Instructions For Idaho Form 49e (Page 2 of 3) in pdf

EIN00031p2

Form 49E - Page 2

05-16-12

tax year when you have a short tax period that re sults from a

that is essentially an item of machinery. Structural

change in income tax years.

components include parts of a building such as walls,

partitions, floors, ceilings, and any permanent covering

QUALIFYING PROPERTY

such as paneling, tiling, windows, doors, all components

The following is a brief description as to what constitutes

of a central air conditioning or heating system, plumbing

and plumbing fixtures (including sprinkler systems and fire

qualifying property. For more detailed information, contact

the Tax Commission, Taxpayer Services at (208) 334-7660 or

escapes).

•

(800) 972-7660.

Property used in certain lodging facilities

•

Property subject to amortization

•

General Information

Construction in progress

The QIE is available only on property that qualifies for the

•

The cost of property expensed

Idaho ITC. Idaho generally follows the definition of qualified

investment credit property found in the Internal Revenue

Used Property

Code (IRC) Sections 46 and 48 as in effect prior to 1986.

Qualifying used property is limited to a total cost of $150,000

The property must be used in Idaho the first year it is placed

per income tax year, whether you claim the QIE, the ITC, or a

in service. Qualifying property generally includes:

combination of both for that year. In addition, you must have

acquired the used property by purchase. If you have used

•

property in excess of $150,000, you must select the specific

Tangible personal property (other than air conditioning and

heating units),

items on which to claim the QIE. If you select an item, the

•

Other tangible property (not including a building and

entire cost must be taken into account unless you have

its structural components) but only if used for certain

exceeded the $150,000 limit. If the $150,000 used property

purposes,

limit is exceeded, the remaining amount of an item selected

•

Elevators and escalators,

and any items not selected do not qualify for the ITC. For

•

Single purpose agricultural or horticultural structures, and

example, used assets A, B, C, and D, each costing $70,000,

•

Petroleum storage facilities

were placed in service. Two of the assets will qualify and a

third asset will partially qualify. You must select which two

items qualify and which third item partially qualifies. If you

Tangible personal property means any tangible property

except land and land improvements. It includes all property

claim the QIE on assets A and B, you may claim a partial QIE

that is contained in, or attached to, a building (other than

on either asset C or D, or you may claim the ITC on asset

structural components of the building).

C or D but only up to $10,000, the remaining amount of the

$150,000 used property limitation.

Other tangible property, including depreciable land

improvements (except a building and its structural

DENIAL OF QIE

components), qualifies if it falls in a category of property

If the QIE is denied for all or part of the market value of any

used as integral parts of manufacturing, production or

property, the county assessor will notify you of the basis for

extraction, or as an integral part of furnishing transportation,

the denial.

communications, electrical energy, gas, water or sewage

SPECIFIC INSTRUCTIONS

disposal services by a person engaged in a trade or business

of furnishing any such service, or is a research or bulk

storage facil ity used in connection with any of these activities.

HEADING

The research facility does not have to be an integral part

Enter the name that is used on your personal property

of the busi ness activity. Bulk storage means the storage of

declaration or operator’s statement.

fungible commodities in a large mass before consumption or

use.

Enter your Social Security Number or your Federal Employer

Identification Number, whichever is applicable, in the space

Single-purpose agricultural or horticultural structures qualify

provided. If you were included in a combined report, enter the

if specifically designed, constructed, and used solely for a

name of the corporation the Idaho income tax return is filed

under and its Federal Employer Identification Number.

qualifying purpose. If a structure is used for both qualifying

and nonqualifying purposes, the structure does not qualify.

LOSS IN SECOND PRECEDING TAX YEAR

Items that do not qualify include:

You must have had negative Idaho taxable income without

regard to net operating loss carryovers or carrybacks in the

•

Buildings and their structural components. A building is

second preceding tax year from the income tax year you

any structure enclosing a space within its walls usually

placed the property in service. In the space provided, enter

covered by a roof, the purpose of which is to provide

the last day of your income tax year that ended in calendar

shelter or housing, working, office, parking, display, or

year 2012. For example, if you are a calendar year taxpayer,

enter December 31, 2012. If you are a fiscal year taxpayer,

sales space. This includes apartment houses, factory and

office buildings, warehouses, barns, garages, railway or

enter the last day of the fiscal year that ended during 2012.

bus stations, and stores. It does not include a structure

Instructions For Idaho Form 49e Page 2

Related Articles

Related forms

Related Categories