Fillable Form Ia 3468 - Investment Tax Credit Worksheet

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Iowa Department of Revenue

2013 IA 3468 Investment Tax Credit

Worksheet

Name(s)

SSN or FEIN

Tax Credit Certificate Number

1. Qualifying new investment for eligible businesses...............................1.

2. Calculated credit. Multiply line 1 by the applicable percentage.............2.

Instructions

Computation of Investment Tax Credit

An Investment Tax Credit can be taken by eligible

businesses for qualifying new investments. The Iowa

Line 1. Enter the total amount of qualifying new

Economic Development Authority may approve eligible

investment for eligible businesses.

businesses for an investment tax credit under the following

Line 2. Multiply amount on line 1 by the applicable

programs:

percentage.

Enterprise Zone Program

If the taxpayer is a C corporation, the amount in Line 2

Housing Enterprise Zone Program

should be placed in Column D of the IA148 Tax Credits

High Quality Job Program

Schedule. Use Tax Credit Code 07 (06 in the case of the

Housing Investment Tax Credit) in Column A. Place the

The credit is determined by multiplying the qualifying

tax credit certificate number in Column B of the IA148.

new investment by 10%, except for the High Quality Jobs

Any carryforward from prior year(s) with the same tax

Program which have various rates of 1% to 10%

credit certificate number should be placed in Column C of

depending on the amount of qualifying investment and

the same line on the IA148. Any carryforward from prior

number of jobs created or retained.

year(s) with a different tax credit certificate number should

New investment includes the cost of machinery and

be placed in Column C on a separate line. Use the IA148

equipment purchased for use in the operation of the

Tax Credits Schedule to determine the allowable credit

eligible business, and the cost of improvements to real

that can be claimed in the current tax year and any

property. New investment also includes the cost of land

carryforward for future tax years or expired credits.

and any buildings and structures located on the land.

The credit can be taken in the year the qualifying asset

If the taxpayer has received the credit from a pass-through

is placed in service. For businesses qualified on or after

entity, place the current year amount of the credit reported

July 1, 2005, under the Enterprise Zone Program, or

on the taxpayer’s K-1 in Column D of the IA148 Tax

High Quality Jobs Program the investment tax credit is

Credits Schedule. Use Tax Credit Code 07 (06 in the case

amortized over a 5-year period. For the Housing

of the Housing Investment Tax Credit). Place the tax credit

Enterprise Zone Program, the credit can be taken in the

certificate number provided by the pass-through entity in

year the home is ready for occupancy.

Column B of the IA148. Any carryforward from prior

year(s) from the same pass-through entity with the same

Any credit in excess of the tax liability for the tax year

tax credit certificate number should be placed in Column C

may be credited to the tax liability for the following seven

of the same line on the IA148. Any carryforward from

tax years or until depleted, whichever is earlier.

prior year(s) with a different tax credit certificate number

Provide the tax credit certificate number included on the

should be placed in Column C on a separate line. If an

taxpayer’s qualifying program certificate issued by the

Investment Tax Credit has been received from more than

Economic Development Authority.

one pass-through entity, each credit should be placed on a

separate line in Part I of the IA148. Provide the name and

FEIN of the pass-through entity for each of these credits in

Part IV of the IA148. Use the IA148 Tax Credits Schedule

to determine the allowable credit that can be claimed in the

current tax year and any carryforward for future tax years

The IA 148 Tax Credits Schedule

or expired credits.

must be completed.

Please retain this worksheet in your files. Do not

enclose with your return.

42-034 (07/02/13)

Form Ia 3468 - Investment Tax Credit Worksheet - 2013

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