Form 55 - Idaho Credit For Qualifying New Employees - 2013 Page 4
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Instructions for Idaho Form 55
08-21-13
GENERAL INSTRUCTIONS
Line 5. Enter the smallest amount from lines 3a, 4a, or 4b. This
is the amount of credit for contributions to Idaho educational
The credit for qualifying new employees was eligible to be
entities you may claim. Enter this amount on the appropriate line
of your Idaho income tax return.
earned through April 14, 2011. Although the credit can no longer
be earned, it may be carried over for three years. Form 55 is
used to calculate the carryover allowed.
Line 6a. Enter the amount of your investment tax credit
available from Form 49, Part I, line 8.
Credit Limitations
Line 7. Enter the smallest amount from lines 6a, 6b, or 6c. This
If you claim the credit for qualifying new employees, this credit
and most other income tax credits are limited to 50% of the tax
is the amount of investment tax credit you may claim. Enter this
after deducting the credit for tax paid to other states.
amount on Form 44, Part I, line 1, in the Credit Allowed column.
Carryover Periods
Line 8. Enter the amount of qualifying contributions to Idaho
youth and rehabilitation facilities and nonprofit substance abuse
The credit carryover is limited to three tax years. If the number
centers. This credit is limited as indicated on lines 8a and 8b.
of qualifying employees decreases during the carryover period,
you must recompute the credit using the reduced number
Qualifying entities are listed in the instruction booklets in the
CREDITS section of the specific instructions.
of qualifying employees to determine the correct amount of
carryover.
Line 9. Enter the smallest amount from lines 8a, 8b, 8c, or 8d.
SPECIFIC INSTRUCTIONS
This is the amount of credit for contributions to Idaho youth and
rehabilitation facilities and nonprofit substance abuse centers
Instructions are for lines not fully explained on the form.
you may claim. Enter this amount on the appropriate line of your
Idaho income tax return.
PART I. CREDIT AvAILAbLE SUbjECT TO LIMITATION
Line 10. Enter the amount of your qualifying cost of equipment
Line 1. Enter the carryover from your 2012 Form 55, Part III,
used to manufacture a product from postconsumer or
line 34.
postindustrial waste.
Line 2. If you are reporting carryover of credit on line 1 and your
Line 10b. Enter the amount of your carryover of credit for
employment level decreased from the year when that credit was
production equipment using postconsumer or postindustrial
waste. Credit earned but not used against tax may be carried
earned, you must recompute the credit based on the reduced
employment level to determine the correct amount of carryover.
forward up to seven years.
Subtract the recomputed carryover amount from the amount on
line 1 and enter the difference on line 2.
Line 11. Enter the smallest amount from lines 10c, 10d, or
10e, but not more than $30,000. This is the amount of credit
Please provide a schedule showing the computations.
for production equipment using postconsumer or postindustrial
waste you may claim. Enter this amount on Form 44, Part I, line
Line 3. If you are a partnership, S corporation, trust, or
2, in the Credit Allowed column.
estate, enter the credit that passed through to the partners,
shareholders, or beneficiaries.
Line 12a. Enter the amount of your promoter sponsored event
credit. This credit is $1 for each temporary sales tax permit you
PART II. CREDIT LIMITATIONS
issued on behalf of the Tax Commission during the tax year to
participants of a promoter sponsored event. You must have filed
If you are claiming against tax the Idaho credit for qualifying new
Form ST-124 with the Tax Commission to qualify for the credit.
employees, complete Part II to determine the limitation on the
credit for qualifying new employees and all other nonrefundable
Line 13. Enter the smaller amount from lines 12a or 12b. This
credits.
is the amount of promoter sponsored event credit you may
claim. Enter this amount on Form 44, Part I, line 3, in the Credit
The following credits must be applied to the tax before the credit
Allowed column.
for qualifying new employees:
Line 14a. Enter the amount of your credit for qualifying new
1. Credit for tax paid to other states
employees available from Form 55, Part I, line 4.
2. Credit for contributions to Idaho educational institutions
3. Investment tax credit
Line 15. Enter the smallest amount from lines 14a, 14b, or 14c.
4. Credit for contributions to Idaho youth facilities, rehabilitation
This is the amount of credit for qualifying new employees you
facilities, and nonprofit substance abuse centers
may claim. Enter this amount on Form 44, Part I, line 4, in the
5. Credit for equipment using postconsumer waste or postindus-
Credit Allowed column.
trial waste
6. Promoter sponsored event credit
Line 16a. Enter the amount of your credit for Idaho research
activities available from Form 67, line 22.
Line 1. Enter the amount of your Idaho income tax. This is the
computed tax before adding the permanent building fund tax or
Line 17. Enter the smallest amount from lines 16a, 16b or 16c.
any other taxes, or subtracting any credits.
This is the amount of credit for Idaho research activities you may
claim. Enter this amount on Form 44, Part I, line 5, in the Credit
Line 2. Enter the credit for tax paid to other states from Form
Allowed column.
39R or Form 39NR. This credit is available only to individuals.
Line 18a. Enter the amount of your broadband equipment
Line 4. Enter the amount of qualifying contributions to Idaho
investment credit available from Form 68, line 11.
educational entities. This credit is limited as indicated on
lines 4a and 4b. Qualifying entities are listed in the instruction
booklets in the CREDITS section of the specific instructions.
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