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Screen IDCrC - Idaho Credits (1120)

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Credits

Contributions to educational entities
Enter the amount of contributions made to qualifying educational entities. For C Corporations, nonresident composite filers of S Corporations, and ABE returns of S Corporations the application calculates the allowed credit based upon the lesser of $5,000, one-half of the contributions, or 10 percent of the tax.
Contributions to youth and rehabilitation facilities
Enter the amount of contributions made to qualifying youth and rehabilitation facilities. The application calculates the allowed credit based upon the lesser of $500, half of the contributions, or ten percent of the tax.
Tax reimbursement incentive act
Enter the total amount allowed of tax reimbursement incentive credit from the Idaho Reimbursement Incentive Certificate. This amount transfers to Form 41, Page 2, line 55 or Form 41S, Page 2, line 61.
Production equipment using post-consumer waste
Enter the cost of qualified equipment purchased in Idaho with a useful life of 3 years or more, that manufactures a product from post-consumer or post-industrial waste.
The credit is 20% of your cost to buy qualified equipment.
Promoter sponsored event
Enter $1 for each temporary permit issued during the taxable year. You must have filed Idaho Form ST-124, Idaho Sales Tax Declaration, with the Tax Commission to qualify for this credit.
Small employer new jobs tax
Enter the amount of the small employer new jobs tax credit from Form 85, Idaho Small Employer New Jobs Tax Credit. A copy of the form should be attached to the return.

Investment Tax Credit

Qualified investments acquired during the year
Property entered in the asset tab and marked as qualified investment property in the Other then Credit Information dialog, automatically transfers to this statement dialog field. If the asset(s) are not entered in the asset tab, enter the qualified investment property directly in the attached statement dialog.
Amount of investments … / … / Credit shared with unitary affiliates
Enter the amounts needed to calculate the earned and allowed investment tax credit on the Form 49.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1120 Corporation
  • State: Idaho

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