Form It-501 - Temporary Deferral Nonrefundable Payout Credit - 2012 Page 2
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2IT-501 (2012) (back)
Instructions
with your records; do not submit it with your return or send
General information
it to the Tax Department. For tax years beginning on or after
Temporary deferral of certain tax credits
January 1, 2013, use Form IT-501 to claim the temporary
deferral nonrefundable payout credit.
For tax years beginning on or after January 1, 2010, and before
January 1, 2013, if the total amount of certain credits that you
Line instructions
may use to reduce your tax or have refunded to you is greater
than $2 million, the excess over $2 million must be deferred
to, and used or refunded in, tax years beginning on or after
Nonrefundable credits deferred
January 1, 2013. For more information about the credit deferral,
Column B – For each credit listed in column A, enter the amount
see Form IT-500, Income Tax Credit Deferral. If you are subject
of that credit (if any) from your 2010 Form IT-500, Schedule A,
to the credit deferral, you must complete all credit forms without
column D.
regard to the deferral. However, the credit amount that you
Column C – For each credit listed in column A, enter the amount
transfer to your tax return to be applied against your tax due or
to be refunded to you may be reduced. Follow the instructions
of that credit (if any) from your 2011 Form IT-500, Schedule A,
column D.
for Form IT-500 to determine the amounts to enter on your tax
return.
Column D – For each credit listed in column A, enter the amount
of that credit (if any) from your 2012 Form IT-500, Schedule A,
Purpose of Form IT-501
column D.
Form IT-501 is used to accumulate your nonrefundable
deferred credits. You will need your 2010 (if applicable),
Line 2 – Temporary deferral nonrefundable payout credit
2011 (if applicable), and 2012 Form(s) IT-500 to complete
accumulated
your 2012 Form IT-501. For tax years beginning prior to
This is the total of your deferred nonrefundable credits. You may
claim your temporary deferral nonrefundable payout credit for
January 1, 2013, use Form IT-501 to compute your accumulated
nonrefundable deferred credits and arrive at one temporary
tax years beginning on or after January 1, 2013.
deferral nonrefundable payout credit amount. Keep this form
501002120094
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