Form Ia 133 - New Jobs Tax Credit Worksheet - 2014
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1Iowa Department of Revenue
2014 IA 133
Iowa New Jobs Tax Credit Worksheet
Name(s)
SSN or FEIN
Number of New Jobs
1.
Qualifying taxable wages for eligible new employees. See instructions .....
1.
2.
Tax credit rate is 6.0%...............................................................................
2.
x 0.06
3.
Iowa New Jobs Tax Credit. Multiply line 1 by line 2. Enter on Part I
of the IA 148 Tax Credits Schedule ................................................
3.
Instructions
A New Jobs Tax Credit can be taken by a
directly related to those new jobs.
business that has entered into a chapter 260E
Line 3: Iowa New Jobs Tax Credit - If the
agreement with a community college, and that
taxpayer is a C corporation, the amount in Line
has increased its base employment level by at
3 must be placed in Part I, column D of the IA
least 10% within the time set in the agreement.
148 Tax Credits Schedule, using tax credit
In the case of a business without a base
code 08. Enter the certificate number assigned
employment level, if the business adds new
to the 260E agreement in column B. Use the IA
jobs within the time set in the agreement, it is
148 Tax Credits Schedule to determine the
entitled to a New Jobs Tax Credit for the tax
allowable credit that can be claimed in the
year selected by the business. In determining if
current tax year and any carryforward for future
the
business
has
increased
its
base
tax years or expired credits. Any carryforward
employment level by 10%, only those new jobs
from prior year(s) received under the same
directly resulting from the project covered by
260E contract must be placed in column C of
the agreement can be counted.
the same line on the IA 148.
The credit can be taken in any tax year that
If the taxpayer is a partnership, LLC, S
either begins or ends during the term of the
corporation, estate, or trust, the credit must be
260E agreement. However, the credit may not
allocated to the individual owners in the ratio of
be taken until the base employment level has
each owner’s share of the earnings of the entity
been exceeded by 10%. Any credit in excess
to the entity’s total earnings and reported on
of the tax liability for the tax year may be
Schedule K-1. Members should be directed to
credited to the tax liability for the following 10
report their share the Iowa New Jobs Tax
tax years or until depleted, whichever is earlier.
Credit on Part I the IA 148 Tax Credits
Line 1: Qualifying taxable wages - For 2014,
Schedule, using tax credit code 08, the
qualifying taxable wages are the first $26,800
certificate number assigned to the 260E
wages paid to an employee. This is the amount
agreement, and the pass-through entity name
of taxable wages on which an employer is
and FEIN in Part IV.
required to pay unemployment taxes for
Retain this worksheet for your files. Do not
employees in new jobs or employees in jobs
include this with your return.
IA 148 Tax Credits Schedule must be completed.
41-133 (07/25/14)
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