Form It-502 - Temporary Deferral Refundable Payout Credit - 2012 Page 2
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2IT-502 (2012) (back)
General information
For tax years beginning on or after January 1, 2013, use
Form IT-502 to claim the temporary deferral refundable payout
Temporary deferral of certain tax credits
credit.
For tax years beginning on or after January 1, 2010, and before
Line instructions
January 1, 2013, if the total amount of certain credits that you
may use to reduce your tax or have refunded to you is greater
Refundable credits deferred
than $2 million, the excess over $2 million must be deferred
to, and used or refunded in, tax years beginning on or after
Column B – For each credit listed in column A, enter the amount
January 1, 2013. For more information about the credit deferral,
of that credit (if any) from your 2010 Form IT-500, Schedule B,
see Form IT-500, Income Tax Credit Deferral. If you are subject
column D.
to the credit deferral, you must complete all credit forms without
Column C – For each credit listed in column A, enter the amount
regard to the deferral. However, the credit amount that you
of that credit (if any) from your 2011 Form IT-500, Schedule B,
transfer to your tax return to be applied against your tax due or
column D.
to be refunded to you may be reduced. Follow the instructions
for Form IT-500 to determine the amounts to enter on your tax
Column D – For each credit listed in column A, enter the amount
return.
of that credit (if any) from your 2012 Form IT-500, Schedule B,
column D.
Purpose of Form IT-502
Line 2 – Temporary deferral refundable payout credit
Form IT-502 is used to accumulate your refundable deferred
credits. You will need your 2010 (if applicable), 2011 (if
accumulated
applicable), and 2012 Form(s) IT-500 to complete your 2012
This is the total of your deferred refundable credits for 2012. You
Form IT-502. For tax years beginning prior to January 1, 2013,
may claim your temporary deferral refundable payout credit for
use Form IT-502 to compute your accumulated refundable
tax years beginning on or after January 1, 2013.
deferred credits and arrive at one temporary deferral refundable
payout credit amount. Keep this form with your records; do
not submit it with your return or send it to the Tax Department.
502002120094
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