Fillable Form 49c - Idaho Investment Tax Credit Carryover

EFO00047p3

06-27-12

Instructions for Idaho Form 49C

GENERAL INSTRUCTIONS

Conversion of a C Corporation to S Corporation

An investment tax credit carryover earned by a C

corporation that has converted to an S corporation is

Complete this form if an investment tax credit (ITC)

allowed against the S corporation's tax on net recognized

carryover is included in the current year's available credit.

built-in gains and excess net passive income. The credit

Once the Form 49C is completed, the carryover will be

is not allowed against the tax paid by an S corporation for

carried to Form 49.

nonresident shareholders. A separate Form 49C should

be used to account for this credit carryover.

Carryover Period

ITC earned in tax years beginning on or after

January 1, 2000, can be carried forward up to 14

Use of Other Schedules

succeeding tax years. Credit earned in tax years

If this form does not allow you to properly reflect the

beginning before 2000 can also be carried forward up

application of carryovers and recapture, you may provide

to 14 tax years if the 7-year carryover allowed for these

the information on a separate schedule.

years didn't expire before the first tax year beginning in

SPECIFIC INSTRUCTIONS

2000. For purposes of the carryover period, a short tax

year counts as one tax year.

Line 1. For each year, enter the credit earned that tax

Application of Credit — Situs Required

year. Don't include any carryover amounts.

The oldest available credit must be used before credit

earned in the current year is used. Credit carryover may

Lines 2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22, 24, 26, and 28.

be claimed in a later year only if the carryover is for credit

For each year, enter the amount of credit allowed against

on qualified property that still has an Idaho situs. Property

tax, the amount of credit you earned that was shared with

has a situs in Idaho if it is used in Idaho at any time during

another member of the unitary group, and the amount of

the tax year.

credit that passed through to an owner or beneficiary.

Property that is no longer used in the business or used in

Lines 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25, 27, 29,

Idaho during a tax year doesn't have a situs in Idaho in

and 30.

that tax year or in any later tax year. The credit from this

For each year, enter the total of the following amounts:

property must either be recaptured or removed from the

● Credit recaptured. The credit must be recomputed

carryover.

if you disposed of the property before the end of the

5-year recapture period. This includes 100% of the

Unitary Taxpayers

credit for property used less than a full year.

Credit carried forward may be claimed by any member

● Credit eliminated. The credit computed on property

of a unitary combined group of corporations as long as

that was used more than five years in Idaho, but is no

the member who earned the credit is still in the combined

longer used in the business or located in Idaho, must

group for the year the credit is being claimed.

be removed from the carryover amount.

Form 49c - Idaho Investment Tax Credit Carryover - 2012 Page 3

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