Fillable Form 49 - Idaho Investment Tax Credit

IDAHO INVESTMENT TAX CREDIT

2014

EFO00030

07-15-14

Name(s) as shown on return

Social Security Number or EIN

PART I -- CREDIT AVAILABLE SUBJECT TO LIMITATION

1. a. Amount of qualified investments acquired during the tax year. Include a complete list .........................

b. Amount of investments for which you claimed the property tax exemption. Include Form 49E ............

c. Subtract line 1b from line 1a. This is the amount of qualified investments on which you may

earn the investment tax credit ................................................................................................................

2. Credit earned. Multiply line 1c by 3% ..........................................................................................................

3. Pass-through share of credit from a partnership, S corporation, estate, or trust:

a. Pass-through Entity Name

b. Pass-through Entity EIN

c. Pass-through Share of ITC

Total column c ..............................

4. Credit received through unitary sharing. Include a schedule ......................................................................

5. Carryover of investment tax credit from prior years. Include Form 49C or other schedule ........................

6. Credit distributed to partners, shareholders, or beneficiaries ......................................................................

7. Credit shared with unitary affiliates ..............................................................................................................

8. Total credit available subject to limitation. Add lines 2 through 5 and subtract lines 6 and 7 .......................

PART II -- LIMITATION

1. Enter the Idaho income tax from your return ................................................................................................

2. Credit for tax paid to other states .................................................................................................................

3. Idaho income tax after credit for tax paid to other states. Subtract line 2 from line 1 ..................................

4. Credit for contributions to Idaho educational entities ...................................................................................

5. Tax available after credits. Subtract line 4 from line 3 .......................................

6. 50% of tax after credit for tax paid to other states. Multiply line 3 by 50% ........

7. Investment tax credit available. Enter the amount from Part I, line 8 ................

8. Investment tax credit allowed. Enter the smallest amount from lines 5, 6, or 7 here

and on Form 44, Part I, line 1 .......................................................................................................................

QUALIFYING DEPRECIABLE PROPERTY

NONQUALIFYING PROPERTY

Idaho generally follows the definition of qualified property found

Property that does not qualify includes:

in the Internal Revenue Code (IRC) Sections 46 and 48 as in

effect prior to 1986. The property must have a useful life of three

● Buildings and their structural components

years or more and be property for which you are allowed the

● Property used in lodging facilities that rent 50% or more of

deduction for depreciation or amortization in lieu of depreciation.

their lodging units for periods of 30 days or longer, such as

Qualifying property includes the following property used in a