Instruction For Form 120x - Amended Corporation Income Tax Return

Arizona Form 120X

reduction for prior taxable year(s). Attach a schedule

Line 23 - Clean Elections Fund Tax Credit

computing the tax reduction for the prior taxable year(s).

A taxpayer MAY CLAIM a tax credit on the 2006 tax return for:

•

Line 29 - Overpayment from Original Return or as

A donation made directly to the Clean Elections Fund

Later Adjusted

during the taxable year 2006; and/or

•

A donation made to the Clean Elections Fund on the

Enter the amount of any overpayment of tax from the original

taxpayer’s 2005 tax return.

return (2006 Form 120, line 35, or 2006 Form 120A, line 26),

and the total amount of any overpayments of tax from a

The 2006 tax credit is equal to the amount of the donation(s),

Department of Revenue correction notice, an amended return

but cannot exceed twenty percent of the tax on line 22(c) or

(2006 Form 120X, line 32), or an audit.

five hundred eighty dollars, whichever is higher.

Line 31 - Total Due

A taxpayer MAY NOT CLAIM a tax credit on the 2006 tax

return for a donation to the fund made with the 2006 tax

If line 24(c) is larger than line 30, enter the difference. This

return (Form 120 or Form 120A). If a taxpayer makes a

is the amount of tax due. It must be paid with the amended

donation to the fund on the 2006 tax return, the taxpayer may

return. Make the check payable to the Arizona Department of

only claim a tax credit for the donation on the taxpayer’s

Revenue for the amount shown on line 31 and include the

2007 tax return. The tax credit is nonrefundable and the

taxpayer's TIN on the check.

unused portion of the tax credit may not be carried forward.

Line 32 - Overpayment

Calculation of 2006 Clean Elections Fund Tax Credit

If line 30 is larger than line 24(c), enter the difference. This

Enter the amount donated directly to the fund

amount is the overpayment from this amended return.

during the taxable year 2006 PLUS the

amount donated to the fund with the 2005

Line 33 - Amount to be Applied to 2007 Estimated

Form 120 or 2005 Form 120A.

Taxes

Enter tax from 2006 Form 120X, line 22(c).

The taxpayer may apply part or all of an overpayment

Multiply amount on line 2 by 20 percent (.20).

reported on line 32 as a 2007 estimated tax payment, if this

580

amended return is filed during the taxpayer's taxable year

Enter the larger of line 3 or line 4.

2007. Enter the applicable amount on line 33. If the taxpayer

wants the entire line 32 amount to be refunded, enter zero.

Enter the smaller of line 1, line 2, or line 5

here and on 2006 Form 120X, line 23(c).

Line 34 - Amount to be Refunded

Subtract line 33 from line 32, and enter the difference. This is

Line 25 – Refundable Remainder of the Retroactive

the net refund amount.

Consolidated Election Tax Credit (Form 120 Filers

Only)

Schedule ACA – Air Carrier Apportionment

Taxpayers who previously filed amended consolidated returns

Formula

by December 31, 1994 and received retroactive consolidation

(Multistate Air Carriers Only)

credit vouchers from the department would enter the entire

Schedule ACA must be completed and attached only if the

remainder of their allowable credit on this line.

2006 Form 120X is filed to amend the apportionment ratio.

Line 26 - Payments (Extension, Estimated)

[The taxpayer must complete Schedule ACA to amend the

Enter the total amount from the original return (2006 Form 120,

apportionment ratio originally computed on Schedule ACA

lines 26 and 27; or 2006 Form 120A, lines 17 and 18).

or if the taxpayer incorrectly used the Form 120 Schedule C

rather than Schedule ACA to compute the apportionment

Line 27 - Payment with Original Return (Plus All

ratio.] If the apportionment ratio is not being amended, enter

Additional Payments After It Was Filed)

the apportionment ratio from the 2006 Form 120 or as

Enter the amount from page 2, Schedule D, line 4.

adjusted by any prior audit or amended return, whichever is

Line 28 - Total Payments

latest, on the Form 120X, page 1, line 9, in column (a) and

column (c).

Add lines 25 through 27. Enter the total.

Effective for taxable years beginning from and after

NOTE FOR CLAIM OF RIGHT RESTORATION: If the

December 31, 2000, ARS § 43-1139 requires a taxpayer that

tax for the taxable year 2006 was computed under the

is a qualifying air carrier to use an alternate apportionment

provisions for a claim of right restoration, line 28 also includes

method to apportion its business income to Arizona.

the credit for the tax reduction for prior taxable year(s). Refer

to Arizona Corporate Tax Procedure CTP 95-3 for further

The taxpayer must be engaged in air commerce. “Air

information. Write "ARS § 43-1130.01" and the total amount of

commerce” means transporting persons or property for hire

the tax reduction for prior taxable year(s) in the space to the

aircraft

interstate,

intrastate

international

left of the total payment amount entered on line 28. The amount

transportation. If the taxpayer files a combined or

entered on line 28 is the total of lines 25 though 27 and the tax

consolidated return, the combined group or the Arizona

Instruction For Form 120x - Amended Corporation Income Tax Return - 2006 Page 4

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