Arizona Department of Revenue, PO Box 29206, Phoenix AZ 85038-

A partnership must complete the Form 328 through line 29. Then,

9206. Do not mail your return to the address indicated on the tax return.

complete lines 34 through 36 separately for each partner. Each

partner may claim only a pro rata share of the credit based on the

partner’s ownership interest in the partnership. The partnership

must furnish each partner with a copy of the completed Form 328.

Each partner must complete lines 42 through 45.

Part VIII – Available Credit Carryover

Lines 37 through 41 have been removed due to recent legislation.

Line 42 -

VIII

Use Part

to figure your total available credit carryover from the

Instructions For Form 328 - Neighborhood Electric Arizona Form Vehicle (Nev) Credit Page 4

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