Form F-1158z - Enterprise Zone Property Tax Credit (Page 4 of 4) in pdf

F-1158ZN

R. 01/09

“Ad valorem taxes paid” means 96 percent of property

Part IV. Tax liability and tax year limitation.

taxes levied for operating purposes and must not include

interest, penalties or discounts forgone. Levies for debt

Line 10. The credit must be applied against the

service are not included in the credit calculation

corporate income or franchise tax liability for the taxable

because this calculation is limited to levies for

year. Therefore, enter on this line the total tax due amount

operating purposes only. In addition, for purposes of

from Form F-1120, Page 1, Line 11.

the credit, “ad valorem taxes paid” means the tax paid

on new or added real and tangible personal property

Line 11. The amount of credit allowable is limited to

acquired to set up a new business and to facilitate a

the total corporate income or franchise tax due after

business expansion. “Ad valorem taxes paid” also means

certain credits are applied. Therefore, enter on Lines 11(a)

the tax paid on new or added real and tangible personal

through 11(d) the amounts claimed for the specified

property acquired to rebuild or restore a destroyed or

credits from Form F-1120, Schedule V. Enter the total

damaged business, including pollution and waste control

other credits against the tax [sum of Lines 11(a) through

facilities or any other part of it. This may include one or

11(d)].

more buildings or other structures, machinery, fixtures,

and equipment.

Line 12. The tax liability limit on the amount of credit

allowable is the total tax due on Line 10 minus the total

Lines 5 and 6. Enter the date of payment and the taxes

other credits against the tax on Line 11.

paid on Line 5 for real property and on Line 6 for tangible

personal property.

Part V. Enterprise zone property tax credit for this

year.

Line 7. Enter the total ad valorem taxes paid (Line 5 plus

Line 6) on this line.

Lines 13 and 14. The total amount of credit available

this year is the sum of the credit allowable for ad valorem

Part III. Unused credit carryover from prior tax years.

taxes paid this year on Line 7 and the amount of unused

credit carryover available this year on Line 9.

If you do not fully use the credit granted in any one

year, you may carry the unused amount forward for a

Line 15. The enterprise zone property tax credit that

period not to exceed five years. You may use the credit

you can claim this year is the lesser of the total amount

carryover in a later year when the limitation exceeds the

of credit available this year (from Line 14) or the limit on

credit for such year.

the amount of credit that you may claim this year (from

Line 12). Enter this amount on Form F-1120, Schedule I,

Line 8. Complete the table to determine the balance of

Page 3, Line 8.

unused credit carryover available this year from each of

the five immediately preceding tax years in order of time.

In entering the years the unused credit carryovers were

created, start with oldest year. In applying unused credit

carryovers for several years, you should apply the unused

credit carryover from the oldest year first.

Line 9. Enter the total amount of unused credit carryover

available this tax year which is the sum of the amounts in

8(d).

Form F-1158z - Enterprise Zone Property Tax Credit Page 4

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