Idaho Tax Commission Releases Form 49, Investment Tax Credit, Instructions, for Income, Property Taxpayers

The Idaho State Tax Commission Feb. 17 released Form 49, Investment Tax Credit, with instructions, for corporate income and individual income tax purposes. Each member of a unitary group of corporations that earns or is allowed the Investment Tax Credit (ITC) must complete a separate form. The commission includes information on: 1) qualifying depreciable property; 2) nonqualifying property; 3) the method of computing ITC when the property is used both inside and outside Idaho; 4) computation of ITC carryover on Form 49C; and 5) the election to claim the two-year property tax exemption instead of ITC. The form also includes ...