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RECAPTURE OF IDAHO INVESTMENT TAX CREDIT

RECAPTURE OF IDAHO INVESTMENT TAX CREDIT 2025

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The document provides instructions for completing Idaho Form 49R, which is used to compute the recapture of the Idaho Investment Tax Credit (ITC) when property ceases to qualify. It outlines the necessary steps and calculations required for reporting recapture amounts, including details on property description, original credit computation, and specific instructions for S corporations, partnerships, estates, and trusts. The form requires information on properties that no longer qualify for ITC and includes guidelines for determining recapture percentages based on the duration of property ownership.

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What is the recapture of investment tax credit?

If youre in the situation where you have to file IRS Form 4255, you might have to pay back a tax credit youve earned in prior years. This process, known as recapture, occurs if you claim a creditin this case, a credit for a specific type of business investmentand then no longer qualify for that credit.

What is the form for recapture of investment tax credit?

IRS Form 4255 is used to calculate how much additional tax you might owe if you need to recapture (or pay back) some or all of an investment credit you previously claimed. You might need to do this if: You sold or got rid of the property within 5 years of placing it in service.

Who must file form 3468?

The credits on Form 3468 are generally claimed by businesses. Corporations use them to reduce their corporate income taxes. Sole proprietors use them to reduce their personal income taxes.

What is the recapture period for tax credits?

Taxpayers that claim ITCs may be required to recapture a portion of the credit if the ITC-eligible property is disposed of or otherwise ceases to be investment tax property during a five-year recapture period (Sec. 50(a) (1)(A)). That period starts when the property is placed in service.

What is the 5 year recapture period for ITC?

Recapture Risk The full value of the ITC is earned once a project is placed in service. Then, for a five-year compliance period, the tax credit is subject to recapture if (1) the property ceases to be a qualified energy facility, or (2) a change in ownership occurs.

How to report ITC recapture?

Use Form 4255 to figure the increase in the amount due for certain credit recaptures, excessive payments, excessive credit transfers, and PWA penalty amounts. Generally, you must refigure the investment credit and may have to recapture all or part of it if any of the following apply.

RECAPTURE OF IDAHO INVESTMENT TAX CREDIT 2025

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