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Idaho Idaho Investment Tax Credit Carryover
Extracted from PDF file 2023-idaho-form-49c.pdf, last modified September 2023Idaho Investment Tax Credit Carryover
Form 49C Investment Tax Credit Carryover 2009 2010 2011 2012 2023 2013 2014 2015 1. Credit earned .................. 2. Allowed/used in 2009 ..... 3. Recaptured in 2009 ........ 4. Allowed/used in 2010 ..... 5. Recaptured in 2010 ........ 6. Allowed/used in 2011 ..... 7. Recaptured in 2011 ........ 8. Allowed/used in 2012 ..... 9. Recaptured in 2012 ........ 10. Allowed/used in 2013 ..... 11. Recaptured in 2013 ........ 12. Allowed/used in 2014 ..... 13. Recaptured in 2014 ........ 14. Allowed/used in 2015 ..... 15. Recaptured in 2015 ........ 16. Allowed/used in 2016 ..... 17. Recaptured in 2016 ........ 18. Allowed/used in 2017...... 19. Recaptured in 2017 ........ 20. Allowed/used in 2018 ..... 21. Recaptured in 2018 ........ 22. Allowed/used in 2019 ..... 23. Recaptured in 2019 ........ 24. Allowed/used in 2020 ..... 25. Recaptured in 2020 ........ 26. Allowed/used in 2021 ..... 27. Recaptured in 2021 ........ 28. Allowed/used in 2022 ..... 29. Recaptured in 2022 ........ 30. Recaptured in 2023 ........ 31. In each column, add lines 2 through 30 ........... 32. In each column, subtract line 31 from line 1 ........... 33. Total all columns for line 32 on this page, and enter the amount. Carry the amount to Page 2, line 34 ........ EFO00047 09-14-2023 Page 1 of 2 Form 49C 2016 2017 2018 2019 2020 2023 2021 (continued) 2022 1. Credit earned .................. 16. Allowed/used in 2016 ...... 17. Recaptured in 2016 ........ 18. Allowed/used in 2017 ...... 19. Recaptured in 2017 ........ 20. Allowed/used in 2018 ...... 21. Recaptured in 2018 ........ 22. Allowed/used in 2019 ...... 23. Recaptured in 2019 ........ 24. Allowed/used in 2020 ...... 25. Recaptured in 2020 ........ 26. Allowed/used in 2021 ...... 27. Recaptured in 2021 ........ 28. Allowed/used in 2022 ...... 29. Recaptured in 2022 ........ 30. Recaptured in 2023 ........ 31. In each column, add lines 16 through 30 ......... 32. In each column, subtract line 31 from line 1 ........... 33. Total all columns for line 32 on this page, and enter the amount ............................................................... 34. Enter the amount from Page 1, line 33 ................................................................................................... 35. Carryover to 2023. Add lines 33 and 34. Carry the amount to Form 49, Part I, line 8 ................................ EFO00047 09-14-2023 Page 2 of 2 Form 49C — Instructions Investment Tax Credit Carryover General Instructions Specific Instructions Complete this form if an investment tax credit (ITC) carryover is included in the current year’s available credit. Once you complete Form 49C, carry the amount to Form 49. Carryover Period You can carry the credit forward up to the next 14 tax years. Application of Credit You must use the oldest available credit before you use credit earned in the current year. Property moved from Idaho within the first five years no longer qualifies as ITC property and is subject to recapture. Unitary Taxpayers Any member of a unitary combined group of corporations can claim the credit carried forward as long as the member who earned the credit is still in the combined group for the year the credit is claimed. Line 1. For each year, enter the credit earned in that tax year. Don’t include any carryover amounts. Lines 2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22, 24, 26, and 28. For each year, enter the amount of: • Credit allowed against tax • Credit you earned that was shared with another member of the unitary group, and • Credit that passed through to an owner or beneficiary Lines 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25, 27, 29, and 30. For each year, enter the credit recaptured. You must recompute the credit if you disposed of the property or the property ceased to qualify before the end of the 5-year recapture period. This includes 100% of the credit for property used less than a full year. Conversion of a C Corporation to S Corporation The S corporation can claim the credit carryover against the S corporation’s tax on net recognized built-in gains and excess net passive income. The credit isn’t allowed against the tax paid by an S corporation for nonresident shareholders. You should use a separate Form 49C for the credit carryover. Use of Other Schedules If this form doesn’t allow you to properly reflect the application of carryovers and recapture, provide the information on a separate schedule. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00078 09-14-2023 2023
Form 49C, Investment Tax Credit Carryover and Instructions 2023
More about the Idaho FORM 49C Corporate Income Tax Tax Credit TY 2023
We last updated the Idaho Investment Tax Credit Carryover in February 2024, so this is the latest version of FORM 49C, fully updated for tax year 2023. You can download or print current or past-year PDFs of FORM 49C directly from TaxFormFinder. You can print other Idaho tax forms here.
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Form Sources:
Idaho usually releases forms for the current tax year between January and April. We last updated Idaho FORM 49C from the State Tax Commission in February 2024.
FORM 49C is an Idaho 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 Idaho FORM 49C
We have a total of twelve past-year versions of FORM 49C in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 FORM 49C
Form 49C, Investment Tax Credit Carryover and Instructions 2023
2022 FORM 49C
Form 49C, Investment Tax Credit Carryover and Instructions 2022
2021 FORM 49C
Form 49C, Investment Tax Credit Carryover and Instructions 2021 approved
2020 FORM 49C
Form 49C, Investment Tax Credit Carryover and Instructions 2020
2019 FORM 49C
Form 49C, Investment Tax Credit Carryover and Instructions 2019
2017 FORM 49C
Form 49C - Idaho Investment Tax Credit Carryover
2016 FORM 49C
Form 49C - Idaho Investment Tax Credit Carryover 2016
2015 FORM 49C
FORM 49C
2014 FORM 49C
Form 49C
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