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

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Recapture Of 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. The amount on this line reduces the credit carryover available to the current year .......................... 13 14.Add lines 12 and 13 ........................................................................................................................... 14 15.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 05-20-2019 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. Part II 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. 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. 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. • A partner’s proportionate interest in the general profits of the partnership (or in a particular item of property) is reduced. Line 4. Multiply line 2 by line 3 to compute the credit originally earned for each property listed. • A trust’s, estate’s or beneficiary’s proportionate interest in the income of the trust or estate is reduced. Line 5. Enter the month, day and year the property no longer qualified as ITC property. 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 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 05-20-2019  Line 6. Don’t enter partial years. If the property was held less than 12 months, enter zero. Part III 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. 2019 (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 05-20-2019  Page 2 of 2
Extracted from PDF file 2019-idaho-form-49r.pdf, last modified December 2019

More about the Idaho FORM 49R Corporate Income Tax Tax Credit

We last updated the Recapture Of Idaho Investment Tax Credit in March 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Idaho State Tax Commission. You can print other Idaho tax forms here.


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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 42 Idaho Apportionment And Combined Reporting Adjustments
FORM 41 Idaho Corporation Income Tax Return
FORM 56 Idaho Net Operating Loss
FORM PTE-12 Idaho Schedule For Pass-Through Owners with Instructions
FORM 41ES Quarterly Estimated Tax/Extension of Time Payment

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 49R from the State Tax Commission in March 2020.

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FORM 49R 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 49R

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


2019 FORM 49R

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

2018 FORM 49R

Form 49R, Recapture of Idaho Investment Tax Credit


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