Form 49er - Recapture Of Qualified Investment Exemption From Property Tax (Page 2 of 3) in pdf

EFO00032p2

01-08-15

Instructions for Idaho Form 49ER

GENERAL INSTRUCTIONS

Line 8. Enter the Idaho county in which the asset was placed in

service. This should match your Form 49E for the second year

Use Form 49ER to compute the recapture of the property tax

the exemption was claimed for this asset.

benefit you received from the property tax exemption elected

instead of earning the Idaho investment tax credit (ITC).

Line 9. Enter the exempted value of the asset for the second

year you claimed the exemption. If you do not have this

You must compute the recapture if you claimed the qualified

information, contact the applicable county assessor.

investment exemption (QIE) for property tax on property you

disposed of before the end of the five-year recapture period.

Line 10. If the asset was locally assessed, enter the average

You must also recapture the property tax benefit on any property

property tax levy for the county for the second year you claimed

ceasing to qualify as ITC property. Property moved from Idaho

the exemption as listed for that county on page 2. If the asset

within the first five years ceases to qualify as ITC property and is

was centrally assessed, leave this line blank and go to line 11.

subject to recapture.

Line 11. If the asset was centrally assessed or used in more

than one county, enter the average urban property tax levy of the

state for the second year you claimed the exemption as listed on

SPECIFIC INSTRUCTIONS

page 2.

Instructions are for lines not fully explained on the form.

Line 13. Add lines 7 and 12 to determine the amount of property

tax benefit subject to recapture.

Fill in lines 1 through 17 in Parts II and III for each property listed

in Part I on which you are recapturing property tax benefit. Use

PART III

a separate column for each item. If you have recapture on more

than five items, use additional Forms 49ER, or other schedules

Line 14. Enter the month, day, and year the property ceased to

with the same information as required to be included on Form

qualify as ITC property.

49ER.

Line 15. Enter the number of full years between the dates on

PART I

line 1 and line 12. Do not enter partial years. If the property was

held less than 12 months, enter zero.

Lines A through E. Describe each asset for which you must

recapture the property tax benefit. Provide the asset number

Line 16. Enter the appropriate recapture percentage from the

and the description of the asset in Part I.

following table.

PART II

If the number of full years

Then the recapture

on Form 49ER, line 15 is...

percentage is...

Line 1. Enter the month, day, and year that the asset was first

available for service.

100

Line 2. Enter the year you first claimed the exemption.

Line 3. Enter the Idaho county in which the asset was placed in

service. This should match your Form 49E for the first year the

exemption was claimed for this asset.

5 or more

Line 4. Enter the exempted value of the asset for the first year

you claimed the exemption. If you do not have this information,

contact the applicable county assessor.

Line 17. Multiply line 13 by line 16. This is the property tax

benefit to be recaptured for each asset.

Line 5. If the asset was locally assessed, enter the average

property tax levy for the county for the first year you claimed the

exemption as listed for that county on page 2. If the asset was

Line 18. Add all amounts on line 17. This is the total property

tax benefit to be recaptured. If you have used more than one

centrally assessed, leave this line blank and go to line 6.

Form 49ER, or separate sheets to list additional items on which

Line 6. If the asset was centrally assessed or used in more

you computed an increase in tax, write to the left of the entry

than one county, enter the average urban property tax levy of

space "Tax from attached" and the total tax from the separate

the state for the first year you claimed the exemption as listed on

sheets. Include the amount in the total for line 18.

page 2.

Enter the amount on the appropriate line of the income tax return

If the property tax exemption was not claimed in year 2 for

and include all Forms 49ER and any separate sheets with your

an asset, skip lines 8 through 12 for that column and go to

return.

line 13.

Form 49er - Recapture Of Qualified Investment Exemption From Property Tax Page 2

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