Form 332 Instructions - Credits For Healthy Forest Enterprises - 2016 Page 8
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11Arizona Form 332
EXAMPLE 2 (In this example, line 47 is negative):
Healthy Forest Enterprise B (B) 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. B used $2,500 of its employment credit, leaving it with a credit carryover of
$500 as of taxable year ending 2015.
During 2015, B was notified by the department it was subject to a recapture of 60% of the credit claimed, or $ 900.
B completes Part 12 of its Form 332 and finds that line 47 is negative. This means B has no carryover of the employment credit and must
report $400 as a recapture on Form 300, Part 2, line 27, or Form 301, Part 2, line 36. (See line 47 for instructions).
At the end of taxable year 2015, B had an available employment credit carryover amount of $500, shown on the schedule below (from Part
14 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
1,000
0
55
2014
1,000
1,000
0
56
2015
1,000
500
500
57
58
59
Total Available Carryover:
500
Following the instructions for line 47, B adjusts Part 13 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
1,000
0
56
2015
1,000
1,000
0
57
58
59
Total Available Carryover
0
No adjustment is needed for 2013.
No adjustment is needed for 2014.
B increased its 2015 Amount Previously Used (Or Recaptured) by $500. This eliminated its Employment Credit carryover for 2015.
B has no credit carryover of the Employment Credit.
c)
Amount Previously Used – the employment credit from that
Part 13 - Available Employment Credit Carryover
taxable year you have already used or the amount of the
Use Part 13 to figure your available employment credit carryover.
credit that expired.
Complete lines 54 through 59 if you claimed the employment
d) Available Credit Carryover – Subtract the amount in column
credit on a prior taxable year return and your employment credit
(c) from the amount in column (b). Enter the difference here.
was more than your tax.
This is the available employment credit carryover available
If the allowable tax credit exceeds the taxes otherwise due or, if
for the current taxable year.
there are no taxes due, the amount of the credit not used to offset
Line 59 -
taxes may be carried forward for not more than five taxable years
Add the amounts on lines 54 through 58 in column (d). Enter the
as a credit against subsequent years' income tax liabilities.
total. This is your available employment credit carryover for the
Lines 54 through 58 -
current taxable year.
Enter the following information in the columns indicated on lines
Part 14 - Available Training Credit Carryover
54 through 58:
a)
Taxable Year – the taxable year from which you are carrying
Lines 60 through 64 -
over the employment credit.
Use Part 14 to figure your available training credit carryover.
b) Original Credit Amount - the amount of the credit you
Complete lines 60 through 64 if you claimed the training credit
originally computed.
on a prior year return and your training credit was more than your
tax.
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