Idaho Idaho Statement of Credit Transfer
Extracted from PDF file 2020-idaho-form-70.pdf, last modified August 2020
Idaho Statement of Credit TransferForm 70 Statement of Credit Transfer Send this form to the Idaho State Tax Commission at least 60 days before the date of transfer. Part I — Transferor: Name Address Social Security number or EIN Signature of authorized individual Title Phone number Date of transfer Part II — Transferee: Name Address Social Security number or EIN Part III — Broadband Equipment Investment Credit: Amount to be transferred Tax years earned Include a copy of Form 68 for each tax year the credit was earned. Include a copy of the complete list of property the credit was earned on and a copy of the approval from the Idaho Public Utilities Commission (PUC). To be completed by the Tax Commission: Credit available for transfer Signed Carryover period available Date The transferee must include a copy of this form with each income tax return on which the credit is claimed or carried over. Mail to: EFO00042 Income Tax Audit Idaho State Tax Commission PO Box 36 Boise ID 83722-0410 08-11-2020 Fax to: Income Tax Audit (208) 364-7392 Form 70 — Instructions Statement of Credit Transfer General Instructions Use Form 70 to report the credit being transferred and the number of years it can be carried forward. Send this form to the Tax Commission at least 60 days before the transfer date. Which Credits Can Be Transferred Only the broadband equipment investment credit can be transferred. You can transfer all or a part of the credit you earn. Who Can Transfer Credits You can transfer the broadband equipment investment credit if you originally earned the credit or you’re an intermediary. If you’re an intermediary, you can either use all or part of the credit or resell all or part of it to another taxpayer. The credit can’t be transferred more than two times. You can’t transfer the broadband equipment investment credit to another taxpayer if you received the credit through unitary sharing. Information You Must Provide For each tax year the credit being transferred was earned, you must provide copies of all of the following: • Idaho Form 68 • Schedules that list the property the credit was earned on • The Idaho Public Utilities Commission approval authorizing the credit When to Claim the Transferred Credit The transferee can claim transferred credits on the original return filed in the calendar year of the transfer. For example, if the broadband equipment investment credit was transferred on June 1, 2019, the transferee can claim the credit on his original return for calendar year 2018 filed on October 15, 2019. Any credit not claimed on the tax return filed during the year of the transfer can be claimed on the transferee’s returns for the carryforward period approved on Form 70. Specific Instructions File a separate Form 70 to identify each transferee you’ll be transferring the credit to. Part I — Transferor Information. If you’re transferring the credit, enter your name as it appears on your tax return for the tax year when the transfer takes place. Provide the additional identifying information. Enter the date the transfer will take place. If you’re an intermediary selling the credit to another taxpayer, complete Part I with your identifying information. Part II — Transferee Information. Provide the name, address and Social Security number or Employer Identification Number of the taxpayer you’re transferring the credit to. This can be an intermediary. Part III — Credit Information. Enter the amount to be transferred and the tax years the broadband equipment investment credit was earned. The Tax Commission will review the information provided and identify the credit available for transfer and the carryover period available to the transferee. The form will then be returned to the transferor. The Tax Commission may examine the transferor’s books and records to verify that the credit claimed by the transferor was correct. If the Tax Commission determines that the credit claimed was overstated or that recapture of credit is necessary, any tax due from an overstated or recaptured credit will be due from the transferor. If you don’t claim the transferred credit on your original return filed during the calendar year when the transfer takes place, you can’t amend the return for that tax year to claim the credit. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00086 08-11-2020
Form 70, Statement of Credit Transfer and Instruction
More about the Idaho FORM 70 Corporate Income Tax Tax Credit TY 2020
We last updated the Idaho Statement of Credit Transfer in April 2021, so this is the latest version of FORM 70, fully updated for tax year 2020. You can download or print current or past-year PDFs of FORM 70 directly from TaxFormFinder. You can print other Idaho tax forms here.
Other Idaho Corporate Income Tax Forms:
|Form Code||Form Name|
|FORM 41||Idaho Corporation Income Tax Return|
|FORM 66||Idaho Fiduciary Income Tax|
|FORM PTE-NROA||Idaho Nonresident Owner Agreement|
|FORM 75||Fuels Use Report|
|FORM 41A||Idaho Supplemental Schedule of Affiliated Entities|
Idaho usually releases forms for the current tax year between January and April. We last updated Idaho FORM 70 from the State Tax Commission in April 2021.
FORM 70 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 70
We have a total of seven past-year versions of FORM 70 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
Form 70, Statement of Credit Transfer and Instruction
Form 70, Statement of Credit Transfer and Instructions
Form 70 - Idaho Statement of Credit Transfer
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