Arizona Form 307 - Recycling Equipment Credit

Recycling Equipment Credit

2001

ARIZONA FORM

307

YYYY

For taxable year beginning ______/______/________, and ending ______/______/________,

Attach to your return

Name(s) as shown on Forms 140, 140PY, 140NR, 140X, 120, 120A, 120S, 120X, or 165

Your social security number or federal employer ID number

CORPORATE TAXPAYERS:

Laws 1999, Ch. 318, §§ 8 and 10, repealed the corporate tax credit (ARS § 43-1164), effective for taxable years beginning from and after December

31, 1999. Corporate taxpayers, including S corporations and corporate partners of a partnership, no longer qualify for the recycling equipment

credit. Since an S corporation no longer qualies for the credit, an S corporation cannot pass the credit through to its shareholders. A partnership

cannot pass the credit through its corporate partners.

However, Laws 1999, Ch. 318, § 9, provides that corporate taxpayers may claim carryovers of unused tax credits from taxable years beginning prior

to January 1, 2000, consistent with the provisions of the repealed credit (ARS § 43-1164). The carryovers can be claimed for taxable years

beginning on or before December 31, 2005. Corporate taxpayers cannot claim carryovers after taxable year 2005. Any remaining carryovers of

unused credits from taxable years beginning before January 1, 2000, are lost after the taxable year 2005.

The carryforward period applies separately for each piece of recycling equipment for which a credit was computed in taxable years beginning before

January 1, 2000. If the recycling equipment has been in service for less than 5 taxable years and ceases to be recycling equipment or is transferred

to another person, the portion of the unused credit carryovers relating to that recycling equipment is lost.

The portion of the total available credit carryover that may be claimed by the corporate taxpayer is limited to the lesser of 25 percent of the amount

of tax entered on Form 300, Part II, line 29 or $5,000.

Part I

Schedule of Cost of Equipment Placed in Service in Current Year and Calculation of Current Year’s Credit

If additional space is needed, attach a separate schedule.

Description

Date placed in service

Cost

1 Total ..................................................................................................................................................................................................

2 Current year’s credit - multiply line 1 by 10 percent (.10) .................................................................................................................

Part II

Partner’s Share of Credit

Complete lines 3 through 5 separately for each individual partner. Furnish each individual partner with a copy of the completed Form 307.

3 Name of partner

4 Partner’s TIN

5 Partner’s share of the amount on Part I, line 2

ADOR 91-0054 (01) rj