Instructions For Arizona Form 318 - Credit For Taxes Paid For Coal Consumed In Generating Electrical Power - 2014 Page 2

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Arizona Form 318
Part 3 - Available Credit Carryover
Column (d): On lines 1 through 12, enter the total amount of
tax paid for that month.
Complete Part 3 only if the allowable credit for prior taxable
years exceeded the Arizona income tax liability for those
Column (e): On lines 1 through 12, enter the total of
taxable years. Calculate the total available carryover of the
columns (c) and (d).
credit on Part 3, lines 6 through 11.
Now go to Form 318, Part 1, line 1.
Enter the applicable taxable year(s) in column (a) on lines 6
FORM 318
through 10. Enter the amount of the original tax credit for
each taxable year in column (b). Enter the amount of the
Line 1 -
credit for each taxable year that has been taken in previous
Enter the aggregate total from the completed Form(s) 318-1,
taxable years in column (c). Subtract column (c) from column (b)
line 13, column (d), on Form 318, Part 1 line 1.
and enter the difference in column (d). Add the amounts
entered on lines 6 through 10, column (d). Enter the total on
Line 2 -
line 11, column (d). This is the total available credit carryover
Multiply line 1 by 30 percent (.30). Enter the result. This is the
available for the current taxable year.
current taxable year's credit.
Part 4 - Total Available Credit
Part 2 - Corporate Partner's Share of Credit
Line 12 -
Lines 3 through 5 -
Corporations, exempt organizations with UBTI, and
The partnership must complete Form(s) 318-1 and Part 1 of
S corporations - enter the current taxable year's credit from
Form 318. Then, complete Part 2, lines 3 through 5,
Part I, line 2.
separately for each corporate partner. The partnership may
Corporate
partners
of
a
partnership
and
exempt
pass the credit through only to its corporate partners.
organizations that are shareholders of an S corporation -
Each corporate partner is entitled to only a pro rata share of
enter the amount from Part 2, line 5.
the credit based on the corporate partner’s ownership interest
Line 13 -
in the partnership. The total of the credit allowed to all
corporate partners may not exceed the amount that would
Enter the amount from Part 3, line 11, column (d). This is the
have been allowed for a sole owner.
total available credit carryover.
The partnership must furnish each corporate partner with a
Line 14 -
copy of Form 318. Each corporate partner must complete
Add line 12 and line 13. This is the total available credit that
Part 3, if applicable, and Part 4.
may be applied to the current taxable year's tax liability.
NOTE: An S corporation that elects to pass the credit through
Enter the total here and on Arizona Form 300, Part 1, line 6,
to its exempt organization shareholders should complete Part 2
column (c).
separately for each exempt organization shareholder and
include a statement with Form 318, signed by a signatory to
Arizona Form 120S, that states: The S corporation has made
an irrevocable election for the taxable year ending
(MM/DD/YYYY) to pass the credit for taxes paid for coal
consumed in generating electrical power as shown on
Form 318, Part 1, line 2 through to its exempt organization
shareholders. Each exempt organization shareholder would
then complete Part 3, if applicable, and Part 4 of Form 318.
2

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