Form 49C
                                                                                                                   2024
                        Investment Tax Credit Carryover

                                     2010 2011 2012 2013 2014 2015                                                 2016
1.  Credit earned ..................
2.  Allowed/used in 2010 .....
3.  Recaptured in 2010 ........
4.  Allowed/used in 2011 .....
5.  Recaptured in 2011 ........
6.  Allowed/used in 2012 .....
7.  Recaptured in 2012 ........
8.  Allowed/used in 2013 .....
9.  Recaptured in 2013 ........
10.  Allowed/used in 2014 .....
11.  Recaptured in 2014 ........
12.  Allowed/used in 2015 .....
13.  Recaptured in 2015 ........
14.  Allowed/used in 2016 .....
15.  Recaptured in 2016 ........
16.  Allowed/used in 2017 .....
17.  Recaptured in 2017 ........
18.  Allowed/used in 2018......
19.  Recaptured in 2018 ........
20.  Allowed/used in 2019 .....
21.  Recaptured in 2019 ........
22.  Allowed/used in 2020 .....
23.  Recaptured in 2020 ........
24.  Allowed/used in 2021 .....
25.  Recaptured in 2021 ........
26.  Allowed/used in 2022 .....
27.  Recaptured in 2022 ........
28.  Allowed/used in 2023 ..... 
29.  Recaptured in 2023 ........
30.  Recaptured in 2024 ........
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    07-08-2024                                                                                             Page 1 of 2

                                                       Form 49C     2024     (continued)

                                   2017 2018 2019 2020 2021 2022                                                                              2023
1. Credit earned ..................

16.  Allowed/used in 2017 ......
17.  Recaptured in 2017 ........
18.  Allowed/used in 2018 ......
19.  Recaptured in 2018 ........
20.  Allowed/used in 2019 ......
21.  Recaptured in 2019 ........
22.  Allowed/used in 2020 ......
23.  Recaptured in 2020 ........
24.  Allowed/used in 2021 ......
25.  Recaptured in 2021 ........
26.  Allowed/used in 2022 ......
27.  Recaptured in 2022 ........
28.  Allowed/used in 2023 ...... 
29.  Recaptured in 2023 ........
30.  Recaptured in 2024 ........
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 2024. Add lines 33 and 34. Carry the amount to Form 49, Part I, line 8 ................................
EFO00047    07-08-2024                                                                                                                        Page 2 of 2

                      Form 49C — Instructions
                      Investment Tax Credit Carryover                                         2024

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 07-08-2024