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Colorado Prior Year Alternative Minimum Tax Credit

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Question
Colorado Prior Year Alternative Minimum Tax Credit

Answer

The Colorado Prior Year Alternative Minimum Tax Credit expired in 2012

 

Taxpayers may claim a credit of 12% of the federal prior year minimum tax credit actually claimed on the current year
federal income tax return (total of lines 25 and 27, 2012 federal Form 8801). The credit is limited to the net tax liability
due (Colorado normal tax plus AMT). Any excess credit cannot be carried forward to another tax year [§39-22-
105(3), C.R.S.]


Part-year residents and nonresidents must apportion the credit in the ratio of the prior-year Colorado-source MFAMTI
to the prior year’s total MFAMTI. For example, if a nonresident's 2007 MFAMTI was 30% Colorado source, the 2008
credit would be 30% of 12% of the 2008 federal minimum tax credit.


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Article Details
Views: 640 Created on: Jun 15, 2013
Date updated: Sep 02, 2015
Posted in: STATES, Colorado

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