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Idaho Free Printable Form 84R - Recapture of Idaho Small Employer Real Property Improvement Tax Credit 2016 for 2019 Idaho Recapture of Idaho Small Employer Real Property Improvement Tax Credit

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Recapture of Idaho Small Employer Real Property Improvement Tax Credit
Form 84R - Recapture of Idaho Small Employer Real Property Improvement Tax Credit 2016

F O R M 84R EFO00015 12-14-2016 RECAPTURE OF IDAHO SMALL EMPLOYER REAL PROPERTY IMPROVEMENT TAX CREDIT Name(s) as shown on return Social Security number or EIN PART I -- IDENTIFY PROPERTY THAT CEASED TO QUALIFY AS IDAHO SMALL EMPLOYER REAL PROPERTY IMPROVEMENT TAX CREDIT PROPERTY Properties Property Description A B C D E PART II -- ORIGINAL IDAHO SMALL EMPLOYER REAL PROPERTY IMPROVEMENT TAX CREDIT Properties A B C D E 1. Date property placed in service............................................ 2. 3. 4. 5. 6. Cost or other basis......................... Credit percentage.......................... 2.5% 2.5% 2.5% 2.5% 2.5% Original credit. Multiply line 2 by line 3................... Date property ceased to qualify......................................... Number of full years between the date on line 1 and the date on line 5.................... PART III -- COMPUTATION OF RECAPTURE TAX 7. 8. Recapture percentage from table in instructions................ Tentative recapture tax. Multiply line 4 by line 7................... 9. Add line 8, columns A through E............................................................................................................................. 10. Pass-through share of credit recapture from S corporations, partnerships, trusts, or estates ............................... 11. Add lines 9 and 10.................................................................................................................................................. 2. Credit recapture distributed to shareholders, partners, or beneficiaries................................................................. 1 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 carryover available to the current year.................................... 4. 1 15. Add lines 12 and 13................................................................................................................................................ Recapture of small employer real property improvement tax credit. Subtract line 14 from line 11. Enter here and on Form 44, Part II, line 4. Don't use this amount to reduce current year's small employer real property improvement tax credit computed on Form 84.................................................................. EFO00015p2 12-14-2016 Instructions for Idaho Form 84R GENERAL INSTRUCTIONS Use Form 84R to compute the increase in tax and reduction to credit carryover for the recapture of the small employer real property improvement tax credit (SE-RPITC). Line 4. Multiply line 2 by line 3 to compute the credit originally earned for each property listed. Line 5. Enter the month, day, and year the property ceased to qualify as SE-RPITC property. If you claimed the SE-RPITC in an earlier year and don't meet the tax incentive criteria you certified to on Idaho Form 89SE, you must recapture all the SE-RPITC claimed in the earlier years. Line 6. Don't enter partial years. If the property was held less than 12 months, enter zero. If you didn't meet the tax incentive criteria, enter zero. 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 ceasing to qualify as SE-RPITC property. Property moved from Idaho within the first five years ceases to qualify as SE-RPITC property and is subject to recapture. PART III 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 by the corporation's issuance of more shares. ●● A partner's proportionate interest in the general profits of the partnership (or in a particular item of property) is reduced. ●● A trust's, estate's, or beneficiary's proportionate interest in the income of the trust or estate is reduced. S corporations, partnerships, trusts, and estates that pass through SE-RPITC to the shareholders, partners, or beneficiaries must provide Form ID K-1 reporting the recapture amount and including in Part E, Supplemental Information, details on the year(s) the credit being recaptured was originally earned. Any resulting tax from recapture of credits claimed in prior years must be added to the tax otherwise 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 for which you must recompute the SE-RPITC. Fill in lines 1 through 8 in Parts II and III for each property on which you are recomputing the credit. Use a separate column for each item. Use an additional Form 84R, or other schedule with the same information as required on Form 84R, if you have SE-RPITC recapture on more than five items. 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 will 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 are reporting is from a passthrough entity, skip lines 1 through 9 and begin on line 10. 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 SE-RPITC. Line 7. Enter the appropriate recapture percentage from the following table. If the number of full years on Form 84R, 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 84R or separate sheets to list additional items on which you computed an increase in tax, 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 recapture of SE-RPITC that's being passed to you from S corporations, partnerships, trusts, and estates. This amount is reported on Form ID K-1, Part D, line 16. If recapture is necessary due to a reduction of a shareholder's proportionate stock interest in an S corporation, reduction in the interest in the general profits of a partnership, or reduction in the proportionate interest in the income of the trust or estate, include that recapture on line 10 as well. 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 for whom you're paying the tax. Line 13. If you didn't use all 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 84R, line 4, or that was passed through to you from an S corporation, partnership, or trust 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 4. DON'T use this amount to reduce your current year's SE-RPITC from Form 84.
Extracted from PDF file 2017-idaho-form-84r.pdf, last modified December 2016

More about the Idaho FORM 84R Corporate Income Tax Tax Credit

We last updated the Recapture of Idaho Small Employer Real Property Improvement Tax Credit in February 2018, and the latest form we have available is for tax year 2017. 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.

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 75 Fuels Use Report
FORM 41 Idaho Corporation Income Tax Return
FORM 41ES Quarterly Estimated Tax/Extension of Time Payment
FORM 65 Idaho Partnership Return of Income
FORM 49 Idaho 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 84R from the State Tax Commission in February 2018.

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FORM 84R 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 84R

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


2017 FORM 84R

Form 84R - Recapture of Idaho Small Employer Real Property Improvement Tax Credit 2016

2016 FORM 84R

Form 84R - Recapture of Idaho Small Employer Real Property Improvement Tax Credit 2016


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