PDF document

- 1 -

Form 49R
Recapture of Idaho Investment Tax Credit
Names as shown on return Social Security number or EIN

Part I — Identify Property That No Longer Qualifies as Idaho Investment Tax Credit Property
Properties Property Description (Include a detailed schedule)
A

Part II — Original Idaho Investment Tax Credit
Properties
A B C D E

1. Date property placed in service ... 1

2. Cost or other basis ..................... 2
3. Credit percentage ...................... 3 3% 3% 3% 3% 3%

4. Original credit. Multiply line 2
by line 3 ...................................... 4

5. Date property ceased to qualify .... 5
6. Number of full years between
the date on line 1 and the date
on line 5 ..................................... 6

Part III — Computation of Recapture Tax

7. Recapture percentage from
table in instructions .................... 7
8. Tentative recapture tax. Multiply
line 4 by line 7 ............................ 8

9. Add line 8, columns A through E ........................................................................................................ 9

10. Pass-through share of credit recapture from S corporations, partnerships, trusts, or estates ........... 10

11. Add lines 9 and 10 ............................................................................................................................. 11

12. Credit recapture distributed to shareholders, partners, or beneficiaries ............................................ 12
13. Enter the portion of original credit not used to offset any tax. Don’t enter more than line 11. This
amount is reported on Form 49C and reduces the credit carryover available to the current year ........ 13

14. Add lines 12 and 13 ........................................................................................................................... 14
15. Tax from recapture of investment tax credit. Subtract line 14 from line 11. Enter here and on
Form 44, Part II, line 1. Don’t use this amount to reduce the current year’s investment
tax credit computed on Form 49 ........................................................................................................ 15
EFO00033 09-18-2023

- 2 -

Enlarge image

Form 49R — Instructions
Recapture of Idaho Investment Tax Credit

General Instructions Part II — Original Idaho Investment Tax Credit
Use Form 49R to compute the increase in tax and S corporations, partnerships, trusts, and estates
reduction to credit carryover for the recapture of that have credit subject to recapture must complete
investment tax credit (ITC). You must recompute the lines 1 through 9 to determine the amount of credit
credit if you earned it in an earlier year but disposed recapture.
of the property before the end of the five-year
Shareholders, partners, and beneficiaries use
recapture period. You must also recompute the
the information provided by the S corporation,
credit on any property that no longer qualifies as ITC
partnership, trust, or estate to report their
property. Property moved from Idaho within the first
pass-through share of the credit to be recaptured on
five years no longer qualifies as ITC property and is
line 10. If the only recapture you’re reporting is from a
subject to recapture.
pass-through entity, skip lines 1 through 9 and begin
Recapture may be necessary when: on line 10.
• An S corporation shareholder’s interest is
reduced by a sale, redemption, or other Line 1. Enter the month, day and year that the
disposition of the shareholder’s stock, or when property was first available for service.
the corporation issues more shares. Line 2. Enter the cost or other basis of the property
• A partner’s proportionate interest in the general used to compute the original investment tax credit.
profits of the partnership (or in a particular item
of property) is reduced. Line 4. Multiply line 2 by line 3 to compute the credit
• A trust’s, estate’s, or beneficiary’s proportionate originally earned for each property listed.
interest in the income of the trust or estate is Line 5. Enter the month, day, and year the property
reduced. no longer qualified as ITC property.
S corporations, partnerships, trusts, and estates
that pass ITC through to the shareholders, partners, Line 6. Don’t enter partial years. If the property was
or beneficiaries must provide Form ID K-1 to report held less than 12 months, enter zero.
the recapture amount and include in Part XII,
Part III — Computation of Recapture Tax
Supplemental Information, details on the years the
credit being recaptured was originally earned. Line 7. Enter the appropriate recapture percentage
from the following table.
Add any tax owed from recapture of credits claimed
in prior years to the tax determined in the year
If the number of full years Then the recapture
of recapture. Recapture of credits not claimed in
on Form 49R, line 6 is ... percentage is...
prior years reduces the amount of credit carryover
available to the current year. 0 100
1 80
2 60
Specific Instructions
3 40
Instructions are for lines not fully explained on the 4 20
form. 5 or more 0

Part I — Identify Property That No Longer
Qualifies as Idaho Investment Tax Credit Line 9. Add all amounts on line 8. If you’ve used
Property more than one Form 49R or separate sheets to list
additional items you computed recapture on, write
Lines A through E. Describe the property you must
to the left of the entry space “tax from attached” and
recompute ITC on. Fill in lines 1 through 8 in Parts
the total tax from the separate sheets. Include the
II and III for each property you’re recomputing the
amount in the total for line 9.
credit on. Use a separate column for each item. If
you have ITC recapture on more than five items, use
an additional Form 49R or other schedule with the
same information as required on Form 49R.

EIN00079 09-18-2023 Page 1 of 2

- 3 -

Enlarge image

Form 49R — Instructions (continued)

Line 10. Enter the amount of ITC recapture passed Line 13. If you didn’t use all of the credit you
through to you from S corporations, partnerships, originally computed either in the year earned or in
trusts, and estates. This amount is reported on a carryover year, you won’t have to pay tax from
Form ID K-1, Part X, line 56 or Form ID K-1, recapture of the amount of the credit you didn’t use.
Part XI, line 70 (ABE). Compute the unused portion of the original credit
Include on this line any recapture that’s necessary from Form 49R, line 4, or that was passed through
because of: to you from an S corporation, partnership, trust, or
• A reduction of a shareholder’s proportionate estate on a separate sheet and enter the amount on
stock interest in an S corporation, or this line. Don’t enter more than the tax from recapture
on line 11.
• A reduction in the interest in the general profits
of a partnership, or Line 15. This is the total increase in tax. Enter it on
• A reduction in the proportionate interest in the this line and on Form 44, Part II, line 1. Don’t use
income of a trust or estate this amount to reduce your current year’s ITC from
Form 49.
Line 11. Add lines 9 and 10 to determine the amount
of credit subject to recapture. If you’re an S corporation or partnership and you’ve
elected to be an ABE, this amount also needs to be
Line 12. If you’re an S corporation, partnership, distributed to the shareholders or partners on their
trust, or estate, enter the amount of credit recapture Form ID K-1.
that passed through to shareholders, partners, or
beneficiaries. Don’t include any recapture on this line
for shareholders, partners, or beneficiaries you’re
paying the tax for on a composite return.

Contact us:
In the Boise area: (208) 334-7660 |Toll free: (800) 972-7660
Hearing impaired (TDD) (800) 377-3529
tax.idaho.gov/contact
EIN00079 09-18-2023 Page 2 of 2

PDF file checksum: 370671545

(Plugin #1/9.12/13.0)