Form 332 Instructions - Credits For Healthy Forest Enterprises - 2016 Page 7
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11Arizona Form 332
EXAMPLE 1 (In this example, line 47 is positive):
Healthy Forest Enterprise A (A) claimed the employment credit on Form 332 for taxable years 2013 through 2015. The amount of credit
claimed each year was $1,000; the total credit claimed is $3,000. A used $1,500 of its employment credit, leaving it with a credit carryover
of $1,500 as of taxable year ending 2015.
During 2015, A was notified by the department it was subject to a recapture of 60% of the credit claimed, or $ 900.
A completes Part 11 of its Form 332 and finds that line 47 is positive. This means A still has a carryover of the employment credit in the
amount of $600.
At the end of taxable year 2015, A had an available employment credit carryover amount of $1,500, shown on the schedule below (from Part
13 of its 2015 taxable year Form 332):
(a) Taxable Year
(b) Original Credit
(c) Amount Previously
(d)
Available
Amount
Used
Credit Carryover
54
2013
1,000
500
500
55
2014
1,000
500
500
56
2015
1,000
500
500
57
58
59
Total Available Carryover:
1,500
Following the instructions for line 47, A adjusts Part 13, Available Employment Credit Carryover, for the recapture of $900. Part 13 of its
2016 taxable year Form 332 is shown below:
(a) Taxable Year
(b) Original Credit
(c) Amount Previously
(d)
Available
Amount
Used
Expired
or
Credit Carryover
Recaptured
54
2013
1,000
1,000
0
55
2014
1,000
900
100
56
2015
1,000
500
500
57
58
59
Total Available Carryover
600
•
A increased its 2013 Amount Previously Used (Or Recaptured) by $500. This eliminated its credit carryover from 2013.
•
A increased its 2014 Amount Previously Used (Or Recaptured) by $400. This reduced its credit carryover for 2014 from $500 to $100.
•
A’s 2015 Available Employment Credit Carryover remains unchanged.
•
A has $600 of Available Employment Credit Carryover it may use on its 2016 taxable year tax return.
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