Idaho Idaho Biofuel Infrastructure Investment Tax Credit

Idaho Biofuel Infrastructure Investment Tax Credit
Form 71 - Idaho Biofuel Infrastructure Investment Tax Credit
F
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71
EFO00085
07-07-2016

2016

IDAHO BIOFUEL INFRASTRUCTURE
INVESTMENT TAX CREDIT

Name(s) as shown on return

Social Security number or EIN

CREDIT AVAILABLE SUBJECT TO LIMITATION
	 1.	 Carryover of biofuel infrastructure investment tax credit from prior years......................................................	
	 2.	 Credit received through unitary sharing. Include a schedule.........................................................................	
	 3.	 Carryover eliminated due to recapture in 2016. Enter the amount from Form 71R, line 13.
Include Form 71R...........................................................................................................................................	
	 4.	 Credit shared with unitary affiliates.................................................................................................................	
	 5.	 Total credit available subject to limitations. Add lines1 and 2 and subtract lines 3 and 4..............................	

CREDIT LIMITATIONS
	 6.	
	 7.	
	 8.	
	 9.	
	10.	
	11.	
	12.	
	13.	
	14.	
	15.	
	16.	
	17.	
	18.	
	19.	
	20.	
	21.	
	22.	
	23.	
	24.	

1
2
3
4
5	

If you are claiming the credit for qualifying new employees, compute the limitation on Form 55,
then complete lines 25 through 27 on this form.
If you are not claiming the credit for qualifying new employees, complete lines 6 through 27.

Enter the Idaho income tax from your tax return.............................................................................................	6
Credit for tax paid to other states...................................................................... 	
7
Credit for contributions to Idaho educational entities......................................... 	
8
Investment tax credit ........................................................................................ 	
9
Credit for contributions to Idaho youth and rehabilitation facilities.................... 	10
Credit for production equipment using postconsumer waste............................. 	11
Promoter-sponsored event credit ..................................................................... 	12
Credit for Idaho research activities.................................................................... 	13
Broadband equipment investment credit........................................................... 	14
Reserved........................................................................................................... 	15
Small employer investment tax credit................................................................ 	16
Small employer real property improvement credit............................................. 	17
Small employer new jobs tax credit................................................................... 	18
Credit for live organ donation expenses............................................................ 	19
Add lines 7 through 19....................................................................................................................................	20
Tax available after other credits. Subtract line 20 from line 6........................................................................	21
50% of tax. Multiply line 6 by 50%.................................................................................................................	22
Biofuel infrastructure investment tax credit available. Enter the amount from line 5.....................................	23
Total credit allowed on current year tax return. Enter the smallest amount from lines 21, 22, or 23 here
and on Form 44, Part I, line 10.......................................................................................................................	24

CREDIT CARRYOVER
	25.	 Total credit available subject to limitations. Enter the amount from line 5...................................................... 	 25
	26.	 Credit allowed. Enter the amount from line 24 or from Form 55, Part II, line 31............................................	26
	27.	 Credit carryover to future years. Subtract line 26 from line 25. Enter the amount here and on
Form 44, Part I, line 10................................................................................................................................... 	 27	

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07-07-2016

Instructions for Idaho Form 71
GENERAL INSTRUCTIONS

The biofuel investment tax credit was eligible to be
earned on qualified investments in Idaho that were placed
in service in tax years beginning in 2007 and ending
December 31, 2011. Although the credit can no longer be
earned, it may be carried over.
Form 71 is used to calculate the biofuel investment tax
credit allowed. Each member of a unitary group that is
allowed the credit must complete a separate Form 71.
Unitary Sharing
A corporation included as a member of a unitary group of
corporations may elect to share the biofuel ITC it earned
but does not use with other members of the unitary
group. The corporation must claim the credit to the extent
allowable against its Idaho income tax before it can share
the credit.
Carryover Periods
You may carry forward for five tax years biofuel ITC that
was earned but not used against tax. For purposes of the
carryover period, a short tax year counts as one tax year.
Recapture
You must compute recapture if you sell or otherwise
dispose of the property or it ceases to qualify for the
biofuel ITC before it has been in service for five full years.

CREDIT LIMITATIONS
If you are claiming against tax the Idaho credit for
qualifying new employees, skip lines 6 through 24 and
compute the limitations on Form 55, Idaho Credit for
Qualifying New Employees, Part II, Credit Limitations.
The biofuel ITC and most other credits will be limited to
50% of your Idaho income tax. Return to Form 71, line 25
to compute the credit carryover.
If you aren’t claiming against tax the credit for qualifying
new employees, compute the credit limitations on Form
71. The biofuel ITC is limited to 50% of your Idaho income
tax or the Idaho income tax after allowing all other tax
credits that can be claimed before the biofuel ITC.
The following credits must be applied to the tax before the
biofuel ITC:
	
	
	
	

1.	
2.	
3.	
4.	

	 5.	
	 6.	
	 7.	
	 8.	
	 9.	
	10.	

File Form 71R to report recapture of the biofuel ITC.
	11.	

Credit for income tax paid to other states
Credit for contributions to Idaho educational entities
Investment tax credit
Credit for contributions to Idaho youth and
rehabilitation facilities
Credit for production equipment using
postconsumer waste
Promoter-sponsored event credit
Credit for qualifying new employees
Credit for Idaho research activities
Broadband equipment investment credit
Small employer ITC, real property improvement tax
credit, and new jobs tax credit
Credit for live organ donation expenses

SPECIFIC INSTRUCTIONS
Line 1. Enter the carryover from your 2015 Form 71,
line 27.

Line 6. Enter the amount of your Idaho income tax. This
is the computed tax before adding the permanent building
fund tax or any other taxes, or subtracting any credits.

Line 2. If you are a member of a unitary group, enter the
amount of credit you received from another member of the
unitary group.

Line 7. Enter the credit for income tax paid to other states
from Form 39R or Form 39NR. This credit is available
only to individuals, estates, and trusts.

Line 4. If you are a member of a unitary group of
corporations, enter the amount of credit you earned that
you elect to share with other members of your unitary
group. Before you can share your credit, you must use
the credit up to the allowable limitation of your Idaho
income tax.

Line 8. Enter the credit for contributions to Idaho
educational entities from the appropriate Idaho income tax
return.

Corporations claiming the biofuel ITC must provide a
calculation of the credit earned and used by each member
of the combined group. The schedule must clearly
identify shared credit and the computation of any credit
carryovers.

Line 10. Enter the credit for contributions to Idaho youth
and rehabilitation facilities from the appropriate Idaho
income tax return.

Line 9. Enter the investment tax credit allowed from Form
49, Part II, line 8.

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07-07-16v2

Line 11. Enter the credit for production equipment using
postconsumer waste from the appropriate Idaho income
tax return.
Line 12. Enter the promoter sponsored event credit from
the appropriate Idaho income tax return.
Line 13. Enter the credit allowed for Idaho research
activities from Form 67, line 29.
Line 14. Enter the broadband equipment investment tax
credit allowed from Form 68, line 18.
Line 16. Enter the small employer investment tax credit
allowed from Form 83, line 28.
Line 17. Enter the small employer real property
improvement tax credit allowed from Form 84, line 26.

Form 71 - Page 2

Line 18. Enter the small employer new jobs tax credit
allowed from Form 85, line 35.
Line 19. Enter the credit for live organ donation expenses
from the appropriate Idaho income tax return.
Line 24. Enter the smallest amount from lines 21, 22, or
23 on line 24. Enter this amount on Form 44, Part I,
line 10 in the Credit Allowed column.
CREDIT CARRYOVER
Line 27. The amount of credit available that exceeds the
total credit allowed on the current year tax return may
be carried forward up to five tax years through tax year
2016. Enter this amount on Form 44, Part I, line 10, in the
Carryover column.