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Idaho Free Printable Form 83, Small Employer Investment Tax Credit and Instructions 2019 for 2020 Idaho Idaho Small Employer Investment Tax Credit

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Idaho Small Employer Investment Tax Credit
Form 83, Small Employer Investment Tax Credit and Instructions 2019

Form 83 Small Employer Investment Tax Credit Names as shown on return 2019 Social Security number or EIN Qualifying for the Credit You can claim the small employer investment tax credit if you’ve certified on Form 89SE that you’ll meet all of the following tax incentive criteria at the project site during the project period: • Capital investment in new plant and building facilities of at least $500,000 • Increased employment by at least 10 new employees who each earn at least $19.23 per hour and receive health benefits • For new employment increases above the 10 new employees, the average wages of the additional new employees are at least $15.50 per hour worked. See instructions for who’s included in this calculation. If you haven’t filed Form 89SE with the Tax Commission or have been notified that you don’t qualify for the small employer incentives, you don’t qualify for this credit. Complete Form 49 for any investments that qualify for the regular investment tax credit. Credit Available Subject to Limitation 1. Amount of qualified investments acquired during the tax year. Include a complete list of qualified investments ......................................................................... 1 2. Amount of investments you claimed the property tax exemption for. Include Form 49E ........... 2 3. Subtract line 2 from line 1. This is the amount of qualified investments you may earn the small employer investment tax credit on ....................................................... 3 4. Credit earned. Multiply line 3 by 3.75% ..................................................................................... 4 5. Pass-through share of credit from an S corporation, partnership, trust or estate ...................... 5 6. Credit received through unitary sharing. Include a schedule ..................................................... 6 7. Carryover of small employer investment tax credit from prior years .......................................... 7 8. Carryover eliminated due to recapture in 2019. Enter the amount from Form 83R, line 13. Include Form 83R .......................................................................................................... 8 9. Credit distributed to shareholders, partners or beneficiaries ..................................................... 9 10. Credit shared with unitary affiliates ............................................................................................ 10 11. Total credit available subject to limitations. Add lines 4 through 7, then subtract lines 8 through 10 ......................................................................................................... 11 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. Enter the Idaho income tax from your tax return ........................................................................ Credit for income tax paid to other states ................................................ 13 Credit for contributions to Idaho educational entities ............................... 14 Investment tax credit. Include Form 49 ................................................... 15 Credit for contributions to Idaho youth and rehabilitation facilities .......... 16 Credit for production equipment using post-consumer waste ................. 17 Promoter-sponsored event credit ............................................................ 18 Credit for Idaho research activities from Form 67, line 29 ....................... 19 Broadband equipment investment credit from Form 68, line 18 .............. 20 Reserved ................................................................................................. 21 Add lines 13 through 21 .............................................................................................................. Tax available after other credits. Subtract line 22 from line 12 ................ 23 62.5% of tax. Multiply line 12 by 62.5% ................................................... 24 Credit allowable subject to limitation of tax. Enter the smaller of: a. the amount from line 11 or b. $750,000 ............................................................................................ 25 26. Total credit allowed on current year tax return. Enter the smaller amount from lines 23, 24 or 25 here and on Form 44, Part I, line 6 ........................................................ Credit Carryover 27. Total credit available subject to limitations. Enter the amount from line 11 ................................ 28. Credit allowed. Enter the amount from line 26.................................................................................... 29. Credit carryover to future years. Subtract line 28 from line 27. Enter the amount here and on Form 44, Part I, line 6 ..................................................................................................... EFO00011 08-26-2019  12 22 26 27 28 29 Form 83 — Instructions Small Employer Investment Tax Credit General Instructions Use Form 83 to calculate the Idaho small employer investment tax credit (SE-ITC) earned or allowed. Each member of a unitary group of corporations that earns or is allowed the credit must complete a separate Form 83. The SE-ITC is allowed for property that qualifies for the 3% investment tax credit (ITC). If you’re claiming the SE-ITC, you can’t claim the ITC on the same property. Qualifying Taxpayers To qualify for the SE-ITC, you must certify by filing Form 89SE that you’ll meet the tax incentive criteria at the project site during the project period. If you haven’t filed Form 89SE with the Tax Commission or you’ve been notified that you don’t qualify for the small employer incentives, you can’t claim this credit. If you don’t qualify for the SE-ITC, you may be eligible to claim the ITC. See Idaho Form 49. Qualifying Property If you’re a qualifying taxpayer, property that would qualify for the ITC qualifies for the SE-ITC. The property doesn’t have to be located at the project site to qualify. However, it does have to be placed in service during the project period. Property that qualifies for the ITC generally follows the definition of qualified property found in the Internal Revenue Code (IRC), Sections 46 and 48 as in effect before 1986. The property must have a useful life of three years or more and be property you’re allowed to depreciate or amortize. Qualifying property includes the following property used in a trade or business: • Tangible personal property – machinery and equipment • Other tangible property – property used as an integral part of manufacturing, production, extraction, or furnishing transportation, communications, or utility services, or research facilities and bulk storage facilities used in connection with those businesses • Elevators and escalators • Single-purpose agricultural or horticultural structures • Qualified timber property • Petroleum storage facilities EIN00088 08-26-2019  2019 • Qualified broadband equipment as approved by the Idaho Public Utilities Commission Nonqualifying Property Property that doesn’t qualify includes: • Buildings and their structural components (this property may qualify for the small employer real property improvement tax credit – see Idaho Form 84) • Property used in lodging facilities that rent 50% or more of their lodging units for periods of 30 days or longer, such as apartment houses or rental homes. (This doesn’t apply to hotels and motels that rent more than half their units for periods of less than 30 days.) Nonqualifying property includes property used in the living quarters, lobby furniture, office equipment and laundry and swimming pool facilities but excludes certain coin-operated machines. • The cost of property expensed under IRC Section 179 • Property subject to 60-month amortization • Used property not acquired by purchase • Property that’s either nondepreciable or has a useful life of less than three years • The portion of property used for personal use • Used property in excess of $150,000 (total of all properties) • Horses Idaho Exceptions to IRC Sections 46 and 48 Idaho law specifically excludes the following property from qualifying for the Idaho ITC: • Property not used in Idaho • Vehicles under 8,000 pounds gross vehicle weight Property Used Both In and Outside Idaho If property is used both in and outside Idaho, compute the qualified investment for all property using one of the following methods: 1. Percentage-of-Use Method – Multiply the investment in each asset by a fraction where Idaho use is the numerator and total use is the denominator. You can measure usage by machine hours, mileage or any other method that accurately reflects the usage. 2. Property Factor Numerator Method – Use the amount included in the Idaho property numerator for each asset. Page 1 of 3 Form 83 — Instructions Carryover Periods SE-ITC that was earned but not used against tax may be carried forward for 14 tax years. For purposes of the carryover period, a short tax year counts as one tax year. Election to Claim Two-year Property Tax Exemption instead of ITC If you placed personal property in service that qualifies for the ITC, you may elect to exempt this property from your property tax. You aren’t eligible for the election if your rate of charge or rate of return is regulated or limited by federal or state law. The exemption from the property tax is for two years. After the two years, you must pay any applicable property tax. You can’t claim the SEITC for any property that you elect to exempt from property tax. The election is available if you had negative Idaho taxable income in the second tax year before the tax year when the property was placed in service. Negative Idaho taxable income must have been computed without any carryover or carryback of net operating losses. Make the election on Form 49E and file it with the operator’s statement or personal property declaration. Include a copy of the election form with the original income tax returns for the tax years when the property was placed in service. Recapture Compute recapture if you sell or otherwise dispose of the property or it no longer qualifies for the SE-ITC before it’s been in service for five full years. Compute recapture if you claimed the SE-ITC in an earlier year and didn’t meet the tax incentive criteria you certified to on Idaho Form 89SE. File Form 83R if you claimed the SE-ITC. File Form 49R if you claimed the ITC or Form 49ER if you claimed the property tax exemption. Specific Instructions 2019 (continued) item is new or used and the date placed in service. Don’t include any property placed in service before the date the project period began. Line 2. Enter the amount of qualified investments you claimed the property tax exemption for. This exemption is allowed instead of earning the SE-ITC. Include applicable Forms 49E. Line 5. Enter the amount of the SE-ITC that’s being passed through by S corporations, partnerships, trusts or estates you have an interest in. This amount is reported on Form ID K-1, Part VII, line 47. Line 6. If you’re a member of a unitary group, enter the amount of credit you received from another member of the unitary group. Line 7. Enter the carryover computed on your 2018 Form 83, line 29. Line 9. If you’re an S corporation, partnership, trust or estate, enter the amount of credit that passed through to shareholders, partners or beneficiaries. Line 10. If you’re a member of a unitary group, 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 tax liability. Corporations claiming the SE-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. Credit Limitations The SE-ITC is limited to the smaller of $750,000, 62.5% of the tax liability or the Idaho income tax after allowing all other tax credits that can be claimed before the SE-ITC. The following credits must be applied to the tax before the SE-ITC: 1. Credit for income tax paid to other states Instructions are for lines not fully explained on the form. 2. Credit for contributions to Idaho educational entities Credit Available Subject to Limitation 3. Investment tax credit Line 1. Include a list of all property you acquired and placed in service during the tax year that qualifies for the SE-ITC. List each item of property and its location, your basis in the item, whether the 4. Credit for contributions to Idaho youth and rehabilitation facilities EIN00088 08-26-2019  5. Credit for production equipment using post-consumer waste Page 2 of 3 Form 83 — Instructions 6. Promoter-sponsored event credit 2019 (continued) Line 26. Enter the smallest amount from lines 23, 24 or 25 on line 26. Enter this amount on Form 44, Part I, line 6 in the Credit Allowed column. 7. Credit for Idaho research activities 8. Broadband equipment investment credit Line 12. Enter the amount of your Idaho income tax. This is the computed tax before subtracting any credits or adding the permanent building fund tax or any other taxes. Line 13. Enter the credit for income tax paid to other states from Form 39R, Form 39NR or Form 66. This credit is available only to individuals, trusts or estates. Credit Carryover Line 29. The amount of credit available that exceeds the total credit allowed on the current year tax return can be carried forward up to 14 tax years. Enter this amount on Form 44, Part I, line 6 in the Carryover column. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00088 08-26-2019  Page 3 of 3
Extracted from PDF file 2019-idaho-form-83.pdf, last modified September 2019

More about the Idaho FORM 83 Corporate Income Tax Tax Credit TY 2019

We last updated the Idaho Small Employer Investment Tax Credit in March 2020, so this is the latest version of FORM 83, fully updated for tax year 2019. You can download or print current or past-year PDFs of FORM 83 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 83.

Form Code Form Name
FORM 83R Recapture of Idaho Small Employer 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 83 from the State Tax Commission in March 2020.

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FORM 83 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 83

We have a total of eight past-year versions of FORM 83 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 FORM 83

Form 83, Small Employer Investment Tax Credit and Instructions 2019

2017 FORM 83

Form 83 - Idaho Small Employer Investment Tax Credit


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