Fillable Form Ia 133 - New Jobs Tax Credit Worksheet

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Iowa Department of Revenue

2012 IA 133 New Jobs Tax Credit

Worksheet

Name(s)

SSN or FEIN

Number of New Jobs

1. Qualifying taxable wages for eligible new employees...................................1.

2. Calculated credit. Multiply line 1 by 6% (.06)................................................

Instructions

A New Jobs Tax Credit can be taken by a business

If the taxpayer is a C corporation, the amount in Line

that has entered into a chapter 260E agreement with a

2 should be placed in Column D of the IA 148 Tax

vocational school or community college, and that has

Credits Schedule. Use Tax Credit Code 08 in Col-

increased its base employment level by at least 10%

umn A. Any carryforward from prior year(s) should

within the time set in the agreement. In the case of a

be placed in Column C of the same line on the IA

business without a base employment level, if the

148. Use the IA 148 Tax Credits Schedule to deter-

business adds new jobs within the time set in the

mine the allowable credit that can be claimed in the

agreement, it is entitled to this New Jobs Tax Credit

current tax year and any carryforward for future tax

for the tax year selected by the business. In determin-

years or expired credits.

ing if the business has increased its base employment

S corporations, partnerships, LLC’s, estates, and

level by 10%, only those new jobs directly resulting

trusts that share the credit among their shareholders,

from the project covered by the agreement can be

partners, or beneficiaries must show on Schedule K-1

counted.

or on an attachment to Schedule K-1 the credit for

The credit can be taken in any tax year that either

each shareholder, partner, or beneficiary.

begins or ends during the period beginning with the

If the taxpayer has received the credit from a pass-

date of the agreement and ending with the date the

through entity, place the current year amount of the

agreement is to be completed. However, the credit

credit reported on the taxpayer’s K-1 in Column D of

may not be taken until the base employment level has

the IA 148 Tax Credits Schedule. Use Tax Credit

been exceeded by 10%. Any credit in excess of the

Code 08 in Column A. Any carryforward from prior

tax liability for the tax year may be credited to the tax

year(s) from the same pass-through entity should be

liability for the following 10 tax years or until de-

placed in Column C of the same line on the IA 148.

pleted, whichever is earlier.

If an Iowa Jobs Tax Credit has been received from

The credit is determined by multiplying the qualify-

more than one pass-through entity, each credit should

ing taxable wages of new employees by 6%. For

be placed on a separate line in Part I of the IA 148.

purposes of this credit, “qualifying taxable wages” is

Provide the name and FEIN of the pass-through

the amount of taxable wages on which an employer is

entity for each of these credits in Part IV of the IA

required to pay unemployment taxes for employees in

148. Use the IA 148 Tax Credits Schedule to deter-

new jobs or employees in jobs directly related to

mine the allowable credit that can be claimed in the

those new jobs. For 2012, qualifying taxable wages is

current tax year and any carryforward for future tax

the first $25,300 wages paid to an employee.

years or expired credits.

Retain this worksheet for your files. Do not enclose

Computation of New Jobs Credit

with your return.

Line 1. Enter the total amount of qualifying taxable

wages for eligible new employees.

IA 148 Tax Credits Schedule

must be completed.

Line 2. Multiply amount on line 1 by 6% (.06).

41-133 (09/27/12)

Form Ia 133 - New Jobs Tax Credit Worksheet - 2012

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