Form 70 - Idaho Statement Of Credit Transfer (Page 2 of 2) in pdf

EFO000042p2

06-09-10

Instructions for Idaho Form 70

GENERAL INSTRuCTIONS

If you do not claim the transferred credit on your original

return filed during the calendar year in which the transfer

Form 70 is used to report the credit being transferred and

takes place, you may not amend the return for that tax

the number of years it can be carried forward. This form

year to claim the credit.

must be submitted to the Tax Commission at least 60 days

Any credit not claimed on the tax return filed during the

prior to the date of transfer.

year of the transfer may be claimed on the transferee’s

Which Credits May Be Transferred

returns for the carryforward period approved on the

Only the broadband equipment investment credit and the

Form 70.

incentive investment tax credit may be transferred. You

SPECIFIC INSTRuCTIONS

may transfer all or a part of the credit you earn.

You must file a separate Form 70 to identify each

Who May Transfer Credits

Broadband equipment investment credit:

transferee to whom you will be transferring credit.

You may transfer the broadband equipment investment

credit if you originally earned the credit or you are an

Part I - Transferor Information. If you are transferring

intermediary. If you are an intermediary, you may either

the credit, enter your name as it will appear on your tax

use all or part of the credit or resell all or part of it to

return for the tax year in which the transfer takes place.

another taxpayer. The credit may not be transferred more

Provide the additional identifying information. Identify the

than two times.

date the transfer will take place.

Incentive investment tax credit:

If you are an intermediary selling the credit to another

You must have originally earned the incentive investment

taxpayer, you must complete Part I with your identifying

tax credit in order to transfer it. It may not be resold to a

information.

third taxpayer.

Part II - Transferee Information. Provide the name,

You are not eligible to transfer the broadband equipment

address and social security number or employer

identification number of the taxpayer to whom you are

investment credit or the incentive investment tax credit

to another taxpayer if you received either credit through

transferring the credit. This may be an intermediary if

unitary sharing.

you are transferring the broadband equipment investment

credit.

Information You Must Provide

For each tax year the credit being transferred was earned,

Part III – Credit Information. If you are transferring the

you must provide the following information:

broadband equipment investment credit, enter the amount

to be transferred and the tax year(s) it was earned.

Broadband equipment investment credit:

Provide a copy of Idaho Form 68, a copy of the schedules

If you are transferring the incentive investment tax credit,

that identify the property on which the credit was earned,

enter the amount to be transferred. This credit could be

and a copy of the Idaho Public Utilities Commission

earned only in tax years beginning in 2001.

approval authorizing the credit.

The Tax Commission will review the information provided

Incentive investment tax credit:

and identify the credit available for transfer and the

Provide a copy of Form 69 and a copy of the schedules

carryover period available to the transferee. The form will

that identify the property on which the credit was earned.

then be returned to the transferor.

When To Claim The Transferred Credit

The Tax Commission may examine the transferor’s

The transferee may claim transferred credits on the

books and records to verify that the credit claimed by the

original return filed in the calendar year of the transfer.

transferor was correct. If the Tax Commission determines

For example, if the broadband equipment investment

that the credit claimed was overstated or that recapture

credit was transferred on June 1, 2010, the transferee

of credit is necessary, any tax due from an overstated or

may claim the credit on his original return for calendar

recaptured credit will be due from the transferor.

year 2009 filed on October 15, 2010.

Form 70 - Idaho Statement Of Credit Transfer Page 2

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