Form 49 - Idaho Investment Tax Credit - 2011
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1
249
2011
IDAHO INVESTMENT TAX CREDIT
F
O
R
M
EFO00030
05-11-11
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 of
qualified investments ...............................................................................................................................
1a
b. Amount of investments for which you claimed the property tax exemption. Include Form 49E .............
1b
c. Subtract line 1b from line 1a. This is the amount of qualified investments on which you may
earn the investment tax credit .................................................................................................................
1c
2. Credit earned. Multiply line 1c by 3% ...........................................................................................................
2
3. Pass-through share of credit from a partnership, S corporation, estate or trust ...........................................
3
4. Credit received through unitary sharing. Include a schedule .......................................................................
4
5. Carryover of investment tax credit from prior years. Include Form 49C or other schedule ..........................
5
6. Credit distributed to partners, shareholders or beneficiaries ........................................................................
6
7. Credit shared with unitary affiliates ...............................................................................................................
7
8. Total credit available subject to limitation. Add lines 2 through 5 and subtract lines 6 and 7 .......................
8
PART II -- LIMITATION
1. Enter the Idaho income tax from your return ................................................................................................
1
2. Credit for tax paid to other states ..................................................................................................................
2
3. Idaho income tax after credit for tax paid to other states. Subtract line 2 from line 1 ..................................
3
4. Credit for contributions to Idaho educational entities ....................................................................................
4
5. Tax available after credits. Subtract line 4 from line 3 ........................................
5
6. 50% of tax after credit for tax paid other states. Multiply line 3 by 50% .............
6
7. Investment tax credit available. Enter the amount from Part I, line 8 .................
7
8. Investment tax credit allowed. Enter the smallest amount from lines 5, 6 or 7 here
and on Form 44, Part I, line 1 .......................................................................................................................
8
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
apartment houses or rental homes. (Does not apply to hotels
trade or business:
and motels that rent more than half their units for periods less
than 30 days.) Nonqualifying property includes property used
●
Tangible personal property - machinery and equipment
in the living quarters, lobby furniture, office equipment, and
●
Other tangible property - property used as an integral part of
laundry and swimming pool facilities but excludes certain coin-
manufacturing, production, extraction, or furnishing transporta-
operated machines.
tion, communications, or utility services, or research facilities
●
The cost of property expensed under IRC Section 179
and bulk storage facilities used in connection with those busi-
●
Property subject to 60-month amortization
nesses
●
Used property not acquired by purchase
●
Elevators and escalators
●
Property that is either nondepreciable or has a useful life of
●
Single purpose agricultural or horticultural structures
fewer than three years
●
Qualified timber property
●
The portion of property used for personal use
●
Petroleum storage facilities
●
Used property in excess of $150,000
●
Qualified broadband equipment as approved by the Idaho
●
Horses
Public Utilities Commission
●
Property not used in Idaho
●
Vehicles under 8,000 pounds gross weight
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