- 2 -
|
Form 49ER — Instructions
Recapture of Qualified Investment Exemption from Property Tax
General Instructions If the property tax exemption wasn’t claimed in
Use Form 49ER to compute the recapture of the year 2 for an asset, skip lines 8 through 12 for that
property tax benefit you received from the property column and go to line 13.
tax exemption elected in place of earning the Idaho Line 8. Enter the Idaho county where either the asset
investment tax credit (ITC). remained placed in service or was relocated and
Compute the recapture if you claimed the qualified placed in service by January 1 for the second calendar
investment exemption (QIE) for property tax on year exemption. If a move occurred, this should match
property you disposed of before the end of the your required notice to that relocation county.
five-year recapture period. Recapture the property Line 9. Enter the exempted value of the asset for the
tax benefit on any property that no longer qualifies second year you claimed the exemption. If you don’t
as ITC property. Property moved from Idaho within have this information, contact the applicable county
the first five years doesn’t qualify as ITC property assessor.
and is subject to recapture.
Line 10. If the asset was locally assessed, enter the
Specific Instructions average property tax levy for the county for the second
year you claimed the exemption as listed for that
Instructions are for lines not fully explained on the
county on page 2. If the asset was centrally assessed,
form.
leave this line blank and go to line 11.
Fill in lines 1 through 17 in Parts II and III for each
Line 11. If the asset was centrally assessed or used
property listed in Part I that you’re recapturing property
in more than one county, enter the average urban
tax benefit on. Use a separate column for each
property tax levy of the state for the second year you
item. If you have recapture on more than five items,
claimed the exemption as listed on page 2.
use additional Forms 49ER or other schedules with
the same information required to be included on Line 13. Add lines 7 and 12 to determine the amount
Form 49ER. of property tax benefit subject to recapture.
Part I — List Property That No Longer Qualifies Part III — Computation of Property Tax Recapture
as Idaho Investment Tax Credit Property Line 14. Enter the month, day, and year the property
Lines A through E. Describe each asset that you ceased to qualify as ITC property.
must recapture the property tax benefit on. Provide Line 15. Enter the number of full years between the
the asset number and the description of the asset in dates on line 1 and line 14. Don’t enter partial years. If
Part I. the property was held less than 12 months, enter zero.
Part II — Property Tax Benefit to be Recaptured Line 16. Enter the appropriate recapture percentage
from the following table.
Line 1. Enter the month, day, and year that the
asset was placed in service. If the number of full years on Then the recapture
Line 2. Enter the year you first claimed the Form 49ER, line 15 is ... percentage is...
exemption. 0 100
Line 3. Enter the Idaho county where the asset was 1 80
placed in service. This should match your Form 49E 2 60
3 40
for the first year the exemption was claimed for this
4 20
asset. 5 or more 0
Line 4. Enter the exempted value of the asset for
Line 17. Multiply line 13 by line 16. This is the property
the first year you claimed the exemption. If you don’t
tax benefit to be recaptured for each asset.
have this information, contact the applicable county
assessor. Line 18. Add all amounts on line 17. This is the total
Line 5. If the asset was locally assessed, enter property tax benefit to be recaptured. If you’ve used
the average property tax levy for the county for the more than one Form 49ER or separate sheets to list
first year you claimed the exemption as listed for additional items you computed an increase in tax on,
that county on page 2. If the asset was centrally write to the left of the entry space “Tax from attached”
assessed, leave this line blank and go to line 6. and the total tax from the separate sheets. Include the
amount in the total for line 18.
Line 6. If the asset was centrally assessed or used
in more than one county, enter the average urban Enter the amount on the appropriate line of the income
property tax levy of the state for the first year you tax return, and include all Forms 49ER and any
claimed the exemption as listed on page 2. separate sheets with your return.
EIN00087 11-10-2022 Page 1 of 2
|