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Idaho Free Printable Form 84, Small Employer Real Property Improvement Tax Credit and Instructions 2020 for 2021 Idaho Idaho Small Employer Real Property Improvement Tax Credit

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Idaho Small Employer Real Property Improvement Tax Credit
Form 84, Small Employer Real Property Improvement Tax Credit and Instructions 2020

Form 84 Small Employer Real Property Improvement Tax Credit Names as shown on return 2020 Social Security number or EIN Qualifying for the Credit You can claim the small employer real property improvement tax credit if you’ve certified on Form 89SE that you’ll meet all 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, each earning at least $19.23 per hour and receiving 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. Credit Available Subject to Limitation 1. Amount of investments in new plant and building facilities acquired during the tax year. Don’t include any qualified investments reported on Form 83. Include a complete list of the investments qualifying for this credit .......................................................................................... 2. Credit earned. Multiply line 1 by 2.5% ........................................................................................ 3. Pass-through share of credit from an S corporation, partnership, trust, or estate ...................... 4. Credit received through unitary sharing. Include a schedule ...................................................... 5. Carryover of small employer real property improvement tax credit from prior years .................. 6. Carryover eliminated due to recapture in 2020. Enter the amount from Form 84R, line 13. Include Form 84R .......................................................................................................... 7. Credit distributed to shareholders, partners, or beneficiaries ..................................................... 8. Credit shared with unitary affiliates ............................................................................................. 9. Total credit available subject to limitations. Add lines 2 through 5, then subtract lines 6 through 8 ........................................................................................................... 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Enter the Idaho income tax from your tax return ........................................................................ Credit for income tax paid to other states ................................................ 11 Credit for contributions to Idaho educational entities ............................... 12 Investment tax credit from Form 49, Part II, line 8 .................................. 13 Credit for contributions to Idaho youth and rehabilitation facilities .......... 14 Credit for production equipment using post-consumer waste ................. 15 Promoter-sponsored event credit ............................................................ 16 Credit for Idaho research activities from Form 67, line 29 ....................... 17 Broadband equipment investment credit from Form 68, line 18 .............. 18 Reserved ................................................................................................. 19 Small employer investment tax credit from Form 83, line 28 ................... 20 Add lines 11 through 20 .............................................................................................................. Tax available after other credits. Subtract line 21 from line 10 ................................................... Credit allowable subject to limitation of tax. Enter the smaller of: a. the amount from line 9 or b. $125,000 ............................................................................................................................... 24. Total credit allowed on current year tax return. Enter the smaller amount from lines 22 or 23 here and on Form 44, Part I, line 7 ............................................................. 1 2 3 4 5 6 7 8 9 10 21 22 23 24 Credit Carryover 25. Total credit available subject to limitations. Enter the amount from line 9 .................................. 25 26. Credit allowed. Enter the amount from line 24...................................................... ............................. 26 27. Credit carryover to future years. Subtract line 26 from line 25. Enter the amount here and on Form 44, Part I, line 7 ..................................................................................................... 27 EFO00010 08-20-2020  Form 84 — Instructions Small Employer Real Property Improvement Tax Credit General Instructions Use Form 84 to calculate the Idaho small employer real property improvement tax credit (SE-RPITC) earned or allowed. Each member of a unitary group of corporations that earns or is allowed the credit must complete a separate Form 84. Qualifying Taxpayers To qualify for the SE-RPITC, 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. Qualifying Property If you’re a qualifying taxpayer, the SE-RPITC is allowed on buildings and structural components of buildings that don’t qualify for the investment tax credit. The buildings and structural components must be at the project site and placed in service during the project period. The buildings and structural components must be new property. Used property doesn’t qualify for this credit. Buildings and structural components mean buildings and structural components of buildings as defined in Federal Treasury Regulation Section 1.48-1 for Internal Revenue Code Section 48 repealed by Public Law 101-508. Building generally means any structure enclosing a space within its walls, and usually covered by a roof, to provide shelter or housing or to provide working office or parking space. Structural components include parts of a building such as: • Walls • Partitions • Floors • Ceilings and any permanent coverings to these items such as paneling or tiling • Windows and doors • All components of a central air conditioning or heating system • Plumbing and plumbing fixtures • Electric wiring and lighting fixtures • Chimneys • Stairs, escalators, and elevators EIN00090 08-20-2020  2020 • Sprinkler systems • Fire escapes • Other components relating to the operation or maintenance of a building Carryover Periods SE-RPITC 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. Recapture Compute recapture if you sell or otherwise dispose of the property or it no longer qualifies for the SE-RPITC before it’s been in service for five full years. In addition, compute recapture if you claimed the SE-RPITC in an earlier year and don’t meet the tax incentive criteria that you certified to on Idaho Form 89SE. If you claimed the SE-RPITC and recapture is now required, file Form 84R. Specific Instructions Instructions are for lines not fully explained on the form. Credit Available Subject to Limitation Line 1. Include a list of all property you acquired and placed in service during the tax year that qualifies for the SE-RPITC. List each item of property and its location, your basis in the item, and the date placed in service. Don’t include any property placed in service before the date the project period began. Line 3. Enter the amount of the SE-RPITC that’s being passed through by S corporations, partnerships, trusts, or estates you have an interest in. This amount is from Form ID K-1, Part VII, line 48. Line 4. If you’re a member of a unitary group, enter the amount of credit you received from another member of the unitary group. Line 5. Enter the carryover from your 2019 Form 84, line 27. Line 7. If you’re an S corporation, partnership, trust or estate, enter the amount of credit that passed through to shareholders, partners, or beneficiaries. Line 8. 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 the tax liability. Page 1 of 2 Form 84 — Instructions Corporations claiming the SE-RPITC 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 2020 (continued) Line 11. 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. Line 12. Enter the credit for contributions to Idaho educational entities from the appropriate Idaho income tax return. The SE-RPITC is limited to the smaller of $125,000 or the Idaho income tax after allowing all other tax credits that may be claimed before the SE-RPITC. Line 14. Enter the credit for contributions to Idaho youth and rehabilitation facilities from the appropriate Idaho income tax return. The following credits must be applied to the tax before the SE-RPITC: 1. Credit for income tax paid to other states 2. Credit for contributions to Idaho educational entities 3. Investment tax credit 4. Credit for contributions to Idaho youth and rehabilitation facilities 5. Credit for production equipment using post-consumer waste 6. Promoter-sponsored event credit 7. Credit for Idaho research activities 8. Broadband equipment investment credit 9. Small employer investment tax credit Line 15. Enter the credit for production equipment using post-consumer waste from the appropriate Idaho income tax return. Line 16. Enter the promoter-sponsored event credit from the appropriate Idaho income tax return. Line 24. Enter the smaller amount from lines 22 or 23 here and on Form 44, Part I, line 7, in the Credit Allowed column. Credit Carryover Line 10. 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 27. The amount of credit available that exceeds the total credit allowed on the current year tax return may be carried forward up to 14 tax years. Enter this amount on Form 44, Part I, line 7 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 EIN00090 08-20-2020  Page 2 of 2
Extracted from PDF file 2020-idaho-form-84.pdf, last modified August 2020

More about the Idaho FORM 84 Corporate Income Tax Tax Credit TY 2020

We last updated the Idaho Small Employer Real Property Improvement Tax Credit in April 2021, so this is the latest version of FORM 84, fully updated for tax year 2020. You can download or print current or past-year PDFs of FORM 84 directly from TaxFormFinder. You can print other Idaho tax forms here.


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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 84.

Form Code Form Name
FORM 84R Recapture of Idaho Small Employer Real Property Improvement 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 84 from the State Tax Commission in April 2021.

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FORM 84 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 84

We have a total of nine past-year versions of FORM 84 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 FORM 84

Form 84, Small Employer Real Property Improvement Tax Credit and Instructions 2020

2019 FORM 84

Form 84, Small Employer Real Property Improvement Tax Credit and Instructions 2019

2017 FORM 84

Form 84 - Idaho Small Employer Real Property Improvement Tax Credit

2016 FORM 84

Form 84 - Idaho Small Employer Real Property Improvement Tax Credit


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