Form 85r - Recapture Of Idaho Small Employer New Jobs Tax Credit Page 2
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Instructions for Idaho Form 85R
06-17-13
GENERAL INSTRUCTIONS
from the date the project period ended, you will need to complete
the Recapture Worksheet at the bottom of the form. Enter on
Use Form 85R to compute the increase in tax and reduction to
line 5 the recapture percentage for the earliest tax year from
the Recapture Worksheet that the average number of qualified
credit carryover for the recapture of the small employer new jobs
tax credit (SE-NJTC).
employees working primarily in the project site fell below the
average number of qualifying employees listed on line 2.
If you claimed the SE-NJTC in an earlier year and fail to meet
the tax incentive criteria, you must recapture all the SE-NJTC
Line 6. Multiply line 3 by the larger of the percents listed on line
claimed in the earlier years.
4 or 5. If there is no percent listed on line 5, multiply line 3 by the
percent on line 4.
Also, you must compute recapture if you do not maintain the
level of qualifying employees for which you earned the credit for
Line 8. Enter the amount of recapture of SE-NJTC that is being
five full years from the date the project period ends.
passed to you from S corporations, partnerships, estates and
trusts. This amount is reported on Form ID K-1, Part D, line 17.
S corporations, partnerships, estates and trusts that pass
through SE-NJTC to shareholders, partners or beneficiaries
Line 9. Add lines 7 and 8 to determine the amount of credit
must provide Form ID K-1 reporting the recapture amount and
subject to recapture.
including in Part E, Supplemental Information, details on the
year(s) the credit being recaptured was originally earned.
Line 10. If you are a partnership, S corporation, trust or estate,
enter the amount of credit recapture that passed through to
partners, shareholders, or beneficiaries. Do not include any
Any resulting tax from recapture of credits claimed in prior years
recapture on this line for partners, shareholders, or beneficiaries
must be added to the tax otherwise determined in the year
of recapture. Recapture of credits not claimed in prior years
for whom you are paying the tax.
reduces the amount of credit carryover available to the current
year.
Line 11. If you did not use all the credit you originally computed
either in the year earned or in a carryover year, you will not have
SPECIFIC INSTRUCTIONS
to pay tax from recapture of the amount of the credit you did not
use.
Instructions are for lines not fully explained on the form.
Compute the unused portion of the original credit from
IDAHO SMALL EMPLOYER NEW JOBS TAX CREDIT
Form 85R, line 3, or that was passed through to you from a
EARNED IN PRIOR YEARS
partnership, S corporation, trust or estate on a separate sheet
and enter the amount on this line. Do not enter more than the
S corporations, partnerships, estates and trusts that have SE-
tax from recapture on line 9.
NJTC subject to recapture must complete lines 1 through 7 to
determine the amount of credit recapture.
Line 13. This is the total increase in tax. Enter it on this line and
on Form 44, Part II, line 5. DO NOT use this amount to reduce
Partners, shareholders and beneficiaries will use the information
your current year's SE-NJTC from Form 85.
provided by the partnership, S corporation, trust or estate to
report their pass-through share of the credit to be recaptured on
RECAPTURE WORKSHEET
line 8. If the only recapture you are reporting is from a pass-
through entity, skip lines 1 through 7 and begin on line 8.
Complete the recapture worksheet only if you are reporting
recapture because you did not maintain the level of qualifying
employees on which you earned the credit for five full years
COMPUTATION OF RECAPTURED CREDIT
after the end of the project period. If you must report recapture
Line 1. Starting with the earliest tax year in Column A, enter
because you did not meet the tax incentive criteria, do not
each tax year that the SE-NJTC was earned.
complete the worksheet, but instead enter 100% on line 4 of the
form.
Line 2. Enter the average number of qualifying employees for
the year listed on line 1. This amount can be found on Form 85,
Project period end date. The project period ends when the
line 1 for the applicable year.
new plant and building facilities for the project are placed in
service, but no later than December 31, 2020. Enter the earlier
Line 3. Enter the amount of the SE-NJTC credit earned for the
of the two dates.
year listed on line 1. This amount can be found on Form 85, line
10 for the applicable year.
Recapture period. For each year of the recapture period,
enter the tax year in the first column, and the average number
Line 4. If recapture is required because you did not meet the tax
of employees who worked primarily at the project site in the
incentive criteria, enter 100% on line 4. Leave line 5 blank and
second column. This should be listed for each year until the
continue with line 6.
average number of employees reported for a year falls below the
qualifying level of employment reported on line 2. The first year
Line 5. If recapture is required because you did not maintain
in the recapture period that the average number of qualifying
the required number of qualifying employees for five full years
employees falls below the average number of qualifying
employees listed on line 2 is the year in which recapture is
required and determines the recapture percentage.
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