Enlarge image | Arizona Form Credit for Qualified Facilities – 349-S Distribution to Shareholders of an S Corporation 2022 For the calendar year 2022 or fiscal year beginning M M D D 2 0 2 2 and ending M M D D Y Y Y Y . S Corporations: • Complete Form 349-S for each shareholder of the S Corporation except for trust or estate shareholders. However, an S Corporation ownership share that is owned by a grantor trust that is disregarded for federal income tax purposes is treated as owned by the grantor. The grantor may claim his or her share of the credit. • Provide a copy of the completed form and the Certification of Qualification received from the Arizona Commerce Authority to each shareholder. • Keep a copy of each completed Form 349-S for your records. • Include a copy of each completed Form 349-S with your S Corporation return. Shareholders: • Use this form to complete your own Form 349. • Include this completed form and a copy of the Certification of Qualification received from the Arizona Commerce Authority with your return. • Keep a copy of this form and certificate for your records. NOTE: If you file your tax return on a calendar year basis but this entity files a return on a fiscal year basis (see above), claim this credit on your tax return for the year in which this entity’s fiscal year ends. Part 1 Distribution of the Credit Complete Part 1 to distribute the credit to shareholders of the S Corporation. (a) S Corporation Name (b) Employer Identification Number (EIN) (c) Post-Approval Number 1 (a) Shareholder Name (b) Taxpayer Identification Number (TIN) 2 3a S Corporation credit amount from Form 349, Part 3, line 11 ................................................... 3a $ 00 3b Shareholder’s ownership percentage ...................................................................................... 3b % 3c Multiply the amount on line 3a by the percentage on line 3b. Enter the result. This is the shareholder’s portion of the credit. ......................................................................................... 3c $ 00 Shareholder: The amount reported on line 3c is your portion of this credit. Enter the amount from line 3c on Part 1, line 5 of your Form 349 to claim this credit. Part 2 Notification of Credit Recapture Complete Part 2 to notify each shareholder of the S Corporation of his or her share of the credit to be recaptured. (a) S Corporation Name (b) Employer Identification Number (EIN) 4 (a) Shareholder Name (b) Taxpayer Identification Number (TIN) 5 (a) Post-Approval Number (b) Date the Certification was Terminated or Revoked 6 M M D D Y Y Y Y 7 Shareholder’s portion of the credit to be recaptured ............................................................... 7 $ 00 Shareholder: The amount reported on line 7 is your portion of this credit to be recaptured. Enter the amount from line 7 on Part 4, line 15 of your Form 349. ADOR 11298 (22) |