Instructions For Form 343 - Arizona Renewable Energy Production Tax Credit

Arizona Form 343

taxable year credit or pass the credit through to its

Part 4 - Available Credit Carryover

shareholders. The election statement must be signed by one

Use Part 4 to figure your total available credit carryover

of the officers of the S corporation who is also a signatory to

from prior taxable years. Complete lines 18 through 23,

Arizona Form 120S. If the S corporation elects to claim the

columns (a) through (d), if you claimed the credit on a prior

credit itself, it can skip lines 8 through 12 and complete

year’s return and the credit exceeded your tax liability.

Part 4 and Part 5.

Enter the taxable year(s) from which you are carrying over

Lines 8 through 12 -

the credit in column (a) on lines 18 through 22. In column (b),

If an S corporation elects to pass the credit through to its

enter the credit originally computed for that taxable year. In

shareholders, it must also complete lines 8 through 10. If the

column (c), enter the amount of the credit from that taxable

S corporation received a Certificate from Revenue, it must

year which you have already used. Subtract the amount in

also complete line 11. If the S corporation received a credit

column (c) from the amount in column (b) and enter the

passed through from a partnership, and the partnership

difference in column (d). Add the amounts entered on lines 18

received a Certificate from Revenue, the S corporation must

through 22 in column (d). Enter the total on line 23, column (d).

also complete line 12.

This is the total credit carryover available for the current

taxable year.

After the S corporation completes Part 1, it must complete

Part 2, lines 8 through 10, separately for each shareholder.

Part 5 - Total Available Credit

The S corporation must also complete line 11 and/or line 12,

Line 24 -

as applicable, separately for each shareholder.

Each S corporation shareholder is entitled to only a pro rata

Enter the current year’s credit.

share of pass-through credit based on ownership interest in

Individuals, corporations (including S corporations that

the S corporation. The total of the credit allowed to all

elected to claim the credit), and exempt organizations with

shareholders may not exceed the amount that would have

UBTI - enter the amount from Part I, line 6.

been allowed for a sole owner.

S corporation shareholders - enter the amount from Part 2,

The S corporation must furnish each shareholder with a copy

line 10.

of the Certificate and pages 1 and 2 of Form 343. Each

Partners of a partnership - enter the amount from Part 3,

shareholder would then complete Part 4 and Part 5.

line 15.

NOTE: Taxpayers who are partners or shareholders in

Line 25 -

multiple entities receiving the renewable energy production

tax credit must create a schedule detailing the amount of the

Enter the available credit carryover from prior years from

credit

passed

through

from

each

partnership

Part 4, line 23, column (d).

S corporation, and include the schedule with their tax

Line 26 -

returns.

Add line 24 and line 25. This is the total available renewable

Part 3 - Partner’s Share of Credit

energy production tax credit that may be applied to the

Partnerships must complete Form 343, Part 1. The

current year's tax liability.

partnership must complete Part 3, lines 13 through 17,

Corporations, exempt organizations with UBTI, and

separately for each partner.

S corporations - enter the total here and on Form 300, Part 1,

Each partner is entitled to only a pro rata share of the credit

line 18, column (c).

based on the partner’s ownership interest in the partnership.

Individuals - enter the total here and on Form 301, Part 1,

The total of the credit allowed to all partners may not exceed

line 24, column (c).

the amount that would have been allowed for a sole owner.

The partnership must furnish each partner with a copy of the

Certificate and pages 1 and 2 of Form 343. Each partner

would then complete Part 4 and Part 5.

NOTE: Taxpayers who are partners or shareholders in

multiple entities receiving the renewable energy production

tax credit must create a schedule detailing the amount of the

credit

passed

through

from

each

partnership

S corporation, and inlcude the schedule with their tax

returns.

Instructions For Form 343 - Arizona Renewable Energy Production Tax Credit - 2014 Page 2

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