Arizona Form 307 - Recycling Equipment Credit

2000

Recycling Equipment Credit

ARIZONA FORM

307

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

YYYY

Attach to your return

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

Your social security number or federal employer ID number

CORPORATE TAXPAYERS - NOTE CHANGES FOR TAXABLE YEAR 2000:

Laws 1999, Ch. 318, §§ 8 and 10, repealed the corporate tax credit (ARS § 43-1164), effective for taxable years beginning from and after December 31,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 qualifies 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January 1, 2000, consistent with the provisions of the repealed credit (ARS § 43-1164).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 27 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.

Cost

Description

Date placed in service

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 06-0054 (00)