Montana Infrastructure User Fee Credit
Extracted from PDF file 2019-montana-form-iufc.pdf, last modified July 2012
Infrastructure User Fee CreditClear Form MONTANA IUFC Rev 05 19 2019 Infrastructure User Fee Credit 17-6-309(2) and 17-6-316, MCA Name (as it appears on your Montana tax return) Social Security Number - - Federal Employer Identification Number OR - Part I. Credit Computation – Individuals and Pass-Through Entities Only 1. Current year’s infrastructure user fee credit................................................................. 1. $_____________________ 2. If you are a partner in a partnership or shareholder in an S corporation, enter your portion of the infrastructure user fee credit.................................................................. 2. $_____________________ Business Name of Pass-Through Entity _________________________________________________ Federal Employer Identification Number - 3. Individuals: credit carryforward/carryback (include a detailed schedule)..................... 3. $_____________________ 4. Add lines 1, 2 and 3. This is your total available infrastructure user fee credit............ 4. $_____________________ Where to Report Your Credit ►Individuals: Transfer the amount on line 4 to Form 2, Nonrefundable Credits Schedule. ►Partnerships: Transfer the amount on line 4 to Form PR-1, Schedule II. ►S corporations: Transfer the amount on line 4 to Form CLT-4S, Schedule II. Part II. Credit Computation – C Corporations Only. Complete a column for each entity that pays fees attributable to the use of the infrastructure. (If necessary, use additional pages.) Please include a copy of the letter from the Montana Board of Investments detailing the principal and interest paid. Column A 1. Entity name 1. 2. Federal employer identification number (FEIN) 2. 3. Current year infrastructure user fee credit 3. 4. Credit carryforward/carryback (include a detailed schedule) 4. 5. Add lines 3 and 4; enter the result here. This is your total available infrastructure user fee credit. 5. 6. Montana tax liability (see instructions) 6. 7. Enter the lesser of line 5 or line 6 here. This is your allowable separate entity credit. 7. Column B 8. Add the amounts on line 7 of each column, including any amounts on additional pages. Enter the amount here. This is your allowable infrastructure user fee credit. Column C 8. Where to Report Your Credit ►C corporations: Transfer the amount on line 8 to Form CIT, Schedule C. If you file your Montana tax return electronically, you do not need to mail this form to us unless we ask you for a copy. When you file electronically, you represent that you have retained the required documents in your tax records and will provide them upon the department’s request. Form IUFC Instructions Who can claim this credit? A business that is created or expanded as the result of a loan made by the Montana Board of Investments to enhance economic development and create jobs in the basic sector of the economy may claim this credit for the fees it pays to use the infrastructure. If my business paying the user fees is a partnership, an S corporation, or a limited liability company taxed as a partnership or S corporation, are my partners, members or shareholders entitled to the infrastructure user fee credit? As a partnership, an S corporation, or a limited liability company taxed as an S corporation or partnership, your partners, shareholders or members are entitled to apply their portion of the credit against their income tax or corporate income tax liability. The amount of each partner, member or shareholder’s credit is based on the portion of the entity’s income or loss the partner, member or shareholder reports for Montana tax purposes. For example, if your business is an S corporation with four shareholders who each have the same number of shares of stock, each shareholder would be entitled to 25% of the total credit. Partners, members or shareholders claiming their portion of the pass-through entity’s credit should include with their individual income or corporate income tax return a completed Form IUFC. Can I carry any excess infrastructure user fee credit back to a prior year or forward to a subsequent year? This credit may be carried back for three tax years or carried forward for seven tax years. The current year credit must be applied first before applying any credit carryover. What information do I have to include with my return when I claim this credit? When you claim this credit, include a copy of the letter from the Montana Board of Investments showing the current year’s interest and principal paid. You also need to include a detailed schedule of your separate entity infrastructure user fee credit carryforward and/or carryback, if applicable. What limitations apply to this credit? The credit is limited in the current tax year to the taxpayer’s current year tax liability. In addition, the total amount of the tax credit claimed may not exceed the amount of the loan. Part I. Credit Computation – Individuals and PassThrough Entities Only Complete Part I if you are an individual or pass-through entity. If you are a C corporation, skip Part I and complete Part II. Line 1 – Enter your current year infrastructure user fee credit. The credit is the total amount of interest and principal paid as reported in the letter from the Montana Board of Investments. Include a copy of the letter. Line 2 – If you are an owner in a pass-through entity, enter your portion of the credit. Your portion of the credit is reported to you on a Montana Schedule K-1. Enter the name and FEIN of the pass-through entity. If you received the credit from multiple pass-through entities, add the credit amounts from each entity and enter the total credit amount. Also, if you received credit amounts from multiple passthrough entities, include a statement that identifies each pass-through entity and the amount of credit each passthrough entity distributed to you. Line 3 – Pass-through entities do not enter an amount on this line. Enter your credit carryforward and/or carryback. Your credit for prior years needs to be calculated in the same manner as the current year. Include a detailed schedule. Line 4 – Add lines 1, 2 and 3; enter the result. This is your total available infrastructure user fee credit. Enter this amount on Form 2, Nonrefundable Credits Schedule for individuals, Form PR-1, Schedule II for partnerships or Form CLT-4S, Schedule II for S corporations. Part II. Credit Computation – C Corporations Only Complete a column for each entity that has a Montana infrastructure loan repayment agreement with the Montana Board of Investments. Include a copy of the letter from the Montana Board of Investments showing the interest and principal paid. The amounts provided in the letter are based on a calendar year. If you are a fiscal filer, prorate the credit based on the number of months. Line 1 – Enter the name of each entity paying fees to use an infrastructure. Line 2 – Enter the federal employer identification number (FEIN) of each entity. Line 3 – Your current year credit is the total of the interest and principal paid as reported in the letter from the Montana Board of Investments. Line 4 – Enter your separate entity credit carryforward and/or carryback. Your credit for prior years needs to be calculated in the same manner as the current year. Include a detailed schedule of your separate entity credit carryover. Line 5 – Add lines 3 and 4; enter the result on this line. This is your total available infrastructure user fee credit. Line 6 – Enter your Montana tax liability. This amount can be found on page 3, line 10 of the Montana Form CIT. If you are filing a combined return, and have more than one entity with activity in Montana, enter line 6h of the Schedule K-Combined for this entity. Line 7 – Enter the lesser of line 5 or line 6. This is your allowable separate entity credit. The current year credit must be applied first before applying any credit carryover. Line 8 – Add line 7, columns A through C, and enter the result here. This is your allowable infrastructure user fee credit. Enter this amount on Form CIT, Schedule C. Administrative Rules of Montana: 42.4.3002 through 42.4.3004 Questions? Call us at (406) 444-6900, or Montana Relay at 711 for hearing impaired.
More about the Montana Form IUFC Corporate Income Tax Tax Credit
We last updated the Infrastructure User Fee Credit in March 2020, and the latest form we have available is for tax year 2019. 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 Montana Department of Revenue. You can print other Montana tax forms here.
Other Montana Corporate Income Tax Forms:
|Form Code||Form Name|
|Form INA-CT||Affidavit of Inactivity for Corporations, Partnerships and Disregarded Entities (OBSOLETE)|
|Form MSA||Montana Medical Care Savings Account (DISCONTINUED)|
|Form FPC-RD||Film Production Credit Residency Declaration|
|CIT||Corporate Income Tax Return (formerly CLT-4)|
|Form CC||College Contribution Credit|
Montana usually releases forms for the current tax year between January and April. We last updated Montana Form IUFC from the Department of Revenue in March 2020.
Form IUFC is a Montana 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 Montana Form IUFC
We have a total of eight past-year versions of Form IUFC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Montana Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.