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Form 49C — Instructions
Investment Tax Credit Carryover 2022
General Instructions Specific Instructions
Complete this form if an investment tax credit Line 1.
(ITC) carryover is included in the current year’s For each year, enter the credit earned in that tax
available credit. Once you complete Form 49C, year. Don’t include any carryover amounts.
carry the amount to Form 49.
Lines 2, 4, 6, 8, 10, 12, 14, 16, 18, 20, 22, 24, 26,
Carryover Period and 28.
You can carry the credit forward up to the next 14 For each year, enter the amount of:
tax years. • Credit allowed against tax
Application of Credit • Credit you earned that was shared with another
You must use the oldest available credit before member of the unitary group, and
you use credit earned in the current year. • Credit that passed through to an owner or
Property moved from Idaho within the first five beneficiary
years no longer qualifies as ITC property and is
subject to recapture. Lines 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25, 27,
29, and 30.
Unitary Taxpayers For each year, enter the credit recaptured. You must
Any member of a unitary combined group of recompute the credit if you disposed of the property
corporations can claim the credit carried forward or the property ceased to qualify before the end of
as long as the member who earned the credit is the 5-year recapture period. This includes 100% of
still in the combined group for the year the credit the credit for property used less than a full year.
is claimed.
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 08-18-2022
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