Instructions For Form 349 - Arizona Credit For Qualified Facilities

Arizona Form 349

pass this taxable year's apportioned credit through to its

Specific Instructions

shareholders. The election statement must be signed by one

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

Complete the name and taxpayer identification number

Arizona Form 120S.

section at the top of the form. Indicate the period covered by

the taxable year. Include the completed form with the tax

If the S corporation elects to pass this year's apportioned

return.

credit through to its shareholders, it must first complete

Form 349, Part 1, then complete Part 3, lines 8 through 10,

All returns, statements, and other documents filed with the

separately for each shareholder. Each S corporation

department require a taxpayer identification number (TIN).

shareholder is entitled to only a pro rata share of pass-

The TIN for a corporation, an exempt organization with

through credit based on ownership interest in the S

UBTI, an S corporation, or a partnership is the taxpayer's

corporation. The total of the credits allowed to all

employer identification number. The TIN for an individual is

shareholders may not exceed the amount that would have

the taxpayer's social security number or an Internal Revenue

been allowed for a sole owner.

Service individual taxpayer identification number. A

taxpayer that fails to include its TIN may be subject to a

If the S corporation has been notified of a credit recapture

penalty.

for a credit it passed through to its shareholders, it must also

complete Part 2 and then Part 3, line 11, separately for each

Part 1 - Listing of Post-Approved Qualified

shareholder.

Facilities and Apportioned Credit Amount

The S corporation must furnish each shareholder with a copy

Lines 1 through 4 -

of the Certification from Commerce and pages 1 and 2 of

Form 349. Each shareholder would then complete Part 5, if

In Part 1, list qualified facilities that Commerce has post-

applicable, and Part 6.

approved and that have apportioned credit amounts that are

eligible to be claimed on this year’s tax return. The first fifth

Part 4 - Partner’s Share of Credit and Credit

of the credits for qualified facilities is to be claimed on the

Recapture

tax return that includes the post-approval date and must be

filed timely, including extensions.

Lines 12 through 15 -

Write the allocation year in column (a)1. The allocation year

A partnership must complete Form 349, Part 1, then complete

is the calendar year to which the credit was applied to the

Part 4, lines 12 through 14, separately for each partner.

annual credit cap. This date will be noted on the post-

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

approval document received from Commerce. Commerce

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

has assigned each facility a priority placement number,

total of the credits allowed to all partners may not exceed the

which should be the same on both pre-approval and post-

amount that would have been allowed for a sole owner.

approval documents. List this number in column (a)3. Enter

If the partnership has been notified of a credit recapture, it

the apportioned credit amount per the post-approval

must also complete Part 2 and then Part 4, line 15, separately

document in column (b).

for each partner.

If you do not have enough lines on the form to enter all of

The partnership must furnish each partner with a copy of the

the apportioned credits required to be claimed this tax year,

Certification from Commerce and pages 1 and 2 of

include a schedule that shows all of the information Part 1

Form 349. Each partner would then complete Part 5, if

requires. Enter the total apportioned credit amounts from all

applicable, and Part 6.

included schedules on line 3. Add lines 1 through 3, and

Part 5 - Credit Recapture Summary

enter the total on line 4. This is the total apportioned credit

for qualified facilities for this year.

Complete Part 5 as instructed on the form.

Part 2 - Credit Recapture

Part 6 - Total Apportioned Credit Claimed

This Taxable Year

Lines 5 and 6 -

On line 5, list the date on which the Certification of the

Line 18 -

business was terminated or revoked. On line 6, enter the full

Enter the current year's apportioned credit for qualified

amount of apportioned credits previously claimed.

facilities.

Part 3 - S Corporation Credit Election and

Individuals, corporations (including S corporations that

Shareholder’s Share of Credit and Credit

elected to claim the credit), and exempt organizations with

Recapture

UBTI - enter the amount from Part 1, line 4.

S corporation shareholders - enter the amount from Part 3,

Lines 7 through 11 -

line 10.

S corporations must complete this portion of Form 349 in

order for the S corporation or its shareholders to claim the

Partners of a partnership - enter the amount from Part 4,

credit. The S corporation must make an irrevocable election

line 14.

either to claim this taxable year's apportioned credit or to

Instructions For Form 349 - Arizona Credit For Qualified Facilities - 2014 Page 2

Related Articles

Related forms

Related Categories