Form It-501 - Temporary Deferral Nonrefundable Payout Credit - 2011 Page 2
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1
2Instructions
IT-501 (2011) (back)
General information
beginning on or after January 1, 2013, use Form IT-501 to claim
the temporary deferral nonrefundable payout credit.
Temporary deferral of certain tax credits
Line instructions
For tax years beginning on or after January 1, 2010, and before
January 1, 2013, if the total amount of certain credits that you
Nonrefundable credits deferred
may use to reduce your tax or have refunded to you is greater
than $2 million, the excess over $2 million must be deferred
Column B — For each credit listed in column A, enter the
to, and used or refunded in, tax years beginning on or after
amount of that credit (if any) from your 2010 Form IT-500,
January 1, 2013. For more information about the credit deferral,
Schedule A, column D.
see Form IT-500, Income Tax Credit Deferral. If you are subject
Column C — For each credit listed in column A, enter the
to the credit deferral, you must complete all credit forms without
amount of that credit (if any) from your 2011 Form IT-500,
regard to the deferral. However, the credit amount that you
Schedule A, column D.
transfer to your tax return to be applied against your tax due or
to be refunded to you may be reduced. Follow the instructions
Column D — Does not apply for 2011. Do not make any
for Form IT-500 to determine the amounts to enter on your tax
entries in column D.
return.
Line 2 — Temporary deferral nonrefundable payout credit
Purpose of Form IT-501
accumulated
Form IT-501 is used to accumulate your nonrefundable
This is the current total of your deferred nonrefundable credits
deferred credits. You will need your 2010 (if applicable) and
for 2011. Any additional nonrefundable credits deferred for tax
2011 Form(s) IT-500 to complete your 2011 Form IT-501. For
year 2012 will increase the credit amount. You may claim your
tax years beginning prior to January 1, 2013, use Form IT-501
temporary deferral nonrefundable payout credit for tax years
to compute your accumulated nonrefundable deferred credits
beginning on or after January 1, 2013.
and arrive at one temporary deferral nonrefundable payout
credit amount. Keep this form with your records; do not attach
it to your return or send it to the Tax Department. For tax years
5012110094
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