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Idaho Free Printable Form 71 - Idaho Biofuel Infrastructure Investment Tax Credit for 2020 Idaho Idaho Biofuel Infrastructure Investment Tax Credit

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Idaho Biofuel Infrastructure Investment Tax Credit
Form 71 - Idaho Biofuel Infrastructure Investment Tax Credit

F O R M 71 EFO00085 07-07-2016 2016 IDAHO BIOFUEL INFRASTRUCTURE INVESTMENT TAX CREDIT Name(s) as shown on return Social Security number or EIN CREDIT AVAILABLE SUBJECT TO LIMITATION 1. Carryover of biofuel infrastructure investment tax credit from prior years...................................................... 2. Credit received through unitary sharing. Include a schedule......................................................................... 3. Carryover eliminated due to recapture in 2016. Enter the amount from Form 71R, line 13. Include Form 71R........................................................................................................................................... 4. Credit shared with unitary affiliates................................................................................................................. 5. Total credit available subject to limitations. Add lines1 and 2 and subtract lines 3 and 4.............................. CREDIT LIMITATIONS 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 1 2 3 4 5 If you are claiming the credit for qualifying new employees, compute the limitation on Form 55, then complete lines 25 through 27 on this form. If you are not claiming the credit for qualifying new employees, complete lines 6 through 27. Enter the Idaho income tax from your tax return............................................................................................. 6 Credit for tax paid to other states...................................................................... 7 Credit for contributions to Idaho educational entities......................................... 8 Investment tax credit ........................................................................................ 9 Credit for contributions to Idaho youth and rehabilitation facilities.................... 10 Credit for production equipment using postconsumer waste............................. 11 Promoter-sponsored event credit ..................................................................... 12 Credit for Idaho research activities.................................................................... 13 Broadband equipment investment credit........................................................... 14 Reserved........................................................................................................... 15 Small employer investment tax credit................................................................ 16 Small employer real property improvement credit............................................. 17 Small employer new jobs tax credit................................................................... 18 Credit for live organ donation expenses............................................................ 19 Add lines 7 through 19.................................................................................................................................... 20 Tax available after other credits. Subtract line 20 from line 6........................................................................ 21 50% of tax. Multiply line 6 by 50%................................................................................................................. 22 Biofuel infrastructure investment tax credit available. Enter the amount from line 5..................................... 23 Total credit allowed on current year tax return. Enter the smallest amount from lines 21, 22, or 23 here and on Form 44, Part I, line 10....................................................................................................................... 24 CREDIT CARRYOVER 25. Total credit available subject to limitations. Enter the amount from line 5...................................................... 25 26. Credit allowed. Enter the amount from line 24 or from Form 55, Part II, line 31............................................ 26 27. Credit carryover to future years. Subtract line 26 from line 25. Enter the amount here and on Form 44, Part I, line 10................................................................................................................................... 27 EFO00085p2 07-07-2016 Instructions for Idaho Form 71 GENERAL INSTRUCTIONS The biofuel investment tax credit was eligible to be earned on qualified investments in Idaho that were placed in service in tax years beginning in 2007 and ending December 31, 2011. Although the credit can no longer be earned, it may be carried over. Form 71 is used to calculate the biofuel investment tax credit allowed. Each member of a unitary group that is allowed the credit must complete a separate Form 71. Unitary Sharing A corporation included as a member of a unitary group of corporations may elect to share the biofuel ITC it earned but does not use with other members of the unitary group. The corporation must claim the credit to the extent allowable against its Idaho income tax before it can share the credit. Carryover Periods You may carry forward for five tax years biofuel ITC that was earned but not used against tax. For purposes of the carryover period, a short tax year counts as one tax year. Recapture You must compute recapture if you sell or otherwise dispose of the property or it ceases to qualify for the biofuel ITC before it has been in service for five full years. CREDIT LIMITATIONS If you are claiming against tax the Idaho credit for qualifying new employees, skip lines 6 through 24 and compute the limitations on Form 55, Idaho Credit for Qualifying New Employees, Part II, Credit Limitations. The biofuel ITC and most other credits will be limited to 50% of your Idaho income tax. Return to Form 71, line 25 to compute the credit carryover. If you aren’t claiming against tax the credit for qualifying new employees, compute the credit limitations on Form 71. The biofuel ITC is limited to 50% of your Idaho income tax or the Idaho income tax after allowing all other tax credits that can be claimed before the biofuel ITC. The following credits must be applied to the tax before the biofuel ITC: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. File Form 71R to report recapture of the biofuel ITC. 11. Credit for income tax paid to other states Credit for contributions to Idaho educational entities Investment tax credit Credit for contributions to Idaho youth and rehabilitation facilities Credit for production equipment using postconsumer waste Promoter-sponsored event credit Credit for qualifying new employees Credit for Idaho research activities Broadband equipment investment credit Small employer ITC, real property improvement tax credit, and new jobs tax credit Credit for live organ donation expenses SPECIFIC INSTRUCTIONS Line 1. Enter the carryover from your 2015 Form 71, line 27. Line 6. Enter the amount of your Idaho income tax. This is the computed tax before adding the permanent building fund tax or any other taxes, or subtracting any credits. Line 2. If you are a member of a unitary group, enter the amount of credit you received from another member of the unitary group. Line 7. Enter the credit for income tax paid to other states from Form 39R or Form 39NR. This credit is available only to individuals, estates, and trusts. Line 4. If you are a member of a unitary group of corporations, enter the amount of credit you earned that you elect to share with other members of your unitary group. Before you can share your credit, you must use the credit up to the allowable limitation of your Idaho income tax. Line 8. Enter the credit for contributions to Idaho educational entities from the appropriate Idaho income tax return. Corporations claiming the biofuel ITC must provide a calculation of the credit earned and used by each member of the combined group. The schedule must clearly identify shared credit and the computation of any credit carryovers. Line 10. Enter the credit for contributions to Idaho youth and rehabilitation facilities from the appropriate Idaho income tax return. Line 9. Enter the investment tax credit allowed from Form 49, Part II, line 8. EFO00085p3 07-07-16v2 Line 11. Enter the credit for production equipment using postconsumer waste from the appropriate Idaho income tax return. Line 12. Enter the promoter sponsored event credit from the appropriate Idaho income tax return. Line 13. Enter the credit allowed for Idaho research activities from Form 67, line 29. Line 14. Enter the broadband equipment investment tax credit allowed from Form 68, line 18. Line 16. Enter the small employer investment tax credit allowed from Form 83, line 28. Line 17. Enter the small employer real property improvement tax credit allowed from Form 84, line 26. Form 71 - Page 2 Line 18. Enter the small employer new jobs tax credit allowed from Form 85, line 35. Line 19. Enter the credit for live organ donation expenses from the appropriate Idaho income tax return. Line 24. Enter the smallest amount from lines 21, 22, or 23 on line 24. Enter this amount on Form 44, Part I, line 10 in the Credit Allowed column. CREDIT CARRYOVER Line 27. The amount of credit available that exceeds the total credit allowed on the current year tax return may be carried forward up to five tax years through tax year 2016. Enter this amount on Form 44, Part I, line 10, in the Carryover column.
Extracted from PDF file 2016-idaho-form-71.pdf, last modified September 2016

More about the Idaho FORM 71 Corporate Income Tax Tax Credit

We last updated the Idaho Biofuel Infrastructure Investment Tax Credit in May 2017, and the latest form we have available is for tax year 2016. 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.

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 71.

Form Code Form Name
FORM 71R Recapture of Idaho Biofuel Infrastructure 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 71 from the State Tax Commission in May 2017.

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FORM 71 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 71

We have a total of six past-year versions of FORM 71 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2016 FORM 71

Form 71 - Idaho Biofuel Infrastructure Investment Tax Credit


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