Form 71 - Idaho Biofuel Infrastructure Investment Tax Credit - 2012 Page 2
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1
2
3Instructions for Idaho Form 71
EFO00085p2
09-19-12
GENERAL INSTRUCTIONS
Investment Tax Credit
If you claim the biofuel ITC, you can’t claim the regular
Form 71 is used to calculate the biofuel infrastructure
ITC on the same property.
investment tax credit (biofuel ITC) earned or allowed.
Each member of a unitary group that earns or is allowed
Election to Claim Two-Year Property Tax Exemption
the credit must complete a separate Form 71.
and Forgo Investment Tax Credit
If you elected to exempt personal property from your
If you placed property in service during the tax year that
property tax, you may not claim the biofuel ITC on the
is used to sell biofuel in Idaho, you may be able to claim
same property.
a 6% biofuel ITC. This credit is allowed instead of the
Unitary Sharing
regular 3% investment tax credit (ITC).
A corporation included as a member of a unitary group
Qualifying Property
of corporations may elect to share the biofuel ITC it
Qualified investment is the installation of new fueling
earns but does not use with other members of the unitary
infrastructure used to sell biofuel or offer biofuel for sale.
group. The corporation must claim the credit to the extent
Fueling infrastructure means:
allowable against its Idaho income tax before it can share
the credit.
● necessary tanks
● piping
Carryover Periods
● pumps, pump stands, and hoses
You may carry forward for five tax years biofuel ITC that
● monitors
was earned but not used against tax. For purposes of the
● blending equipment
carryover period, a short tax year counts as one tax year.
● meters
● rack injection systems
Recapture
● any other equipment, including installation of
You must compute recapture if you sell or otherwise
equipment, necessary for a fuel distributor to offer
dispose of the property or it ceases to qualify for the
biofuel to its customers or for a retail fuel outlet to offer
biofuel ITC before it has been in service for five full years.
biofuel for sale
File Form 71R to report recapture of the biofuel ITC.
The fueling infrastructure must be new property. Used
SPECIFIC INSTRUCTIONS
property doesn't qualify. New property is property
acquired or constructed by the taxpayer whose original
use begins with the taxpayer after such acquisition or
Line 1a.
Include a list of all property you placed in service
construction. Original use means the first use to which
during the tax year for which you are claiming the biofuel
the property is put, whether or not that corresponds to the
ITC. The list should identify each item of property, your
use of the property by the taxpayer. Property used by
basis in the item, and the date placed in service. Don’t
the taxpayer prior to its acquisition doesn't qualify as new
include any equipment that was disposed of, that ceased
property.
to qualify, or that was moved from Idaho before the end of
the year.
Qualified investment also includes the costs to upgrade
existing fueling infrastructure that is not compatible with
Line 1b. Enter the amount of any biofuel infrastructure
biofuel. This includes the costs to clean existing fuel
grants received for the project in which the qualified
storage tanks, trucks, or other equipment for the purpose
investments claimed on line 1a were acquired. You can't
of providing biofuels.
claim the credit on this amount.
The qualified investment must be located in Idaho.
Line 3.
Enter the amount of biofuel ITC that is being
passed through by partnerships, S corporations, estates,
Biofuel is any fuel offered for sale as a transportation
or trusts in which you have an interest. This amount is
fuel. It must be agriculturally derived and meet applicable
reported on Form ID K-1, Part D, line 8.
American Society for Testing and Materials standards as
required in Idaho Code section 37-2506. This includes
Line 4.
If you are a member of a unitary group, enter the
ethanol, ethanol-blended fuel, biodiesel, and biodiesel
amount of credit you received from another member of the
blends.
unitary group.
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