Fillable Form 69 - Idaho Incentive Investment Tax Credit

EFO00040p2

Instructions for Idaho Form 69

03-26-13

GENERAL INSTRUCTIONS

Line 3. If you are a member of a unitary group of

corporations, enter the amount of credit you received from

The incentive investment tax credit (incentive ITC) was

another member of the unitary group.

eligible to be earned on qualified investments in Idaho

that were placed in service in tax years beginning in 2001

Line 4. If you received credit as a result of a transfer from

only. Although the credit can no longer be earned, it may

another taxpayer in 2013, enter the amount of credit you

be carried over from 2001 or acquired by transfer from

received. Include a copy of Form 70.

another taxpayer who earned the credit in 2001.

Line 6. If you are a partnership, S corporation, estate, or

Form 69 is used to calculate the incentive ITC allowed.

trust, enter the amount of credit that passed through to

partners, shareholders, or beneficiaries.

Each member of a unitary group that is allowed the credit

must complete a separate Form 69.

Line 7. If you are a member of a unitary group of

Unitary Sharing

corporations, enter the amount of credit you earned that

A corporation included as a member of a unitary group of

you elect to share with other members of your unitary

corporations may elect to share the incentive ITC it earned

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

but does not use with other members of the unitary group.

the credit up to the allowable limitation of your Idaho

The corporation must claim the incentive ITC to the extent

income tax.

allowable against its Idaho income tax before it can share

the credit.

Corporations claiming the incentive ITC must provide a

calculation of the credit earned and used by each member

Transfer of Credit

of the combined group. The schedule must clearly

A taxpayer who earned the incentive ITC may transfer the

identify shared credit and the computation of any credit

credit to another taxpayer. The transferor must submit

carryovers.

Form 70, Idaho Statement of Credit Transfer, to the Tax

Commission at least 60 days prior to the date of transfer.

Line 8. If you transferred credit to another taxpayer in

The Tax Commission will verify the amount of credit

2013, enter the amount of credit you transferred. You can

available for transfer and the number of carryover years.

only transfer credit that you originally earned.

The transferee may first claim the transferred credit on his

CREDIT LIMITATIONS

income tax return originally filed during the calendar year

If you are claiming against tax the Idaho credit for

in which the transfer takes place. However, the credit may

qualifying new employees, skip lines 10 through 14 and

not be claimed on a tax return that begins prior to January

compute the limitations on Form 55, Idaho Credit for

1, 2001. The transferee must include a copy of Form 70

Qualifying New Employees, Part II, Credit Limitations. The

with each income tax return in which the credit is claimed

incentive ITC and most other credits will be limited to 50%

or carried over.

of your Idaho income tax. Return to Form 69, line 15 to

compute the credit carryover.

Carryover Periods

The credit carryover is limited to 14 tax years. A

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

transferee is entitled to the same carryover period that

new employees, compute the credit limitations on Form

would have been allowed to the transferor.

69. The incentive ITC is limited to the smaller of $500,000

or the Idaho income tax after allowing all other tax credits

SPECIFIC INSTRUCTIONS

that can be claimed before it.

Instructions are for lines not fully explained on the form.

The following credits must be applied to the tax before the

incentive ITC:

CREDIT AVAILABLE SUBJECT TO LIMITATION

Line 2. Enter the amount of incentive ITC that is being

1. Credit for tax paid to other states

passed to you from partnerships, S corporations, estates,

2. Credit for contributions to Idaho educational entities

or trusts in which you have an interest. This amount is

3. Investment tax credit

from Form ID K-1, Part D, line 7.

4. Credit for contributions to Idaho youth and

rehabilitation facilities

Form 69 - Idaho Incentive Investment Tax Credit - 2013 Page 2

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