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Form 49E — Instructions 2022 (continued)
Listing of Property Elected If you didn’t use the asset in Idaho during the first year
Designate each specific asset and its location the property was placed in service, the asset doesn’t
you’re claiming the QIE on. Group listings of assets qualify. For example, if you purchased the asset in
won’t be accepted. If you can’t list all the elected 2020 and used the asset outside of Idaho until moving
assets on page 1, use additional copies of page 2 it to Idaho to use during 2022, the asset won’t qualify
as needed. for the QIE.
Asset Number Qualifying Loss Year
Enter the asset’s assigned identification number. Enter the beginning and ending dates of the qualifying
loss year. This must be the second preceding income
Asset Description tax year from the income tax year in which the
Enter a description of the asset. The description property is placed in service.
must be detailed enough to identify what the
property is and to determine if it qualifies. If the If you file your income tax returns on a calendar year
make, model, or serial number isn’t available, basis, and you didn’t have any short-period tax years
include other identifying information that will during the previous two years, enter January 1, 2020
describe the asset. to December 31, 2020. If you didn’t have negative
Idaho taxable income for 2020, you can’t make the
Asset Location election on property placed in service during 2022.
Enter the county where the asset is located. If the If you file your income tax returns on a fiscal year
property is used in more than one county, enter the basis, or you had a short-period income tax year, you
home county where the asset is located. may have two different qualifying loss years. Identify
If you’re claiming the QIE on used property, notify the applicable qualifying loss year for each asset.
all counties where you’re claiming the QIE of the If you’re an S corporation or partnership, your net
amount of used property elected. You can do this in business income apportioned to Idaho plus the
one of two ways: nonbusiness income or loss allocated to Idaho for the
• Include copies of all Forms 49E that list used second preceding income tax year must be negative.
property to the personal property declaration
sent to each county, or New or Used
Indicate whether the asset is new or used.
• Complete a separate Form 49E that lists only
used property, and send that to each county Used Property
If you’re electing the QIE for property that’s Qualifying used property is limited to a total cost of
assessed as nonregulated operating property by $150,000 per income tax year, whether you claim
the Tax Commission, list on Form 49E every county the QIE, the ITC, or a combination of both for that
where each asset is located regardless of whether year. In addition, you must have acquired the used
the asset is new or used. property by purchase. If you have used property in
excess of $150,000, you must select the specific
Date Placed in Service items on which to claim the QIE. If you select an
Enter the date you placed the asset in service. item, the entire cost must be taken into account
Property is placed in service in the earlier of: unless you’ve exceeded the $150,000 limit. If the
• The income tax year in which, under $150,000 used property limit is exceeded, the
your depreciation practice, the period for remaining amount of an item selected and any
depreciation of the property begins, or items not selected don’t qualify for the ITC. For
• The income tax year in which you placed example, used assets A, B, C, and D, each costing
the property in a condition or state of $70,000, were placed in service. Two of the assets
readiness and availability for a specifically will qualify, and a third asset will partially qualify.
assigned function You must select which two items qualify and which
EIN00031 03-31-2022 Page 3 of 4
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