Form Ia 147 - Iowa Franchise Tax Credit - 2015 Page 2
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22015 IA 147 Franchise Tax Credit Instructions
If a financial institution as defined in section 581
Line 11: Income tax on all income - The
of the Internal Revenue Code elects to file as an
difference between lines 10 and 7 provides
S corporation for federal income tax purposes
income tax liability on all income minus
and, therefore, to have its income taxed directly
designated tax credits.
to
shareholders,
those
shareholders
Line 13: Shareholder’s pro rata share of
(individuals, C corporations, fiduciaries) qualify
franchise tax - Amount of franchise tax liability
for a Franchise Tax Credit. The tax credit cannot
minus any tax credits claimed by the financial
exceed the shareholder’s pro rata share of the
institution
multiplied
by
your
ownership
Iowa franchise tax paid by the financial
percentage. This information is available on the
institution.
1120F filed by the financial institution and
To complete this form, you will need information
included with your IA 1120S Schedule K-1.
from the 1120F and 1120S filed by the financial
Line 14: Franchise Tax Credit - The
institution. This information is included with your
Franchise Tax Credit that can be claimed
IA 1120S Schedule K-1. You
will also need your
against income tax is the smaller of the income
IA 1040, IA 1120, or IA 1041.
tax you owe on your share of the financial
Line 2: Share of financial institution
institution’s income or your share of the
income - Multiply your ownership percentage
franchise tax paid by the financial institution.
in the S corporation by the modified federal
Enter in column D of Part I on the IA 148 Tax
income from Part III, line 10 of the 1120S. This
Credits Schedule; use
tax credit code 04 in
information is included with your IA 1120S
column A.
Any credit in excess of the tax
Schedule K-1.
liability cannot be carried forward and should be
Line 6: Potential income tax - The sum of lines
entered as expired in column G of the IA 148.
4 and 5 provides income tax liability owed on all
File a separate IA 147 for each Franchise
Tax
income except your share of the financial
Credit
received.
Each Franchise Tax Credit must
institution’s income.
be reported on a separate line in Part I of the IA
Line 8: Income tax without financial
148 Tax Credits Schedule. Include the financial
institution income - The difference between
institution name in column M and the FEIN in
lines 6 and 7 provides income tax liability minus
column N of Part IV of the IA 148.
designated tax credits.
Include this form with your return.
41-147b (07/28/15)
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