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Idaho Free Printable Form 49R, Recapture of Idaho Investment Tax Credit and Instructions for 2021 Idaho Idaho Investment Tax Credit

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Idaho Investment Tax Credit
Form 49R, Recapture of Idaho Investment Tax Credit and Instructions

Form 49R Recapture of Idaho Investment Tax Credit Names as shown on return Social Security number or EIN Part I — Identify Property That No Longer Qualifies as Idaho Investment Tax Credit Property Properties Property Description (Include a detailed schedule) A B C D E Part II — Original Idaho Investment Tax Credit A 1.Date property placed in service ... Properties C B D E 1 2.Cost or other basis ..................... 2 3.Credit percentage ...................... 3 3% 3% 3% 3% 4.Original credit. Multiply line 2 by line 3 ...................................... 4 5.Date property ceased to qualify .... 5 6.Number of full years between the date on line 1 and the date on line 5 ..................................... 6 Part III — Computation of Recapture Tax 7.Recapture percentage from table in instructions .................... 7 8.Tentative recapture tax. Multiply line 4 by line 7 ............................ 8 9.Add line 8, columns A through E ........................................................................................................ 9 10.Pass-through share of credit recapture from S corporations, partnerships, trusts, or estates ........... 10 11.Add lines 9 and 10 ............................................................................................................................. 11 12.Credit recapture distributed to shareholders, partners, or beneficiaries ............................................ 12 13.Enter the portion of original credit not used to offset any tax. Don’t enter more than line 11. This amount is reported on Form 49C and reduces the credit carryover available to the current year ........ 13 14.Add lines 12 and 13 ........................................................................................................................... 14 15.Tax from recapture of investment tax credit. Subtract line 14 from line 11. Enter here and on Form 44, Part II, line 1. Don’t use this amount to reduce the current year’s investment tax credit computed on Form 49 ........................................................................................................ 15 EFO00033 08-11-2020 3% Form 49R — Instructions Recapture of Idaho Investment Tax Credit General Instructions Use Form 49R to compute the increase in tax and reduction to credit carryover for the recapture of investment tax credit (ITC). You must recompute the credit if you earned it in an earlier year but disposed of the property before the end of the five-year recapture period. You must also recompute the credit on any property that no longer qualifies as ITC property. Property moved from Idaho within the first five years no longer qualifies as ITC property and is subject to recapture. Recapture may be necessary when: • An S corporation shareholder’s interest is reduced by a sale, redemption, or other disposition of the shareholder’s stock, or when the corporation issues more shares. • A partner’s proportionate interest in the general profits of the partnership (or in a particular item of property) is reduced. • A trust’s, estate’s or beneficiary’s proportionate interest in the income of the trust or estate is reduced. S corporations, partnerships, trusts and estates that pass ITC through to the shareholders, partners, or beneficiaries must provide Form ID K-1 to report the recapture amount and include in Part X, Supplemental Information, details on the years the credit being recaptured was originally earned. Add any tax owed from recapture of credits claimed in prior years to the tax determined in the year of recapture. Recapture of credits not claimed in prior years reduces the amount of credit carryover available to the current year. Specific Instructions Instructions are for lines not fully explained on the form. Part I — Identify Property That No Longer Qualifies as Idaho Investment Tax Credit Property Lines A through E. Describe the property you must recompute ITC on. Fill in lines 1 through 8 in Parts II and III for each property you’re recomputing the credit on. Use a separate column for each item. If you have ITC recapture on more than five items, use an additional Form 49R or other schedule with the same information as required on Form 49R. EIN00079 08-11-2020  Part II — Original Idaho Investment Tax Credit S corporations, partnerships, trusts, and estates that have credit subject to recapture must complete lines 1 through 9 to determine the amount of credit recapture. Shareholders, partners, and beneficiaries use the information provided by the S corporation, partnership, trust, or estate to report their pass-through share of the credit to be recaptured on line 10. If the only recapture you’re reporting is from a pass-through entity, skip lines 1 through 9 and begin on line 10. Line 1. Enter the month, day and year that the property was first available for service. Line 2. Enter the cost or other basis of the property used to compute the original investment tax credit. Line 4. Multiply line 2 by line 3 to compute the credit originally earned for each property listed. Line 5. Enter the month, day and year the property no longer qualified as ITC property. Line 6. Don’t enter partial years. If the property was held less than 12 months, enter zero. Part III — Computation of Recapture Tax Line 7. Enter the appropriate recapture percentage from the following table. If the number of full years on Form 49R, line 6 is ... Then the recapture percentage is... 0 1 2 3 4 5 or more 100 80 60 40 20 0 Line 9. Add all amounts on line 8. If you’ve used more than one Form 49R or separate sheets to list additional items you computed recapture on, write to the left of the entry space “Tax from attached” and the total tax from the separate sheets. Include the amount in the total for line 9. Line 10. Enter the amount of ITC recapture passed through to you from S corporations, partnerships, trusts, and estates. This amount is reported on Form ID K-1, Part VII, line 50. Page 1 of 2 Form 49R — Instructions Include on this line any recapture that’s necessary because of: • A reduction of a shareholder’s proportionate stock interest in an S corporation • A reduction in the interest in the general profits of a partnership or • A reduction in the proportionate interest in the income of a trust or estate Line 11. Add lines 9 and 10 to determine the amount of credit subject to recapture. Line 12. If you’re an S corporation, partnership, trust, or estate, enter the amount of credit recapture that passed through to shareholders, partners, or beneficiaries. Don’t include any recapture on this line for shareholders, partners, or beneficiaries you’re paying the tax for on a composite return. (continued) Line 13. If you didn’t use all of the credit you originally computed either in the year earned or in a carryover year, you won’t have to pay tax from recapture of the amount of the credit you didn’t use. Compute the unused portion of the original credit from Form 49R, line 4, or that was passed through to you from an S corporation, partnership, trust, or estate on a separate sheet and enter the amount on this line. Don’t enter more than the tax from recapture on line 11. Line 15. This is the total increase in tax. Enter it on this line and on Form 44, Part II, line 1. Don’t use this amount to reduce your current year’s ITC from Form 49. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00079 08-11-2020  Page 2 of 2
Extracted from PDF file 2020-idaho-form-49.pdf, last modified August 2020

More about the Idaho FORM 49 Corporate Income Tax Tax Credit TY 2020

This form replaces Form 49.

We last updated the Idaho Investment Tax Credit in April 2021, so this is the latest version of FORM 49, fully updated for tax year 2020. You can download or print current or past-year PDFs of FORM 49 directly from TaxFormFinder. You can print other Idaho tax forms here.

Related Idaho Corporate Income Tax Forms:

TaxFormFinder has an additional 65 Idaho income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Idaho FORM 49.

Form Code Form Name
FORM 49C Idaho Investment Tax Credit Carryover
FORM 49E Election to claim qualified investment exemption
FORM 49ER Recapture of Qualified Investment Exemption From Property Tax
FORM 49R Recapture Of Idaho Investment Tax Credit

Download all ID tax forms View all 66 Idaho Income Tax Forms


Form Sources:

Idaho usually releases forms for the current tax year between January and April. We last updated Idaho FORM 49 from the State Tax Commission in April 2021.

Show Sources >

FORM 49 is an Idaho Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Idaho FORM 49

We have a total of ten past-year versions of FORM 49 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 FORM 49

Form 49R, Recapture of Idaho Investment Tax Credit and Instructions

2019 FORM 49

Form 49, Investment Tax Credit and Instructions 2019

2018 FORM 49

Form 49, Investment Tax Credit 2018

2017 FORM 49

Form 49 - Idaho Investment Tax Credit

2016 FORM 49

Form 49 - Idaho Investment Tax Credit

PDF Form Pack generated by formuPack 2012 FORM 49

PDF Form Pack


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