Form 71 - Idaho Biofuel Infrastructure Investment Tax Credit

EFO00085p2

Instructions for Idaho Form 71

10-15-15

GENERAL INSTRUCTIONS

CREDIT LIMITATIONS

If you are claiming against tax the Idaho credit for

The biofuel investment tax credit was eligible to be

qualifying new employees, skip lines 6 through 24 and

earned on qualified investments in Idaho that were placed

compute the limitations on Form 55, Idaho Credit for

in service in tax years beginning in 2007 and ending

Qualifying New Employees, Part II, Credit Limitations.

December 31, 2011. Although the credit can no longer be

The biofuel ITC and most other credits will be limited to

earned, it may be carried over.

50% of your Idaho income tax. Return to Form 71, line 25

to compute the credit carryover.

Form 71 is used to calculate the biofuel investment tax

credit allowed. Each member of a unitary group that is

If you aren’t claiming against tax the credit for qualifying

allowed the credit must complete a separate Form 71.

new employees, compute the credit limitations on Form

71. The biofuel ITC is limited to 50% of your Idaho income

Unitary Sharing

tax or the Idaho income tax after allowing all other tax

A corporation included as a member of a unitary group of

credits that can be claimed before the biofuel ITC.

corporations may elect to share the biofuel ITC it earned

but does not use with other members of the unitary

The following credits must be applied to the tax before the

group. The corporation must claim the credit to the extent

biofuel ITC:

allowable against its Idaho income tax before it can share

1. Credit for income tax paid to other states

the credit.

2. Credit for contributions to Idaho educational entities

3. Investment tax credit

Carryover Periods

You may carry forward for five tax years biofuel ITC that

4. Credit for contributions to Idaho youth and

rehabilitation facilities

was earned but not used against tax. For purposes of the

5. Credit for production equipment using

carryover period, a short tax year counts as one tax year.

postconsumer waste

6. Promoter-sponsored event credit

Recapture

7. Credit for qualifying new employees

You must compute recapture if you sell or otherwise

8. Credit for Idaho research activities

dispose of the property or it ceases to qualify for the

biofuel ITC before it has been in service for five full years.

9. Broadband equipment investment credit

10. Incentive investment tax credit

11. Small employer ITC, real property improvement tax

File Form 71R to report recapture of the biofuel ITC.

credit, and new jobs tax credit

12. Credit for live organ donation expenses

SPECIFIC INSTRUCTIONS

Line 1.

Enter the carryover from your 2014 Form 71,

Line 6. Enter the amount of your Idaho income tax. This

line 27.

is the computed tax before adding the permanent building

fund tax or any other taxes, or subtracting any credits.

Line 2.

If you are a member of a unitary group, enter the

amount of credit you received from another member of the

Line 7. Enter the credit for income tax paid to other states

unitary group.

from Form 39R or Form 39NR. This credit is available

only to individuals, estates, and trusts.

Line 4. If you are a member of a unitary group of

corporations, enter the amount of credit you earned that

Line 8. Enter the credit for contributions to Idaho

you elect to share with other members of your unitary

educational entities from the appropriate Idaho income tax

group. Before you can share your credit, you must use

return.

the credit up to the allowable limitation of your Idaho

income tax.

Line 9. Enter the investment tax credit allowed from Form

49, Part II, line 8.

Corporations claiming the biofuel ITC must provide a

calculation of the credit earned and used by each member

Line 10. Enter the credit for contributions to Idaho youth

of the combined group. The schedule must clearly

and rehabilitation facilities from the appropriate Idaho

identify shared credit and the computation of any credit

income tax return.

carryovers.

Form 71 - Idaho Biofuel Infrastructure Investment Tax Credit - 2015 Page 2

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