Arizona Form 307 - Recycling Equipment Credit Instructions - 1999

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Arizona Form
1999 Recycling Equipment Credit
307
composition of which is at least 25 percent post-consumer
Obtain additional information or assistance, tax forms and
select solid waste materials.
instructions, and copies of tax rulings and tax procedures by
contacting one of the numbers listed below:
If the allowable credit exceeds the current taxable year's
income tax liability, the taxpayer may carry over any unused
Phoenix
(602) 255-3381
amount to each of the following 15 taxable years, until the
Nationwide, toll-free
(800) 352-4090
qualified equipment ceases to be recycling equipment or is
Form Orders
(602) 542-4260
transferred to another person. If the recycling equipment for
Forms by Fax
(602) 542-3756
which a credit was claimed ceases to be recycling equipment
Recorded Tax Information
or is transferred to another person during any taxable year,
Phoenix
(602) 542-1991
the tax imposed for that taxable year shall be increased by
Other Arizona areas, toll-free
(800) 845-8192
the amount of the credit claimed for the recycling equipment
Hearing impaired TDD user
multiplied by the recapture percentage prescribed for that
Phoenix
(602) 542-4021
year.
Other Arizona areas, toll-free
(800) 397-0256
The recycling equipment credit is in lieu of:
Obtain tax rulings, tax procedures, tax forms and
instructions, and other tax information by accessing the
The environmental technology facility credit, under
department's Internet home page at:
ARS § 43-1080 or § 43-1169, with respect to the same
recycling equipment; and
The pollution control credit, under ARS § 43-1081 or
General Instructions
§ 43-1170, with respect to the same equipment.
ARS §§ 43-1076 and 43-1164 provide a tax credit for
Line-by-Line Instructions
individuals and corporations who acquire and place in
service recycling equipment in this state. This credit is
Complete
the
name
and
federal
employer
allowed for taxable years beginning after December 31,
identification/social security number section at the top of the
1992.
form. Indicate the period covered by the taxable year (in an
MM/DD/YYYY format). Attach the completed form to the
To Qualify for the Credit:
tax return.
The equipment must be used exclusively to process post-
All returns, statements, and other documents filed with the
consumer select solid waste materials including paper,
department require a taxpayer identification number (TIN).
plastic, scrap metal and iron, glass, and rubber, or
The TIN for a corporation, S corporation, or a partnership is
The equipment must be used exclusively to produce
the taxpayer's federal employer identification number. The
finished products which are composed of at least 25
TIN for an individual is the taxpayer's social security number
percent post-consumer select solid waste materials.
or an IRS individual taxpayer identification number.
Taxpayers that fail to include their TIN may be subject to a
This credit is equal to 10 percent of the installed cost of the
penalty.
equipment. The amount of credit claimed in a tax year
cannot exceed the lesser of $5,000 or 25 percent of the
Part I - Schedule of Cost of Equipment Placed
current year's tax liability without applying the credit.
Into Service in Current Year and Calculation of
Co-owners of a business, including partners in a partnership
Current Year's Credit
and shareholders of an S corporation, may each claim only
Enter description of item, date placed in service, and cost for
the pro rata share of the credit allowed under ARS § 43-1076
each item of new recycling equipment placed into service in
or § 43-1164 based on the ownership interest. The total of
the current taxable year.
the credits allowed all owners may not exceed the amount
that would have been allowed for a sole owner of the
Line 1 -
business.
Enter the total cost of the items placed in service during the
A taxpayer who elects to take a credit pursuant to ARS
current taxable year.
§ 43-1076 or § 43-1164 shall not deduct any amount for
Line 2 -
depreciation or amortization of costs of the recycling
equipment in determining taxable income for any taxable
Multiply the amount on line 1 by 10 percent and enter the
year.
result.
Recycling equipment is new or used equipment purchased
Part II - S Corporation Credit Election and
during the taxable year and used exclusively to process post-
Shareholder's Share of the Credit
consumer select solid waste materials and manufacturing
machinery used exclusively to produce finished products, the
Line 3 - S Corporation Credit Election

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