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Idaho Free Printable Form 49ER, Recapture of Qualified Investment Exemption from Property Tax and instructions for 2021 Idaho Recapture of Qualified Investment Exemption From Property Tax

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Recapture of Qualified Investment Exemption From Property Tax
Form 49ER, Recapture of Qualified Investment Exemption from Property Tax and instructions

Form 49ER Recapture of Qualified Investment Exemption from Property Tax Use this form to report recapture on assets that you claimed a property tax exemption on. Names as shown on return Social Security number or EIN Part I — List Property That No Longer Qualifies as Idaho Investment Tax Credit Property Asset Number Asset Description A B C D E Part II — Property Tax Benefit to be Recaptured A B Assets C D 1.Date asset placed in service ......... 1 2.First year exemption claimed ........ 2 Year 1 3.County where placed in service .... 3 4.Exempted value in year 1 ............. 4 5. If locally assessed property, enter the average property tax levy for the county in year 1 ...................... 5 6. If centrally assessed property or property in more than one county, enter the average urban property tax levy of the state in year 1 ........ 6 7.Multiply line 4 by line 5 or 6 ........... 7 Year 2 8.County where placed in service .... 8 9.Exempted value in year 2 ............. 9 10. If locally assessed property, enter the average property tax levy for the county in year 2 ...................... 10 11. If centrally assessed property or property in more than one county, enter the average urban property tax levy for the state in year 2 ....... 11 12.Multiply line 9 by line 10 or 11 ....... 12 13. Property tax benefit. Add lines 7 and 12 ....................... 13 Part III — Computation of Property Tax Recapture 14.Date asset ceased to qualify ......... 14 15. Number of full years between dates on line 1 and line 14 ............ 15 16. Recapture percentage from table on page 1 of instructions ................ 16 17. Property Tax Recapture. Multiply line 13 by line 16 .............. 17 18.Add line 17, columns A through E. This is the total amount due ............................................................. 18 Include this form with your Idaho income tax return. EFO00032 09-10-2020 E Form 49ER — Instructions Recapture of Qualified Investment Exemption from Property Tax General Instructions Use Form 49ER to compute the recapture of the property tax benefit you received from the property tax exemption elected in place of earning the Idaho investment tax credit (ITC). Compute the recapture if you claimed the qualified investment exemption (QIE) for property tax on property you disposed of before the end of the five-year recapture period. Recapture the property tax benefit on any property that no longer qualifies as ITC property. Property moved from Idaho within the first five years doesn’t qualify as ITC property and is subject to recapture. Specific Instructions Instructions are for lines not fully explained on the form. Fill in lines 1 through 17 in Parts II and III for each property listed in Part I that you’re recapturing property tax benefit on. Use a separate column for each item. If you have recapture on more than five items, use additional Forms 49ER or other schedules with the same information required to be included on Form 49ER. Part I — List Property That No Longer Qualifies as Idaho Investment Tax Credit Property Lines A through E. Describe each asset that you must recapture the property tax benefit on. Provide the asset number and the description of the asset in Part I. Part II — Property Tax Benefit to be Recaptured Line 1. Enter the month, day, and year that the asset was placed in service. Line 2. Enter the year you first claimed the exemption. Line 3. Enter the Idaho county where the asset was placed in service. This should match your Form 49E for the first year the exemption was claimed for this asset. Line 4. Enter the exempted value of the asset for the first year you claimed the exemption. If you don’t have this information, contact the applicable county assessor. 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 centrally assessed, leave this line blank and go to line 6. Line 6. 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 first year you claimed the exemption as listed on page 2. EIN00087 09-10-2020  If the property tax exemption wasn’t claimed in year 2 for an asset, skip lines 8 through 12 for that column and go to line 13. Line 8. Enter the Idaho county where the asset was placed in service. This should match your Form 49E for the second year the exemption was claimed for this asset. Line 9. Enter the exempted value of the asset for the second year you claimed the exemption. If you don’t have this information, contact the applicable county assessor. Line 10. If the asset was locally assessed, enter the average property tax levy for the county for the second year you claimed the exemption as listed for that county on page 2. If the asset was centrally assessed, leave this line blank and go to line 11. 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 page 2. Line 13. Add lines 7 and 12 to determine the amount of property tax benefit subject to recapture. Part III — Computation of Property Tax Recapture Line 14. Enter the month, day, and year the property ceased to qualify as ITC property. Line 15. Enter the number of full years between the dates on line 1 and line 14. Don’t enter partial years. If the property was held less than 12 months, enter zero. Line 16. Enter the appropriate recapture percentage from the following table. If the number of full years on Form 49ER, line 15 is ... Then the recapture percentage is... 0 1 2 3 4 5 or more 100 80 60 40 20 0 Line 17. Multiply line 13 by line 16. This is the property tax benefit to be recaptured for each asset. Line 18. Add all amounts on line 17. This is the total property tax benefit to be recaptured. If you’ve used more than one Form 49ER or separate sheets to list additional items you computed an increase in tax 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 18. Enter the amount on the appropriate line of the income tax return and include all Forms 49ER and any separate sheets with your return. Page 1 of 2 Form 49ER — Instructions 2019 (continued) Average Property Tax Levies Find the applicable rates for the first and second years you claimed the exemption. Enter the rate for the first year on line 5 and the rate for the second year, if applicable, on line 10. If centrally assessed property or property in more than one county, enter the applicable state average urban property tax levy for the first year you claimed the exemption on line 6 and the rate for the second year, if applicable, on line 11. County Ada Adams Bannock Bear Lake Benewah Bingham Blaine Boise Bonner Bonneville Boundary Butte Camas Canyon Caribou Cassia Clark Clearwater Custer Elmore Franklin Fremont Gem Gooding Idaho Jefferson Jerome Kootenai Latah Lemhi Lewis Lincoln Madison Minidoka Nez Perce Oneida Owyhee Payette Power Shoshone Teton Twin Falls Valley Washington 2016 1.442% 0.883% 1.871% 0.714% 1.243% 1.564% 0.709% 0.982% 0.886% 1.530% 1.117% 1.500% 1.306% 2.234% 1.163% 1.070% 0.831% 1.427% 0.565% 1.532% 1.135% 0.923% 1.094% 1.130% 0.714% 1.224% 1.646% 3.463% 1.677% 0.732% 1.329% 1.118% 1.551% 1.096% 1.685% 0.923% 1.060% 1.282% 1.597% 1.633% 0.882% 1.680% 0.779% 1.151% 2017 1.398% 0.814% 1.872% 0.693% 1.221% 1.595% 0.704% 0.949% 0.868% 1.518% 1.105% 1.374% 1.263% 1.657% 1.230% 1.037% 0.824% 1.426% 0.556% 1.496% 1.066% 0.940% 1.027% 1.049% 0.737% 1.193% 1.669% 1.143% 1.689% 0.693% 1.314% 1.057% 1.588% 1.055% 1.796% 0.885% 1.008% 1.208% 1.579% 1.558% 0.823% 1.586% 0.764% 1.172% 2018 1.324% 0.797% 1.886% 0.673% 1.107% 1.597% 0.688% 0.823% 0.820% 1.514% 1.096% 1.220% 1.064% 1.571% 1.181% 1.004% 0.835% 1.354% 0.566% 1.436% 1.024% 0.899% 0.849% 1.059% 0.714% 1.144% 1.568% 1.051% 1.599% 0.661% 1.364% 1.062% 1.520% 1.095% 1.851% 0.861% 1.031% 1.151% 1.475% 1.581% 0.897% 1.591% 0.708% 1.141% 2019 1.203% 0.701% 1.665% 0.681% 1.085% 1.495% 0.651% 0.756% 0.788% 1.466% 1.033% 1.263% 1.031% 1.439% 1.194% 1.008% 0.772% 1.318% 0.566% 1.296% 0.973% 0.854% 0.741% 1.080% 0.678% 1.073% 1.486% 0.959% 1.636% 0.647% 1.288% 1.013% 1.543% 1.053% 1.826% 0.874% 1.013% 1.073% 1.580% 1.400% 0.828% 1.553% 0.654% 1.100% 2020 1.004% 0.555% 1.362% 0.680% 1.074% 1.374% 0.566% 0.596% 0.736% 1.145% 0.733% 1.195% 1.026% 1.228% 1.132% 0.991% 0.726% 1.283% 0.541% 1.100% 0.826% 0.863% 0.692% 0.983% 0.473% 0.795% 1.476% 0.833% 1.494% 0.638% 1.362% 0.889% 1.286% 0.975% 1.710% 0.868% 0.856% 0.887% 1.515% 1.365% 0.844% 1.370% 0.603% 1.045% State Average Urban Property Tax Levy 1.609% 1.295% 1.241% 1.162% 1.000% Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00087 09-10-2020  Page 2 of 2
Extracted from PDF file 2020-idaho-form-49er.pdf, last modified February 2020

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

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

Other Idaho Corporate Income Tax Forms:

TaxFormFinder has an additional 65 Idaho income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
FORM 41 Idaho Corporation Income Tax Return
FORM 66 Idaho Fiduciary Income Tax
FORM 75 Fuels Use Report
FORM PTE-NROA Idaho Nonresident Owner Agreement
FORM 41ESR Underpayment of Estimated Tax by Corporations

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 49ER from the State Tax Commission in April 2021.

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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 49ER

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


2020 FORM 49ER

Form 49ER, Recapture of Qualified Investment Exemption from Property Tax and instructions

2019 FORM 49ER

Form 49ER, Recapture of Qualified Investment Exemption from Property Tax and instructions


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