Form 60 - North Dakota S Corporation Income Tax Bokklet - 2012 Page 3
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291
Form 60 Instructions
2012
North Dakota S Corporation Income Tax Return
“N.D.C.C.” references are to the North Dakota Century Code, which contains North Dakota’s statutes.
“N.D. Admin. Code” references are to the North Dakota Administrative Code, which contains North Dakota’s rules.
Special Reminders
In the case of a passthrough entity that makes
The credit is equal to 45% of the amount
a qualifying contribution, the total allowable
invested, up to a maximum credit of $45,000
credit is passed through to the entity’s owners
per tax year. The credit is calculated at the
Withholding and composite
based on their respective ownership interests.
passthrough entity level and passed through to
the entity’s owners based on their respective
return tax rate reduction
For more information on qualifying for the
ownership interests. For credits based on
Starting with the 2011 tax year, the tax rate
credit, contact the North Dakota Housing
investments made during the 2012 and
for passthrough withholding and composite
Finance Agency. For more information on
subsequent tax years, no more than $150,000
fi ling purposes was reduced to 3.99%. For
how to claim the credit on the North Dakota
in credits is allowed to a taxpayer (including
more information, see “Withholding from
income tax return, contact the Offi ce of State
a passthrough entity) over the taxpayer’s
nonresident individual shareholders” on
Tax Commissioner.
lifetime.
page 2 and “Composite fi ling method” on
page 3 of this booklet.
New automation and robotic
For the 2011 and 2012 tax years only, a
equipment tax credit
taxpayer (including a passthrough entity) may
New electronic payment
make an irrevocable election to sell, assign,
Note: This new tax credit does not take
options
or otherwise transfer an angel fund tax credit
effect until the 2013 tax year.
In prior years, electronic payments could
to another taxpayer. There are conditions and
be made using ACH credits. Beginning in
reporting requirements that must be satisfi ed
For the 2013 through 2015 tax years only,
early 2013, there will be additional options
to make this election.
a new income tax credit is allowed to a
for making electronic payments. All types
taxpayer for purchasing automation and
of payments, including return payments,
For more information on the angel fund
robotic equipment for the purpose of
estimated payments, or account payments can
tax credit, go to the Offi ce of State Tax
automating a manufacturing process. To
be made using a credit card, debit card, or
Commissioner’s web site at
qualify, a taxpayer must be certifi ed as a
electronic check. The fee that is charged by
primary sector business by the North Dakota
the vendor varies depending on the method
New housing incentive fund
Commerce Department, and the equipment
of payment. Additional information on
tax credit
purchased must be approved as qualifying
each of these payment methods and the fees
equipment by the Commerce Department.
For the 2011 and 2012 tax years only, a new
can be found on our web site. Also note
The credit is equal to 20% of the purchase
income tax credit is allowed to a taxpayer
ACH “debit” payments can only be made in
cost of the approved equipment, and is
for contributing monies to a new housing
conjunction with an electronically fi led (MeF)
allowed in the tax year in which the purchase
incentive fund administered by the North
return.
is made. If the entire credit cannot be used in
Dakota Housing Finance Agency (Agency).
the tax year in which the purchase is made,
The credit is equal to the amount contributed
the unused portion may be carried over and
to the fund. Upon receipt of a contribution,
“New” angel fund tax credit
used on subsequent years’ returns for up to
the Agency will issue a credit certifi cate to the
Under pre-2011 tax law, a tax credit was
fi ve tax years. The total credits allowed to all
taxpayer showing the amount of the allowable
allowed for making an investment in a
taxpayers is limited to $2 million per calendar
credit. If the entire credit allowed for the tax
certifi ed North Dakota angel fund. However,
year cannot be used, the unused portion may
year. For more information, see N.D.C.C.
the credit was only available to an individual,
§ 57-38-01.33.
be carried over and used on subsequent years’
estate, trust, or “C” corporation. Starting with
returns for up to ten tax years. North Dakota
the 2011 tax year, the angel fund investment
Schedule FACT instructional
taxable income must be increased by the
tax credit is allowed to a partnership, “S”
change
amount of the contribution upon which the
corporation, or a limited liability company
credit is based to the extent the contribution
The instructions to the 2012 Schedule FACT
treated like a partnership or “S” corporation.
reduced federal taxable income.
(Calculation of North Dakota Apportionment
Factor) have been changed to incorporate new
language that applies to an S corporation that
receives a 2012 North Dakota Schedule K-1
(Form 58) showing amounts in Part 6
(Partnership or corporation partners only).
For more information, see page 4 of this
booklet.
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