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Arizona Credit for Renewable Energy Industry
Form 342 is obsolete, and is no longer supported by the Arizona Department of Revenue.
Extracted from PDF file 2017-arizona-form-342.pdf, last modified December 2009Credit for Renewable Energy Industry
Arizona Form 2017 Credit for Renewable Energy Industry 342 Include this completed form and the Certification of Qualification from the Arizona Commerce Authority with your return. For the calendar year 2017 or fiscal year beginning m m d d 2 0 1 7 and ending m m d d 2 0 Y Y . Name as shown on Form 140, 140PY, 140NR, 140X, 99T, 120, 120A, 120S, 120X, or 165 Part 1 Social Security or Employer Identification Number Listing of Post-Approved Renewable Energy Operations and Apportioned Credit Amount List renewable energy operations for which you are entitled to claim a credit during this taxable year. If you have more than two operations, include additional schedules. See instructions. (a) Allocation Year Arizona Commerce Authority Post-Approval Information (b) (c) (d) Post-Approval Date Post-Approval Number Apportioned Credit Amount 1 YYYY MM DD YYYY 00 2 YYYY MM DD YYYY 00 3 Aggregate total from all additional schedules.......................................... 4 Enter the amount of credit passed through from partnerships on Form(s) 342-P, line 3c............................................................................. 5 Enter the amount of credit passed through from S corporations on Form(s) 342-S, line 3c............................................................................. 6 Add column (d), lines 1 through 5. Enter the total. This is the current taxable year’s Credit for Renewable Energy Industry............................. Part 2 3 00 4 00 5 00 6 00 Credit Recapture 7 Enter the date on which the Certification of the business as a renewable energy industry was terminated or revoked........................................................................................................................... 7 m m d d y y y y 8 Enter the total amount of the credit from taxpayer operations that was terminated or revoked............ 8 00 9 Enter the partner’s portion of this credit to be recaptured from Form 342-P, Part 2, line 7................... 10 Enter the S corporation shareholder’s portion of this credit to be recaptured from Form 342-S, Part 2, line 7.......................................................................................................................................... 11 Add lines 8 through 10. Enter the total. This is the total amount of the credit to be recaptured in this taxable year................................................................................................................................. 9 00 10 00 11 00 Part 3 Partnerships A partnership claiming this credit must pass it through to its partners. • Complete Form 342-P for each partner. • Provide a completed copy of Form 342-P to each partner. • File a copy of each completed Form 342-P with your tax return. • Keep a copy of each completed Form 342-P for your records. • Do not complete Parts 4 through 6 of this form. Continued on page 2 ADOR 11130 (17) Name (as shown on page 1) Part 4 EIN S Corporation Credit Election and Shareholder’s Share of Credit and Credit Recapture 12 The S corporation has made an irrevocable election for the taxable year ending m m d d y y y y to (check only one box): 12a Claim the credit for renewable energy industry as shown on Part 1, line 6 (for the taxable year indicated above); OR 12b Pass the credit for renewable energy industry as shown on Part 1, line 6 (for the taxable year indicated above) through to its shareholders. Signature Title Date If passing the credit through to the shareholders, complete Form 342-S for each shareholder. • Provide a copy of the completed Form 342-S to each shareholder. • File a copy of each completed Form 342-S with your tax return. • Keep a copy of each completed Form 342-S for your records. Part 5 Credit Recapture Summary 13 Enter the taxable year(s) in which you took a credit for a business as a renewable energy industry whose Certification has been terminated or revoked: 14 Enter the total amount of credit originally claimed on prior returns. • Individuals, C corporations, S corporations that elected to claim the credit at the corporate level, and exempt organizations with UBTI: Enter the amount from Part 2, line 11. • C corporations, S corporations, and exempt organizations with UBTI: Also enter this amount on Form 300, Part 2, line 28. • Individuals: Also enter this amount on Form 301, Part 2, line 37...................................................... Part 6 14 00 15 00 Total Apportioned Credit Claimed This Taxable Year 15 Total apportioned credit for renewable energy industry: • Individuals, C corporations, S corporations electing to claim the credit at the corporate level, or exempt organizations with UBTI: Enter the amount from Part 1, line 6. • Individuals: Also enter this amount on Form 140, line 57; or Form 140NR, line 64; or Form 140PY, line 68; or Form 140X, line 43. • C corporations: Also enter this amount on Form 120, line 22; or Form 120A, line 14; or Form 120X, line 22. • S corporations electing to claim the credit at the corporate level: Also enter this amount on Form 120S, line 18. • Exempt organizations with UBTI: Also enter this amount on Form 99T, line 12................................ ADOR 11130 (17) AZ Form 342 (2017) Print Page 2 of 2
Arizona Form 342
More about the Arizona Form 342 Corporate Income Tax Tax Credit
We last updated the Credit for Renewable Energy Industry in May 2021, 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 Arizona Department of Revenue. You can print other Arizona tax forms here.
Other Arizona Corporate Income Tax Forms:
TaxFormFinder has an additional 95 Arizona income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Schedule ACA | Schedule ACA - Air Carrier Apportionment |
| Form 120S | Arizona S Corporation Income Tax Return |
| Form 165 | Arizona Partnership Income Tax Return |
| Form 141AZ | Arizona Fiduciary Income Tax Return |
| 165 Schedule K-1 | Schedule K-1 Resident Partner's Share of Adjustment to Partnership Income |
View all 96 Arizona Income Tax Forms
Form Sources:
Arizona usually releases forms for the current tax year between January and April. We last updated Arizona Form 342 from the Department of Revenue in May 2021.
Form 342 is an Arizona 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 Arizona Form 342
We have a total of five past-year versions of Form 342 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2014 Form 342
Arizona Form 342
2012 Form 342
Arizona Form 342
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