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                                                                                                         Arizona Form 
2022 Renewable Energy Production Tax Credit                                                                       343 
 
For information or help, call one of the numbers listed:         Co-owners of a business, including partners in a partnership 
Phoenix                                     (602) 255-3381       and shareholders of an S Corporation, may each claim only 
From  area codes 520 and 928, toll-free     (800) 352-4090       the pro  rata   share  of  the  credit  allowed  based  on  the 
Tax forms, instructions, and other tax information               ownership interest. The total of the credits allowed all such 
If you need tax forms, instructions, and other tax information,  owners may not  exceed  the amount that would have  been 
                                                                 allowed for a sole owner of the business.  
go to the department’s website atwww.azdor.gov.                   
Income Tax Procedures and Rulings                                The credit is available to an exempt organization that is 
These instructions may refer to the department’s income tax      subject to corporate income tax on  unrelated business 
procedures and rulings  for  more information.  To view or       taxable income (UBTI).  The credit  must result from the 
print these,  go to our  website and select Reports  & Legal     activities that generate UBTI. 
Research from the main menu, then click on  Legal Research       The unused portion of this tax credit may be carried forward 
and select a Document Type and a Category from the drop          for five succeeding taxable years. 
down  menus.                                                     For  more information regarding this credit, review  the 
Publications                                                     program  guidelines developed by  Revenue,  available  at 
To view or print the department’s publications,  go to our        www.azdor.gov on the Tax Credits page. 
website, select  Reports  &  Legal Research   from the  main 
menu, and click on Publications in the left hand column.                         Specific Instructions 
 
                                                                 Complete the  name and taxpayer identification number 
                                                                 (TIN)  section at the top of  the  form. Indicate the period 
                 General Instructions                            covered by the taxable  year.  Include  the completed form 
This credit provides nonrefundable individual and corporate       with the tax return. 
income tax credits for production of electricity by a qualified 
energy generator that produces electricity using a qualified     All returns, statements, and other documents filed with the 
                                                                 department require a TIN. The TIN for a corporation,  an 
energy resource.                                                 exempt organization  with UBTI,  an  S Corporation,  or a 
The taxpayer must hold title to a qualified energy generator     partnership is the taxpayer's employer identification number 
that begins  producing  electricity  from and after              (EIN).  The TIN for an individual is  the taxpayer's  Social 
December 31, 2010, and before January 1, 2021. The credit        Security  Number  (SSN)  or  an Internal  Revenue  Service 
is  effective  for  taxable  years  beginning  from  and  after  Individual  Taxpayer  Identification  Number  (ITIN).  A 
December    31, 2010.                                            taxpayer that  fails to include its TIN  may be  subject to a 
“Qualified  energy  generator”  means  a  facility that  has at   penalty. 
least five megawatts generating capacity, that is located on 
                                                                 NOTE – To claim this credit: 
land in  Arizona owned  or  leased by the taxpayer, that 
                                                                 •
produces electricity using a qualified energy resource and           Individual  taxpayers  that  did  not  make  the  Small 
that  sells electricity to an unrelated entity,  unless the          Business Income election,       complete this credit form 
                                                                     and Arizona Form 301, Nonrefundable Individual Tax 
electricity is sold to a public service corporation.                 Credits and Recapture.      Include both completed forms 
“Qualified energy resource” means a resource that generates          with your Individual Income Tax Return, (Form 140, 
electricity through the use of only: solar light,  solar heat,       140PY, 140NR, or 140X). 
wind  or biomass.                                                •   Individual taxpayers that  made the Small Business 
The Department of  Revenue  (Revenue)  will certify credits          Income election,    complete this credit form and Arizona 
on a first-come, first-served basis. The entity that holds title     Form 301SBI, Nonrefundable Individual Tax Credits 
to the qualified energy  generator  must apply between               and Recapture for Form 140-SBI, 140PY-SBI, 1140NR-
January 2 and January 31 of the year following the calendar          SBI, and 140S-SBI.     Include both completed forms with 
year of production. Fiscal  year taxpayers  will claim the           your SBI Tax Return (Form 140-SBI, 140PY-SBI, 
credit on the return for the taxable year in which the calendar      140NR-SBI, or 140X-SBI). 
year ends.                                                       •   C Corporations, S Corporations claiming this credit at 
The amount of total credits Revenue  may allow cannot                the corporate level, and exempt organizations with 
exceed $20  million in  any  calendar  year.  The amount of          UBTI, complete this credit form and Arizona Form 300, 
credit per facility is limited to $2 million per calendar year,      Nonrefundable Corporate  Tax Credits and Recapture.  
for up to 10 consecutive calendar years. The amount of the           Include both completed forms with your tax return. 
credit is based on electricity produced, the qualified energy    •   S Corporations electing to pass this credit through to 
resource used, the  year of production, and  Revenue                 its shareholders,      complete this credit form.       Also 
 certification.                                                      complete Form 343-S for each shareholder of the  S 
Revenue  will issue a  Certificate of  Renewable Energy              Corporation.  Provide each shareholder a copy of his or 
Production Tax Credit (Certificate) to the applicant if it is        her completed Form 343-S. Include Form 343 and one 
certified to claim the tax credit.  Each taxpayer must include       copy of each completed Form 343-S with your  tax 
a copy of the Certificate with the return.                           return. 



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                                                                                                             Arizona Form 343 
                                                                   
•   Partnerships, complete this credit form.  Also, complete      NOTE:   Trusts and estates which are partners in a 
    Form 343-P for each  partner of the partnership.              partnership are not eligible to claim these credits.  However, 
    Provide each  partner a copy of his or her completed          the share of a partnership owned by a grantor trust that is 
    Form 343-P.  Include Form 343 and one copy of each            disregarded for federal income tax purposes is treated as 
    completed Form 343-P with your tax return.                    owned by the  grantor.  The  grantor may claim his or her 
                                                                  share of these credits.   
Part 1 - Qualification for and Current                             
Taxable    Year’s Credit                                          Part  3  -  S Corporation  Credit Election and 
Line 1                                                             Shareholder's Share of Credit 
If the taxpayer received a Certificate from Revenue, check         Lines 7, 7a, & 7b - S Corporation Credit Election 
the “Yes” box. Otherwise, check the “No” box and skip line 2.     The S Corporation must complete line 7 and line 7a or line 
Line 2                                                            7b. The S Corporation must make an irrevocable election to 
If you checked the “Yes” box on line 1, enter the amount of       either claim the current taxable year credit at the corporate 
credit for calendar  year  2022  on  your Certificate  received   level, or pass  the credit through to its  shareholders. The S 
from Revenue. Fiscal year taxpayers will claim the credit on      Corporation election is made by: 
the return  for the taxable  year in  which  the calendar  year   •   Checking  the box on line  7a  electing to claim the 
ends. Be sure to include a copy of your Certificate.                  current taxable year credit at the corporate level; or, 
Line 3                                                            •   Checking the box on line 7b to pass the current taxable 
If an entity from  which  you are claiming a pass through             year credit through to its shareholders. 
renewable energy production tax credit received a Certificate     The election statement must be signed by an officer of the S 
from Revenue, check the  “Yes” box. Otherwise, check the          Corporation  who is also a signatory to Arizona Form 120S.  
“No”  box, and skip line 4 and line 5.                            If the S Corporation elects to claim the credit itself, it must 
If you checked the “No” box for both line 1 and line 3, do          complete Part 4 and Part 5 as necessary. 
not file Form 343, unless  you have carryovers from prior 
                                                                  If the S Corporation elects to pass this credit through to its 
 years.                                                           shareholders,  proceed  to  the  instructions  for  completing 
Line 4                                                            Form   343-S on page 4. 
Enter the amount of this credit passed through from               If passing this credit through to the shareholders: 
partnerships on Form(s) 343-P, line 3(c).                         •   Complete Form 343-S for each shareholder. 
Line 5                                                            •   Provide  a  copy  of  completed  Form  343-S  to  each 
Enter the amount of this credit passed through from  S                shareholder. 
Corporations on Form(s) 343-S, line 3(c).                         •   Provide a copy of the Certificate of Renewable Energy 
Line 6                                                                Production Tax Credit received from Commerce to each 
Add lines 2, 4, and 5.  Enter the total.  This is the current         partner. 
taxable  year’s Renewable Energy Production Tax Credit.           •   Include a copy of each completed Form 343-S with your 
                                                                      tax return. 
Part   2 - Partnerships                                           •   Keep a copy of each completed Form 343-S for your 
A partnership claiming this credit must pass it through to its        records.   
partners.  Proceed to the instructions  for completing  Form 
                                                                  Each S Corporation shareholder is entitled to only a pro rata 
343-P  on page 4. 
                                                                  share of pass through credit based on ownership interest in 
•   Complete Form 343-P for each partner.                         the  S Corporation. The total of the credit allowed to all 
•   Provide  a  completed  copy  of  Form  343-P  to  each        shareholders  may  not exceed the amount that  would have 
    partner.                                                      been allowed for a sole owner. 
•   Provide a copy of the Certificate of Renewable Energy 
    Production Tax Credit received from Commerce to each          NOTE:  Trusts and estates which are shareholders of an S 
    partner.                                                      Corporation  are not eligible to claim these credits.  
                                                                  However, the share of an S Corporation owned by a grantor 
•   Include a copy of each completed Form 343-P with your 
                                                                  trust that is disregarded for federal income tax purposes is 
    tax return. 
                                                                  treated as owned by the grantor.  The grantor may claim his 
•   Keep a copy of each completed Form 343-P for  your 
                                                                  or her share of these credits.   
    records.                                                       
•   Do not complete the remainder of this form.                   Part   4 - Available Credit Carryover 
Each partner is entitled to only a  pro rata  share of each       S Corporations, if this credit was claimed at the corporate 
credit based  on the partner’s  ownership interest  in the        level in a prior taxable year and there is a carryover amount 
partnership. The total of each credit allowed to all partners     available, complete Part 4. 
may  not exceed the amount that  would have been allowed 
for a sole owner. 

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                                                                                                               Arizona Form 343 
                                                                     
Lines   8 through 12                                                 Line 15   
Use Part  4  to figure  your total available credit carryover       Enter the available credit carryover from prior years.  
from prior taxable  years.  Complete lines  8  through  12,         Individuals, C Corporations, S Corporations that elected to 
columns (a) through (d), if you claimed the credit on a prior       claim the credit at the corporate level, and exempt 
year’s return and the credit exceeded your tax liability.           organizations with UBTI :  Enter the amount from Part 4, line 
Enter the taxable year(s) from which you are carrying over           13, column (d).  
the credit in column (a) on lines 8 through 12. In column (b),      Individuals that   did not make the Small Business Income 
enter the credit originally computed for that taxable year. In      election:  Enter the total.  Also, enter this amount on Form 
column (c), enter the amount of the credit from that taxable        301,  Part 1, line 18, column (b). 
year which you have already used. Subtract the amount  in           Individuals that made the Small Business Income election: 
column (c)  from  the amount in column (b) and enter the            Enter the total.  Also, enter this amount on Form 301-SBI, 
difference in column (d).                                           Part 1, line 13, column (b). 
Line  13                                                            C Corporations,  S Corporations that elected to claim the 
Add the amounts entered on lines 8 through 12 in column             credit at the corporate level, and exempt organizations with 
(d).  Enter the total.  This is the total credit carryover          UBTI:  Enter the total.  Also, enter this amount on Form 300, 
available for the current taxable year.                              Part 1, line 12, column (b). 
Part  5 - Total Available Credit                                    Line  16   
Line  14                                                            Add line 14 and line 15.  Enter the total. This is the total 
                                                                    available renewable energy production tax credit that may be 
Enter the current year’s credit.                                     applied to the current year's tax liability.  
Individuals, C Corporations, S Corporations that elected to 
                                                                    Individuals that   did not make the Small Business Income 
claim the credit  at the corporate level, and exempt 
                                                                    election:  Enter the total.  Also, enter this amount on Form 
organizations with UBTI :  Enter the amount from Part 1, line 6.    301,  Part 1, line 18, column (c). 
 Partnerships:  Enter “0”. 
                                                                    Individuals that made the Small Business Income election: 
S Corporations that passed the current year credit through 
                                                                    Enter the total.  Also, enter this amount on Form 301-SBI, 
to shareholders:  Enter “0”.                                        Part 1, line 13, column (c). 
                                                                     
Individuals that  did not make the Small Business Income 
                                                                    C Corporations,  S Corporations that elected to claim the 
election: Enter the total.  Also, enter this amount on Form 
                                                                    credit at the corporate level, and exempt organizations with 
301, Part 1, line 18, column (a).                                   UBTI:  Enter the total.  Also, enter this amount on Form 300, 
Individuals that  made the Small Business Income election:           Part 1, line 12, column (c). 
Enter the total.  Also, enter this amount on Form 301-SBI, 
                                                                                                          
Part 1, line 13, column (a). 
C Corporations,  S Corporations that elected to claim the 
credit at the corporate level, and exempt organizations with 
UBTI: Enter the total.  Also, enter this amount on Form 300, 
Part 1, line 12, column (a). 

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                                                                                                         Arizona Form 343 
                                                                  
                       Form 343-P,                                         Form 343-S, S Corporation 
         Distribution to Partners of a                            Distribution to Shareholders of an S 
                       Partnership                                                     Corporation 
Enter the taxable year for which this credit is being passed     Enter the taxable year for which this credit is being passed 
through to your partners.                                         through to your shareholders.  
Complete Form  343-P for each partner of  the partnership,       Complete Form  343-S  for each shareholder of the  S 
except for trust or estate partners.  However, a partnership     Corporation,   except for  trust or estate shareholders.  
ownership share that  is  owned by a  grantor trust that is      However, an S Corporation ownership share that is owned 
disregarded for federal income tax purposes is  treated as       by a grantor trust that is disregarded for federal income tax 
owned by the  grantor.  The grantor  may claim  his or her       purposes is  treated as owned by the  grantor.  The  grantor 
share of the credit.                                              may claim his or her share of the credit.   
The partnership  must furnish each partner  with their           The  S Corporation  must furnish  each  shareholder with a 
completed copy of Form  343-P,  including additional             completed copy of Form  343-S, including additional 
schedules as needed.                                              schedules as needed. 
 
NOTE:  Form 343-P is used to distribute the partnership’s        NOTE:        Form  343-S  is  used  to  distribute the  S 
share of this credit to its partners.                            Corporation’s share of this credit to its shareholders.   
                                                                  
Distribution     of the Credit                                    Distribution of the Credit 
To distribute the credit to the partners of the partnership      To distribute the credit to the  S Corporation 
(complete  lines 1 through 3):                                    shareholders (complete lines 1 through 3): 
Line  1                                                           Line 1 
Enter the partnership’s name and EIN in the  spaces              Enter the  S Corporation’s  name and EIN in the spaces 
 provided.                                                        provided.   
Line  2                                                           Line 2 
Enter the partner’s name and TIN in the spaces provided.         Enter the shareholder’s name and TIN in the spaces 
                                                                  provided.   
Line  3a 
                                                                 Line 3a 
Enter the amount of this credit from Form 343, Part 1, line 6.    
                                                                 Enter the amount of this credit from Form 343, Part 3, line 6. 
Line  3b 
                                                                 Line 3b 
Enter the partner’s ownership percentage.                         
                                                                 Enter the shareholder’s ownership percentage. 
Line  3c 
Multiply line 3a by line 3b and enter the result.                Line  3c 
                                                                 Multiply line 3a by line 3b and enter the result.   
This is the partner’s portion of this credit.                     
                                                                 This is the shareholder’s portion of this credit. 
                                                                           
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