Form 55 - Idaho Credit For Qualifying New Employees - 2012 Page 4
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5Instructions for Idaho Form 55
EFO00034p4
11-07-12
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
entities you may claim. Enter this amount on the appropriate line
The credit for qualifying new employees was eligible to be
earned through April 14, 2011. Although the credit can no longer
of your Idaho income tax return.
be earned, it may be carried over for three years. Form 55 is
Line 6a. Enter the amount of your investment tax credit
used to calculate the carryover allowed.
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
amount on Form 44, Part I, line 1, in the Credit Allowed column.
after deducting the credit for tax paid to other states.
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
of qualifying employees decreases during the carryover period,
centers. This credit is limited as indicated on lines 8a and 8b.
Qualifying entities are listed in the instruction booklets in the
you must recompute the credit using the reduced number
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
you may claim. Enter this amount on the appropriate line of your
Instructions are for lines not fully explained on the form.
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 2011 Form 55, Part III,
used to manufacture a product from postconsumer or
postindustrial waste.
line 34.
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
production equipment using postconsumer or postindustrial
employment level decreased from the year when that credit was
earned, you must recompute the credit based on the reduced
waste. Credit earned but not used against tax may be carried
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
for production equipment using postconsumer or postindustrial
Please provide a schedule showing the computations.
waste you may claim. Enter this amount on Form 44, Part I, line
2, in the Credit Allowed column.
Line 3. If you are a partnership, S corporation, trust, or
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
Form ST-124 with the Tax Commission to qualify for the credit.
If you are claiming against tax the Idaho credit for qualifying new
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
is the amount of promoter sponsored event credit you may
credits.
claim. Enter this amount on Form 44, Part I, line 3, in the Credit
Allowed column.
The following credits must be applied to the tax before the credit
for qualifying new employees:
Line 14a. Enter the amount of your credit for qualifying new
employees available from Form 55, Part I, line 4.
1. Credit for tax paid to other states
2. Credit for contributions to Idaho educational institutions
3. Investment tax credit
Line 15. Enter the smallest amount from lines 14a, 14b, or 14c.
This is the amount of credit for qualifying new employees you
4. Credit for contributions to Idaho youth facilities, rehabilitation
facilities, and nonprofit substance abuse centers
may claim. Enter this amount on Form 44, Part I, line 4, in the
Credit Allowed column.
5. Credit for equipment using postconsumer waste or postindus-
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.
This is the amount of credit for Idaho research activities you may
any other taxes, or subtracting any credits.
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
investment credit available from Form 68, line 11.
Line 4. Enter the amount of qualifying contributions to Idaho
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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