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Arizona Form 341
NOTE: If the entity passing this credit through has a Line 13
different tax year-end than the taxpayer, the taxpayer may Add the amounts entered on lines 11 and 12. Enter the total.
only claim this credit on its tax return for that year. For
example, if the entity passing this credit through has a tax Part 2 – Available Credit Carryover
year end of February 2022, claim this credit on the Use Part 2 to calculate the taxpayer’s total available credit
taxpayer’s 2022 return. carryover from prior taxable years.
All returns, statements, and other documents filed with the S Corporations, if this credit was claimed at the corporate
department require a taxpayer identification number (TIN). level in a prior taxable year and there is a carryover amount
The TIN for a corporation, an exempt organization with available, complete Part 2.
UBTI, an S Corporation, or a partnership is the taxpayer's
EIN. Taxpayers that fail to include their TIN may be subject Lines 14 through 18
to a penalty. • In column (a), enter the taxable year(s) from which the
NOTE – To claim this credit: taxpayer is carrying over the credit
• Individual taxpayers that did not make the Small • In column (b), enter the credit originally computed for
Business Income election, complete Form 341-I and the taxable year listed in column (a)
Arizona Form 301, Nonrefundable Individual Tax • In column (c), enter the amount of the credit from the
Credits and Recapture. Include both completed forms taxable year which was already used
with your tax return. • In column (d), subtract the amount in column (c) from
• Individual taxpayers that made the Small Business column (b), enter the difference
Income election , complete Form 341-I-SBI and Arizona Line 19
Form 301-SBI, Nonrefundable Individual Tax Credits Add the amounts entered on lines 14 through 18. Enter the
and Recapture for Form 140-SBI, 140PY-SBI, 140NR- total in column(d).
SBI, or 140X-SBI. Include both completed forms with
your tax return Part 3 – Total Available Credit
• C corporations, S Corporations claiming this credit at Use Part 3 to calculate the taxpayer’s total available credit
the corporate level, and exempt organizations with for this tax year.
UBTI, complete this credit form and Arizona Form 300,
Nonrefundable Corporate Tax Credits and Recapture. Line 20
Include both completed forms with your tax return. • Partnerships passing through this credit to corporate
• S Corporations electing to pass this credit through to partners, enter “0”.
its shareholders, complete this credit form. Also • Qualified S Corporations electing to pass this credit
complete Form 341-S for each individual shareholder of through to individual shareholders, enter “0”. To
the S Corporation. Provide each individual shareholder determine if the S Corporation qualifies to pass this
a copy of his or her completed Form 341-S. Include credit through to its individual shareholders, complete
Form 341 and one copy of each completed Form 341-S Part 4. If the S Corporation’s total contributions to
with your tax return. STOs from Form 335 and/or Form 341 exceed $5,000,
• Partnerships, complete this credit form. Also, complete the S Corporation qualifies, and may elect, to pass this
Form 341-P for each corporate partner of the credit through to its individual shareholders.
partnership. Provide each corporate partner a copy of • All other corporate entities, (C corporations, exempt
its completed Form 341-P. Include Form 341 and one organizations subject to corporate income tax on UBTI,
copy of each completed Form 341-P with your tax or S Corporations claiming this credit at the corporate
level), enter the amount from line 13.
return. • Also, enter this amount on Form 300, Line 11, column
(a).
Part 1 – Current Taxable Year’s Credit
Line 21
Calculation Enter the amount on line 19, column (d). If the amount is
Lines 1 through 10 zero, enter “0”. Also, enter this amount on Form 300, line
• List each STO’s name and address in column (a). 11, column (b).
• List the credit approval number(s) in column (b). Line 22
• List the approved contribution amount in column (c). Add lines 20 and 21. Enter the total. This is the taxpayer’s
Line 11 total credit for this tax year. Also, enter this amount on
Add the amounts in column (c) on lines 1 through 10 and Form 300, line 11, column (c).
enter that amount on line 11. Partnerships: skip Part 4 and proceed to the instructions
If contributions are made to more than ten organizations, for completing Form 341-P on page 4.
complete and include additional schedules.
S Corporations making the election to pass through this
Line 12 credit, proceed to Part 4.
Corporate partners (only), enter the amount from Form 341-P,
line 13. If none, enter “0”.
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