Form 68 2022 Broadband Equipment Investment Credit Names as shown on return Social Security number or EIN Credit Available Subject to Limitation 1. Amount of qualified investments in broadband equipment acquired during the tax year and approved by the Idaho Public Utilities Commission (PUC). Include a complete list and approval from the Idaho PUC ..................................................................................................... 1 2. Credit earned. Multiply line 1 by 3% ......................................................................................... 2 3. Pass-through share of credit from an S corporation, partnership, trust, or estate ...................... 3 4. Credit received through unitary sharing. Include a schedule ...................................................... 4 5. Credit received by transfer. Include Form 70, Statement of Credit Transfer ............................... 5 6. Carryover of broadband equipment investment credit from prior years ...................................... 6 7. Carryover eliminated due to recapture in 2022. Enter the amount from Form 68R, line 13. Include Form 68R ....................................................................................................................... 7 8. Credit distributed to shareholders, partners, or beneficiaries ..................................................... 8 9. Credit shared with unitary affiliates ............................................................................................. 9 10. Credit transferred to another taxpayer. Include Form 70 ............................................................ 10 11. Total credit available subject to limitations. Add lines 2 through 6, then subtract lines 7 through 10 .................................................................................................. 11 Credit Limitation 12. Enter the Idaho income tax from your tax return ......................................................................... 12 13. a. Credit for income tax paid to other states .............................................. 13a b. Credit for contributions to Idaho educational entities ............................. 13b c. Investment tax credit .............................................................................. 13c d. Credit for contributions to Idaho youth and rehabilitation facilities ......... 13d e. Credit for production equipment using post-consumer waste ................ 13e f. Promoter-sponsored event credit ........................................................... 13f g. Credit for Idaho research activities .........................................................13g h. Add lines 13a through 13g .................................................................................................... 13h 14. Net income tax after other credits. Subtract line 13h from line 12 .............................................. 14 15. Credit allowable subject to limitation of tax. Enter the smaller of: a. The amount from line 11 or b. $750,000 ............................................................................................................................... 15 16. Broadband equipment investment credit allowed. Enter the smaller amount from line 14 or line 15 here and on Form 44, Part I, line 5 .................................................................. 16 Credit Carryover 17. Total credit available subject to limitations. Enter the amount from line 11 ................................ 17 18. Broadband equipment investment credit allowed. Enter the amount from line 16 ............................. 18 19. Credit carryover to future years. Subtract line 18 from line 17. Enter the amount here and on Form 44, Part I, line 5 ..................................................................................................... 19 EFO00038 03-31-2022 |
Form 68 — Instructions Broadband Equipment Investment Credit 2022 General Instructions credit can’t be claimed on a tax return that begins Use Form 68 to calculate the broadband equipment before January 1, 2001. investment credit earned or allowed. Each member The transferee must include a copy of Form 70 with of a unitary group who earns or is allowed the credit each income tax return the credit is claimed or carried must complete a separate Form 68. over on. Qualifying Property Carryover Periods You must obtain an order from the Idaho Public The credit carryover is limited to 14 tax years. A Utilities Commission (PUC) confirming that transferee is entitled to the same carryover period that your installed equipment is qualified broadband would have been allowed to the transferor. equipment. Qualified broadband equipment is equipment that Specific Instructions qualifies for the investment tax credit and is capable Instructions are for lines not fully explained on the form. of transmitting signals at a rate of at least 200,000 bits per second to a subscriber and at least 125,000 Credit Available Subject to Limitation bits per second from a subscriber. Also, specific Line 1. Include a list of all property you acquired requirements must be met by: during the tax year you’re claiming the broadband • Telecommunications carriers equipment investment credit for. The list should • Commercial mobile service carriers identify each piece of equipment, your basis in the item, and the date placed in service. Don’t include • Cable or open video system operators any equipment that was disposed of, that ceased to • Satellite or wireless carriers qualify, or that was moved from Idaho before the end • Packet switching equipment of the year. • Multiplexing and demultiplexing equipment Also include the approval from the Idaho PUC The equipment must be used primarily to provide that confirms the installed equipment is qualified services to public subscribers in Idaho. broadband equipment. Unitary Sharing Line 3. Enter the amount of broadband equipment A corporation included as a member of a unitary investment credit that’s being passed to you from group of corporations may elect to share the partnerships, S corporations, estates, or trusts you broadband equipment investment credit it earns have an interest in. This amount is from Form ID K-1, but doesn’t use with other members of the unitary Part VII, line 46. group. The corporation must claim the broadband equipment investment credit to the extent allowable Line 4. If you’re a member of a unitary group of against its Idaho income tax before it can share the corporations, enter the amount of credit you received credit. from another member of the unitary group. Transfer of Credit Line 5. If you received credit as a result of a transfer A taxpayer who earns the broadband equipment from another taxpayer, enter the amount of credit you investment credit and an intermediary may transfer received. Include a copy of Form 70. the credit to another taxpayer. The transferor must Line 6. Enter the carryover from your 2021 Form 68, submit Form 70, Statement of Credit Transfer, to the line 19. Tax Commission at least 60 days before the date of transfer. The Tax Commission will verify the amount Line 8. If you’re an S corporation, partnership, trust, or of credit available for transfer and the number of estate, enter the amount of credit that passed through carryover years. to partners, shareholders, or beneficiaries. The transferee may first claim the transferred credit on the income tax return originally filed during the Line 9. If you’re a member of a unitary group of calendar year the transfer takes place. However, the corporations, enter the amount of credit you earned that you elect to share with other members of your EIN00081 03-31-2022 Page 1 of 2 |
Form 68 — Instructions 2022 (continued) unitary group. Before you can share your credit, you Line 13a. Enter the credit for income tax paid to must use the credit up to the allowable limitation of other states from Form 39R, Form 39NR, or Form your Idaho income tax. 66, page 2. This credit is available only to individuals, estates, and trusts. Corporations claiming the broadband equipment investment credit must provide a calculation of the Line 13b. Enter the credit for contributions to Idaho credit earned and used by each member of the educational entities from the appropriate Idaho income combined group. The schedule must clearly identify tax return. shared credit and the computation of any credit carryovers. Line 13c. Enter the investment tax credit allowed from Form 49, Part II, line 8. Line 10. If you transferred credit to another taxpayer, enter the amount of credit you transferred. Line 13d. Enter the credit for contributions to Idaho You can only transfer credit that you originally youth and rehabilitation facilities from the appropriate earned, unless you’re an intermediary. Idaho income tax return. Credit Limitations Line 13e. Enter the credit for production equipment The Idaho broadband equipment credit is limited using post-consumer waste from the appropriate Idaho to the smaller of $750,000 or the Idaho income income tax return. tax after allowing all other tax credits that can be claimed before it. Line 13f. Enter the promoter-sponsored event credit from the appropriate Idaho income tax return. The following credits must be applied to the tax before the broadband equipment investment credit: Line 13g. Enter the credit allowed for Idaho research 1. Credit for income tax paid to other states activities from Form 67, line 29. 2. Credit for contributions to Idaho educational Line 16. Enter the smaller amount from lines 14 or entities 15 on line 16. Enter this amount on Form 44, Part I, 3. Investment tax credit line 5, in the Credit Allowed column. 4. Credit for contributions to Idaho youth and Credit Carryover rehabilitation facilities 5. Credit for production equipment using Line 19. The amount of credit available that exceeds post-consumer waste the total credit allowed on the current year tax return may be carried forward up to 14 tax years. Enter this 6. Promoter-sponsored event credit amount on Form 44, Part I, line 5 in the Carryover 7. Credit for Idaho research activities column. Line 12. Enter the amount of your Idaho income tax. This is the computed tax before subtracting any credits or adding the permanent building fund tax or any other taxes. Contact us: In the Boise area: (208) 334-7660 Toll free: (800) 972-7660| Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00081 03-31-2022 Page 2 of 2 |