- 2 -
|
EFO000042p2
04-29-09
INSTRUCTIONS FOR IDAHO FORM 70
GENERAL INSTRUCTIONS If you do not claim the transferred credit on your original
return iled during the calendar year in which the transfer
Form 70 is used to report the credit being transferred and takes place, you may not amend the return for that tax
the number of years it can be carried forward. This form year to claim the credit.
must be submitted to the Tax Commission at least 60 days
prior to the date of transfer. Any credit not claimed on the tax return iled during the
year of the transfer may be claimed on the transferee’s
Which Credits May Be Transferred returns for the carryforward period approved on the
Only the broadband equipment investment credit and the Form 70.
incentive investment tax credit may be transferred. You
may transfer all or a part of the credit you earn. SPECIFIC INSTRUCTIONS
Who May Transfer Credits You must ile a separate Form 70 to identify each
Broadband equipment investment credit: transferee to whom you will be transferring credit.
You may transfer the broadband equipment investment
credit if you originally earned the credit or you are an Part I - Transferor Information. If you are transferring
intermediary. If you are an intermediary, you may either the credit, enter your name as it will appear on your tax
use all or part of the credit or resell all or part of it to return for the tax year in which the transfer takes place.
another taxpayer. The credit may not be transferred more Provide the additional identifying information. Identify the
than two times. date the transfer will take place.
Incentive investment tax credit: If you are an intermediary selling the credit to another
You must have originally earned the incentive investment taxpayer, you must complete Part I with your identifying
tax credit in order to transfer it. It may not be resold to a information.
third taxpayer.
Part II - Transferee Information. Provide the name,
You are not eligible to transfer the broadband equipment address and social security number or employer
investment credit or the incentive investment tax credit identiication number of the taxpayer to whom you are
to another taxpayer if you received either credit through transferring the credit. This may be an intermediary if
unitary sharing. you are transferring the broadband equipment investment
credit.
Information You Must Provide
For each tax year the credit being transferred was earned, Part III – Credit Information. If you are transferring the
you must provide the following information: broadband equipment investment credit, enter the amount
to be transferred and the tax year(s) it was earned.
Broadband equipment investment credit:
Provide a copy of Idaho Form 68, a copy of the schedules If you are transferring the incentive investment tax credit,
that identify the property on which the credit was earned, enter the amount to be transferred. This credit could be
and a copy of the Idaho Public Utilities Commission earned only in tax years beginning in 2001.
approval authorizing the credit.
The Tax Commission will review the information provided
Incentive investment tax credit: and identify the credit available for transfer and the
Provide a copy of Form 69 and a copy of the schedules carryover period available to the transferee. The form will
that identify the property on which the credit was earned. then be returned to the transferor.
When To Claim The Transferred Credit The Tax Commission may examine the transferor’s
The transferee may claim transferred credits on the books and records to verify that the credit claimed by the
original return iled in the calendar year of the transfer. transferor was correct. If the Tax Commission determines
For example, if the broadband equipment investment that the credit claimed was overstated or that recapture
credit was transferred on June 1, 2009, the transferee of credit is necessary, any tax due from an overstated or
may claim the credit on his original return for calendar recaptured credit will be due from the transferor.
year 2008 iled on October 15, 2009.
|