Iowa New Jobs Tax Credit Worksheet 41-133
Extracted from PDF file 2016-iowa-form-ia-133.pdf, last modified August 2016
New Jobs Tax Credit Worksheet 41-1332016 IA 133 Iowa New Jobs Tax Credit https://tax.iowa.gov Name(s) SSN or FEIN Pass-Through Entity (if applicable) Pass-Through FEIN __________________________ Tax Period Ending Date Tax credit certificate number for 260E agreement with a community college If you claimed the New Jobs Tax Credit under this agreement in a prior tax year, you are NOT eligible to claim it again for the same new jobs. Part I: Eligibility for New Jobs Tax Credit 1. Base employment level at the location with the 260E agreement ............ 1. 2. Number of new jobs directly resulting from the project covered by the agreement for which the tax credit is being claimed from line 1 of Schedule A ................................................................................................. 2. 3. Number of new jobs directly related to the jobs in line 2 for which the tax credit is being claimed from line 1 of Schedule B ............................... 3. 4. Total new jobs claimed. Add lines 2 and 3. If partial jobs were reported, round down to the nearest whole number ................................. 4. 5. Increased employment percentage. Divide line 4 by line 1 and round to three decimals (ex. 10.3%). If line 1 equals zero, report 10.0%. If this number is less than 10.0%, you are not eligible for the New Jobs Tax Credit for this tax year. Do not claim this tax credit ........................... 5. % Part II: Calculation of the New Jobs Tax Credit 6. Qualifying taxable wages for eligible new jobs for which the tax credit is being claimed in tax year 2016. Add total qualifying taxable wages from line 2 of Schedule A and line 2 of Schedule B .................................. 6. 7. Tax credit rate is 6.0%.......................................................................................... 7. x 0.06 8. New Jobs Tax Credit. Multiply line 6 by line 7. Enter in column D of Part I on the IA 148 Tax Credits Schedule ................................................ 8. 9. Pass-through New Jobs Tax Credit from partnership, LLC, S corporation, estate, or trust. Enter in column D of Part I and complete Part IV on the IA 148 Tax Credits Schedule .................................................................... 9. 10. Carryforward of New Jobs Tax Credit from tax year 2015 under the Tax credit certificate number listed above. Enter in column C of Part I on the IA 148 Tax Credits Schedule ......................................................... 10. IA 148 Tax Credits Schedule must be completed. 41-133a (07/19/16) 2016 IA 133, page 2 Schedule A - Employees in New Jobs Directly Resulting from the Project A Employee Name B Employee SSN C Job Title D E F Wages Paid Hours Qualifying Taxable During Share Wages: Multiply the Calendar Year lesser of Column D or $28,300 by Column E 1. Total New Jobs (sum column E Hours Share). Enter on line 2 of the IA 133 .... 1. 2. Total Qualifying Taxable Wages (sum column F).............................................. 2. Schedule B – Employees in New Jobs Directly Related to the New Jobs in Schedule A A B C D E F Employee Name Employee Job Title Wages Paid Hours Qualifying Taxable SSN During Share Wages: Multiply the Calendar Year lesser of Column D or $28,300 by Column E 1. Total New Jobs (sum column E Hours Share), Enter on line 3 of the IA 133 .... 1. 2. Total Qualifying Taxable Wages (sum column F).............................................. 2. 41-133b (07/11/16) 2016 IA 133 New Jobs Tax Credit Instructions in-state employee to be foreman of the new A New Jobs Tax Credit can be claimed by a taxpayer who has entered into an Iowa Industrial product line and fills the transferred employee’s New Jobs Training (260E) agreement with a position with a new employee. The new community college and who has increased foreman’s position would be considered a job employment over the base employment level by directly related to new jobs because it directly at least 10.0%. The tax credit can be claimed in supports the new jobs and the transferred any tax year that either begins or ends during the employee’s old position was filled by a new term of the 260E agreement. However, the tax employee. credit may not be taken until the base Any credit in excess of the tax liability for the tax employment level has been exceeded by at least year may be credited to the tax liability for the 10.0%. In the case of a taxpayer without a base employment level, the tax credit can be claimed following 10 tax years or until depleted, whichever is earlier. Complete the IA 133 even if for all eligible new jobs for the tax year selected you are only claiming a New Jobs Tax Credit by the taxpayer. The tax credit can only be carryforward from a prior tax year. claimed once for each new job. Base employment level means the number of full-time jobs a business employs at the location covered by the 260E agreement on the date of the agreement. A full-time job includes any position with an average work week of 35 or more hours or a salaried position. Part-time jobs must be aggregated to equal a full-time job. A job with average weekly hours below 15 counts as 0.25; a job with hours greater than or equal to 15 but less than 25 counts as 0.5; and a job with hours greater than or equal to 25 but less than 35 counts as 0.75. In determining if the taxpayer has increased employment over the base employment level by at least 10.0%, only those new jobs directly resulting from the project covered by the agreement and those directly related to those new jobs are eligible. New jobs directly resulting from a project do not include jobs of recalled workers or replacement jobs or other jobs that formerly existed at the location. New jobs directly related to the new jobs resulting from the project means those jobs which directly support the new jobs. However, those new jobs do not include an in-state employee transferred to a position which would be considered a new job directly related to the new jobs resulting from the project unless the transferred employee’s vacant position is filled by a new employee. The burden of proof that a new job is directly related to the new jobs resulting from the project is on the taxpayer. Example: A taxpayer who has entered into a chapter 260E agreement to train new employees for a new product line transfers an A separate IA 133 must be completed for each different 260E agreement under which a New Jobs Tax Credit, new or carryforward, is claimed. Apportionment of T a x Credit If the business is a partnership, LLC, S corporation, estate, or trust, the tax credit must be apportioned to the members. The passthrough entity must file the completed IA 133 with its return. On Schedule K-1 or on an attachment to Schedule K-1, report the tax credit for each member, including the tax credit certificate number for the 260E agreement, and instruct the members to report the apportioned tax credit on line 9 of form IA 133 and include it with their tax returns. Also direct members to report their share of the New Jobs Tax Credit on Part I of the IA 148 Tax Credits Schedule with the tax credit certificate number assigned to the 260E agreement. Schedules A and B New Jobs Details Schedules A and B must be completed to demonstrate eligibility for the New Jobs Tax Credit. In Schedule A, provide the name, SSN, and job title for employees in the new jobs directly resulting from the project covered by the agreement. In Schedule B, provide the name, SSN, and job title for employees in the new jobs directly related to the new jobs reported in Schedule A. Complete multiple schedules if more lines are needed. Also report total wages paid to each employee during calendar year 2016 in column D. If any of the listed employees worked less than 35 hours per week, indicate the applicable share of hours in column E; enter 0.75 41-133c (07/22/16) if hours are greater than or equal to 25 but less than 35; enter 0.5 if hours are greater than or equal to 15 but less than 25; enter 0.25 if hours are below 15; enter 1 if a full-time job. Column F equals qualifying taxable wages for the employees in jobs for which the taxpayer is claiming the New Jobs Tax Credit this tax year. Multiply the lesser of column D or $28,300 by the hours share in column E to calculate qualifying taxable wages in column F. If the taxpayer claimed a tax credit for the listed employee in a prior tax year, leave column F blank. If the taxpayer chooses to not claim a tax credit this tax year for a listed employee, leave column F blank. In line 1 of each schedule, total column E including partial jobs. In line 2 of each schedule, total column F. Enter line 1 of Schedule A in line 2 of the IA 133. Enter line 1 of Schedule B in line 3 of the IA 133. Add lines 2 of Schedules A and B and enter that sum in line 6 of the IA 133. 2016 IA 133 Instructions Provide your name, SSN or FEIN, and tax period ending date. Also report the tax credit certificate issued with the 260E agreement. Line 2: Number of new jobs claimed - Report the number of new jobs in line 1 of Schedule A on the IA 133; add additional schedules if more than fifteen employees. Report the sum with partial jobs if applicable. Line 3: Number of jobs directly related to the new jobs claimed - Report the number of jobs directly related to the new jobs in line 1 of Schedule B on the IA 133; add additional schedules if more than six employees. Report the sum with partial jobs if applicable. Line 4: Total new jobs claimed – Add lines 2 and 3. If partial jobs were reported, round down to the nearest whole number. The credit can only be claimed for full-time jobs or an aggregation of part-time jobs that equal a full-time job. Line 6: Qualifying taxable wages - For 2016, qualifying taxable wages are the first $28,300 wages paid to employees in new jobs or in jobs directly related to those new jobs. This is the amount of taxable wages on which an employer is required to pay unemployment taxes. Add the totals from Schedule A and Schedule B in column F. If the taxpayer is a C corporation, the amount in line 8 of this form must be placed in column D of Part I on the IA 148 Tax Credits Schedule; use tax credit code 08 in column A. Enter the tax credit certificate number awarded with the 260E agreement in column B. Use the IA 148 Tax Credits Schedule to determine the allowable credit that can be claimed in the current tax year and any carryforward. Any carryforward from prior year(s) claimed under the same 260E contract must be reported in line 10 of this form and placed in column C of the same line on the IA 148. If the taxpayer is only reporting a carryforward claim, complete line 10 of this form as well as all the fields at the top. If the taxpayer has received any new passthrough New Jobs Tax Credit from a partnership, LLC, S corporation, estate, or trust, indicate that amount on line 9 of this form. Also enter the amount in column D of Part I on the IA 148 Tax Credits Schedule. If you have a carryforward tax credit received from a pass-through in a prior tax year, indicate that amount on line 10 of this form. Also enter the amount in column C of Part I on the IA 148 Tax Credits Schedule. For either a new claim or carryforward claim, use tax credit code 08 in column A and report the 260E certificate number in column B. Provide the pass-through name in column M and FEIN in column N of Part IV on the IA 148 Tax Credits Schedule as well as on the top of this form. File a separate IA 133 for each pass-through New Jobs Tax Credit received. Also list the claims separately on Part I of the IA 148 Tax Credits Schedule with each tax credit certificate number and provide each pass-through name and FEIN in Part IV. 41-133d (07/22/16)
IA 133 New Jobs Tax Credit, 41-133
More about the Iowa Form IA 133 Corporate Income Tax Tax Credit TY 2016
We last updated the New Jobs Tax Credit Worksheet 41-133 in February 2017, so this is the latest version of Form IA 133, fully updated for tax year 2016. You can download or print current or past-year PDFs of Form IA 133 directly from TaxFormFinder. You can print other Iowa tax forms here.
Other Iowa Corporate Income Tax Forms:
|Form Code||Form Name|
|Form IA 130||Out-of-State Tax Credit 41-130|
|Form IA 147||Franchise Tax Credit 41-147|
|Form IA 4136||Computation of Iowa Motor Fuel Tax Credit 41-036|
|Form IA 1120||Iowa Corporation Income Tax Return|
|Form IA 128||Iowa Research Activities Credit 41-128|
Iowa usually releases forms for the current tax year between January and April. We last updated Iowa Form IA 133 from the Department of Revenue in February 2017.
Form IA 133 is an Iowa 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 Iowa Form IA 133
We have a total of six past-year versions of Form IA 133 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
IA 133 New Jobs Tax Credit, 41-133
IA 1040 Iowa Individual Income Tax Form
2014 IA 133, New Jobs Tax Credit Worksheet
Iowa income tax new jobs credit form
Iowa income tax new jobs credit form
Iowa income tax new jobs credit form
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