Idaho Recapture of Idaho Biofuel Infrastructure Investment Tax Credit

Recapture of Idaho Biofuel Infrastructure Investment Tax Credit
FORM 71R
71R

F
O
R
M EFO00084
07-23-15

RECAPTURE OF IDAHO BIOFUEL
INFRASTRUCTURE INVESTMENT TAX CREDIT

Name(s) as shown on return

Social Security number or EIN

PART I -- IDENTIFY PROPERTY THAT CEASED TO QUALIFY AS IDAHO BIOFUEL INFRASTRUCTURE
	
INVESTMENT TAX CREDIT PROPERTY
Properties

Property Description

A
B
C
D
E

PART II -- ORIGINAL IDAHO BIOFUEL INFRASTRUCTURE INVESTMENT TAX CREDIT
Properties
B

A

E

D

C

	1.	 Date property placed in
service.........................................
	2.	
	3.	
	4.	
		
	5.	

Cost or other basis.......................
Credit percentage........................
Original credit.
Multiply line 2 by line 3.................
Date property ceased
to qualify......................................
	6.	 Number of full years
between the date on line 1
and the date on line 5..................

6%

6%

6%

6%

PART III -- COMPUTATION OF RECAPTURE TAX
	7.	 Recapture percentage
from table in instructions.............
	8.	 Tentative recapture tax.
Multiply line 4 by line 7................	
	9.	 Add line 8, columns A through E..........................................................................................................................
	10.	 Pass-through share of credit recapture from S corporations, partnerships, estates, or trusts.............................
	11.	 Add lines 9 and 10...............................................................................................................................................
	 2.	 Credit recapture distributed to shareholders, partners, or beneficiaries..............................................................
1
	13.	 Enter the portion of original credit not used to offset any tax. Do not enter more
than line 11. The amount on this line reduces the carryover available to the current year.................................
	 4.	 Add lines 12 and 13.............................................................................................................................................
1
	15.	 Recapture of biofuel infrastructure investment tax credit. Subtract line 14 from line 11. Enter here and on
Form 44, Part II, line 6. Do not use this amount to reduce current year's biofuel infrastructure investment
tax credit computed on Form 71..........................................................................................................................

6%

EFO00084
07-23-15

Instructions for Idaho Form 71R
GENERAL INSTRUCTIONS

Use Form 71R to compute the increase in tax and reduction
to credit carryover for the recapture of biofuel infrastructure
investment tax credit (biofuel ITC). You must recompute the
credit if you earned it in an earlier year, but disposed of the
property before the end of the five-year recapture period.  You
must also recompute the credit on any property ceasing to
qualify as biofuel ITC property, including property that is no
longer used to sell biofuel. Property moved from Idaho within the
first five years ceases to qualify as biofuel ITC property and is
subject to recapture.
Recapture may be necessary when:
●● An S corporation shareholder's interest is reduced by a sale,
redemption or other disposition of the shareholder's stock, or
by the corporation's issuance of more shares.
●● A partner's proportionate interest in the general profits of the
partnership (or in a particular item of property) is reduced.
●● A trust's, estate's or beneficiary's proportionate interest in the
income of the trust or estate is reduced.
S corporations, partnerships, estates, and trusts that
pass through biofuel ITC to the shareholders, partners, or
beneficiaries must provide Form ID K-1 reporting the recapture
amount and including in Part E, Supplemental Information,
details on the year(s) the credit being recaptured was originally
earned.
Any resulting tax from recapture of credits claimed in prior years
must be added to the tax otherwise determined in the year
of recapture. Recapture of credits not claimed in prior years
reduces the amount of credit carryover available to the current
year.

SPECIFIC INSTRUCTIONS
Instructions are for lines not fully explained on the form.
PART I
Lines A through E. Describe the property for which you must
recompute the biofuel ITC. Fill in lines 1 through 8 in Parts II and
III for each property on which you are recomputing the credit.
Use a separate column for each item. Use an additional Form
71R, or other schedule with the same information as required on
Form 71R, if you have biofuel ITC recapture on more than five
items.
PART II
S corporations, partnerships, trusts, and estates that have
credit subject to recapture must complete lines 1 through 9 to
determine the amount of credit recapture.
Shareholders, partners, and beneficiaries will use the information
provided by the S corporation, partnership, trust, or estate to
report their pass-through share of the credit to be recaptured on
line 10. If the only recapture you are reporting is from a passthrough entity, skip lines 1 through 9 and begin on line 10.
Line 1. Enter the month, day, and year that the property was
first available for service.  
Line 2. Enter the cost or other basis of the property used to
compute the original biofuel ITC.
Line 4. Multiply line 2 by line 3 to compute the credit originally
earned for each property listed.

Line 5. Enter the month, day, and year the property ceased to
qualify as biofuel ITC property.
Line 6. Do not enter partial years. If the property was held less
than 12 months, enter zero.
PART III
Line 7. Enter the appropriate recapture percentage from the
following table.
If the number of full years
on Form 71R, line 6 is...

Then the recapture
percentage is...

0
1
2
3
4
5 or more

100
80
60
40
20
0

Line 9. Add all amounts on line 8. If you have used more
than one Form 71R or separate sheets to list additional items
on which you computed an increase in tax, write to the left of
the entry space "Tax from attached" and the total tax from the
separate sheets. Include the amount in the total for line 9.
Line 10. Enter the amount of recapture of biofuel ITC that is
being passed to you from S corporations, partnerships, trusts,
and estates.  This amount is reported on Form ID K-1, Part D,
line 14.
If recapture is necessary due to a reduction of a shareholder's
proportionate stock interest in an S corporation, reduction in the
interest in the general profits of a partnership, or reduction in the
proportionate interest in the income of the trust or estate, include
that recapture on line 10 as well.
Line 11. Add lines 9 and 10 to determine the amount of credit
subject to recapture.
Line 12. If you are an S corporation, partnership, trust, or
estate, enter the amount of credit recapture that passed through
to shareholders, partners, or beneficiaries.  Do not include any
recapture on this line for shareholders, partners, or beneficiaries
for whom you are paying the tax.
Line 13. If you did not use all the credit you originally computed
either in the year earned or in a carryover year, you will not have
to pay tax from recapture of the amount of the credit you did not
use.
Compute the unused portion of the original credit from Form
71R, line 4, or that was passed through to you from an S
corporation, partnership, trust, or estate on a separate sheet and
enter the amount on this line. Do not enter more than the tax
from recapture on line 11.
Line 15. This is the total increase in tax. Enter it on this line and
on Form 44, Part II, line 6. DO NOT use this amount to reduce
your current year's biofuel ITC from Form 71.