Schedule Rz - Booklet - Renaissance Zone Act Exemptions And Tax Credits

North Dakota Ofﬁ ce of State Tax Commissioner

2011 Schedule RZ instructions

Line 9

•

Financial institution

—For a ﬁ nancial

Current year credit

Instructions

institution ﬁ ling Form 35, enter the

Enter on this line the portion of the total

exemption amount on page 1, line 11.

for calculating

available tax credit (on line 8) that is being

•

Partnership

—For a partnership ﬁ ling

used to reduce the 2011 tax liability. If the

Form 58, enter the exemption amount

the zone

taxpayer is a passthrough entity, enter the

on page 3, Schedule K, line 4. Also

total amount from line 8, and skip line 10.

apportionment

report each partner’s share of this

amount on the partner’s North Dakota

Except for passthrough entities, attach

factor

Schedule K-1 (Form 58).

a statement showing how the amount

•

Fiduciary

—For a ﬁ duciary for an estate

(for Part 1, lines 10a-10h)

entered on this line was determined.

or trust, where the income exemption

relates to income included in the

Line 10

ﬁ duciary’s federal taxable income,

Carryforward to 2012

General instructions

enter the exemption amount on page 2,

If the total available tax credit on line 8

line 4d.

exceeds the amount on line 9, enter on

These instructions explain how to calculate

this line the portion of the excess that is

Line 7

the zone apportionment factor for Part 1,

eligible for carryover to the 2012 tax year.

Total tax credit

lines 10a through 10h.

Except for passthrough entities, attach

Enter the total tax credit from this line on

a statement showing how the amount

Factor in general

the 2011 North Dakota return as follows:

entered on this line was determined.

Individual

•

—For an individual

The zone apportionment factor is a fraction

ﬁ ling Form ND-1, enter the credit on

composed of the following:

Instructions for

Schedule ND-1TC, line 2.

•

Regular corporation

—For a regular

•

Numerator (Column B)

Part 7

corporation ﬁ ling Form 40, enter the

The numerator includes the average

credit on page 4, Schedule TC, line 9, or

value of the owned and rented

Exemption and

Schedule CR, Part III, line 9.

properties that are used at the business’s

•

S corporation

—For an S corporation

zone project location.

credit summary

ﬁ ling Form 60, enter the credit on

Exception for certain rented property.

page 3, Schedule K, line 4. Also report

If the zone project consists of the rental

each shareholder’s share of this amount

of space in a building for business

Speciﬁ c line

on the shareholder’s North Dakota

purposes, and the taxpayer had

Schedule K-1 (Form 60).

instructions

previously qualiﬁ ed for a zone project

•

Financial institution

—For a ﬁ nancial

for renting space in the same building

Line 1

institution ﬁ ling Form 35, see Schedule

for use in the same business, do not

Business or investment

TC, lines 1 through 3.

include in the numerator the space

income exemption

•

Partnership

leased for the previous zone project and

—For a partnership ﬁ ling

Enter the amount from this line on the

any owned or rented property located in

Form 58, enter the credit on page 3,

2011 North Dakota return as follows:

that space.

Schedule K, line 7. Also report each

•

Individual

—For an individual ﬁ ling

partner’s share of this amount on the

•

Denominator (Column A)

Form ND-1, enter the exemption

partner’s North Dakota Schedule K-1

The denominator includes the average

amount on Schedule ND-1SA, line 1.

(Form 58).

value of all owned and rented properties

•

Regular corporation

—For a regular

•

Fiduciary

used in the business in North Dakota.

—For a ﬁ duciary ﬁ ling

corporation ﬁ ling Form 40, enter the

Form 38, include the credit on page 1,

Determining average value of property.

exemption amount on page 1, line 10, or

line 3.

See the speciﬁ c line instructions for

Schedule CR, Part I, line 10, whichever

lines 10a through 10g later in this section

applies.

for how to determine the average value of

•

S corporation

—For an S corporation

the property.

ﬁ ling Form 60, enter the exemption

Property includable in zone

amount on page 3, Schedule K, line 2.

apportionment factor. The zone

Also report each shareholder’s share of

apportionment factor must include all

this amount on the shareholder’s North

North Dakota real and tangible personal

Dakota Schedule K-1 (Form 60).

property owned and rented that is used

in the regular course of the taxpayer’s

business during the tax period.

Schedule Rz - Booklet - Renaissance Zone Act Exemptions And Tax Credits - 2011 Page 13

Related Articles

Related forms

Related Categories