Form 71 - Idaho Biofuel Infrastructure Investment Tax Credit - 2012 Page 3
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3Form 71 - Page 2
EFO00085p3
09-19-12
Line 5.
Line 10. Enter the amount of your Idaho income tax. This
Enter the carryover from your 2011 Form 71,
line 31.
is the computed tax before adding the permanent building
fund tax or any other taxes, or subtracting any credits.
Line 7.
If you are a partnership, S corporation, trust or
estate, enter the amount of credit that passed through to
Line 11. Enter the credit for tax paid to other states from
partners, shareholders, or beneficiaries.
Form 39R or Form 39NR. This credit is available only to
individuals, estates, and trusts.
Line 8. If you are a member of a unitary group of
corporations, enter the amount of credit you earned that
Line 12. Enter the credit for contributions to Idaho
you elect to share with other members of your unitary
educational entities from the appropriate Idaho income tax
group. Before you can share your credit, you must use
return.
the credit up to the allowable limitation of your Idaho
income tax.
Line 13. Enter the investment tax credit allowed from
Form 49, Part II, line 8.
Corporations claiming the biofuel ITC must provide a
calculation of the credit earned and used by each member
Line 14. Enter the credit for contributions to Idaho youth
of the combined group. The schedule must clearly
and rehabilitation facilities from the appropriate Idaho
identify shared credit and the computation of any credit
income tax return.
carryovers.
Line 15. Enter the credit for production equipment using
CREDIT LIMITATIONS
postconsumer waste from the appropriate Idaho income
If you are claiming against tax the Idaho credit for
tax return.
qualifying new employees, skip lines 10 through 28 and
compute the limitations on Form 55, Idaho Credit for
Line 16. Enter the promoter sponsored event credit from
Qualifying New Employees, Part II, Credit Limitations.
the appropriate Idaho income tax return.
The biofuel ITC and most other credits will be limited to
50% of your Idaho income tax. Return to Form 71, line 29
Line 17. Enter the credit allowed for Idaho research
to compute the credit carryover.
activities from Form 67, line 29.
If you aren’t claiming against tax the credit for qualifying
Line 18. Enter the broadband equipment investment tax
new employees, compute the credit limitations on Form
credit allowed from Form 68, line 18.
71. The biofuel ITC is limited to 50% of your Idaho income
tax or the Idaho income tax after allowing all other tax
Line 19. Enter the incentive investment tax credit allowed
credits that can be claimed before the biofuel ITC.
from Form 69, line 16.
The following credits must be applied to the tax before the
Line 20. Enter the small employer investment tax credit
biofuel ITC:
allowed from Form 83, line 28.
1. Credit for tax paid to other states
Line 21. Enter the small employer real property
2. Credit for contributions to Idaho educational entities
improvement tax credit allowed from Form 84, line 26.
3. Investment tax credit
4. Credit for contributions to Idaho youth and
Line 22. Enter the small employer new jobs tax credit
rehabilitation facilities
allowed from Form 85, line 35.
5. Credit for production equipment using
postconsumer waste
Line 23. Enter the credit for live organ donation expenses
6. Promoter sponsored event credit
from the appropriate Idaho income tax return.
7. Credit for qualifying new employees
8. Credit for Idaho research activities
Line 28. Enter the smallest amount from lines 25, 26, or
9. Broadband equipment investment credit
27 on line 28. Enter this amount on Form 44, Part I,
10. Incentive investment tax credit
line 11 in the Credit Allowed column.
11. Small employer ITC, real property improvement tax
credit, and new jobs tax credit
CREDIT CARRYOVER
12. Credit for live organ donation expenses
Line 31. The amount of credit available that exceeds the
total credit allowed on the current year tax return may be
carried forward up to five tax years. Enter this amount on
Form 44, Part I, line 11, in the Carryover column.
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