Arizona Form 305 Draft - Environmental Technology Facility Credit

Name:

TIN:

AZ Form 305 (2010)

Page 2 of 3

Part III

S Corporation Credit Election and Shareholder’s Share of Credit and Credit Recapture

9 The S corporation has made an irrevocable election for the taxable year ending ______/______/________ to:

YYYY

(CHECK ONLY ONE BOX)

Claim the environmental technology facility credit, as shown on Part I, line 3, column (b) (for the taxable year mentioned above);

Pass the environmental technology facility credit, as shown on Part I, line 3, column (b) (for the taxable year mentioned above) through to its shareholders.

Signature

Title

Date

If passing the credit through to the shareholders, complete lines 10 through 12 separately for each shareholder.

If passing credit recapture through to the shareholders, also complete line 13 separately for each shareholder.

Furnish each shareholder with a copy of the completed Form 305.

10 Name of shareholder

11 Shareholder’s TIN

12 Shareholder’s share of the current year’s credit from Part I, line 3, column (b) ............................................................................... 12

13 Shareholder’s share of credit recapture from Part II, line 8 ............................................................................................................. 13

Part IV Partner’s Share of Credit and Credit Recapture

Complete lines 14 through 16 separately for each partner.

If passing credit recapture through to the partners, also complete line 17 separately for each partner.

Furnish each partner with a copy of the completed Form 305.

14 Name of partner

15 Partner’s TIN

16 Partner’s share of the current year’s credit from Part I, line 3, column (b) ...................................................................................... 16

17 Partner’s share of credit recapture from Part II, line 8 ..................................................................................................................... 17

Part V

Credit Recapture Summary

18 Enter the taxable year(s) in which you took a credit or credit carryover for the facility that has ceased to operate as an

environmental manufacturing, producing or processing facility

19 Enter the total amount of credit originally claimed for the facility ..................................................................................................... 19

20 Enter the total amount of the credit to be recaptured

•

Individuals, corporations, and S corporations - enter the amount from Part II, line 8.

•

S corporation shareholders - enter the amount from Part III, line 13.

•

Partners of a partnership - enter the amount from Part IV, line 17 .......................................................................................... 20

21 Subtract line 20 from line 19 and enter the result. This is the amount of credit allowable for the

facility that has ceased to operate as an environmental manufacturing, producing or processing facility ....................................... 21

22 Amount of credit on line 19 that you have claimed on prior years’ returns ...................................................................................... 22

23 Subtract line 22 from line 21 and enter the result ............................................................................................................................ 23

If the result is a positive number, that is the amount of credit carryover remaining that you may use in future taxable years. Enter this positive number in

Part VI, column (d), on the line for the year in which the disqualiﬁ ed credit arose.

If the result is a negative number, that is the amount of credit you must recapture. If a negative number, enter “zero” in Part VI, column (d), on the line for

the year in which the disqualiﬁ ed credit arose.

•

Corporations, also enter this amount as a positive number on Form 300, Part II, line 21.

•

Individuals, also enter this amount as a positive number on Form 301, Part II, line 29.

ADOR 10132 (10)

DRAFT 10/5/09, 12:00 p.m.

Previous ADOR 91-0052