The incentive ITC was eligible to be earned on qualified investments in Idaho that were placed in service in tax years beginning in 2001 only. Although the credit can no longer be earned, it may be carried over from 2001 or acquired by transfer from another taxpayer who earned the credit in 2001.
Transfer of Credit
A taxpayer who earned the incentive ITC may transfer the credit to another taxpayer. The transferor must submit Form 70, Idaho Statement of Credit Transfer, to the Tax Commission at least 60 days prior to the date of transfer. The Tax Commission will verify the amount of credit available for transfer and the number of carryover years. The transferee may first claim the transferred credit on his income tax return originally filed during the calendar year in which the transfer takes place. However, the credit may not be claimed on a tax return that begins prior to January 1, 2001. The transferee must attach a copy of Form 70 to each income tax return in which the credit is claimed or carried over.
The credit carry-over is limited to 14 tax years. A transferee is entitled to the same carry-over period that would have been allowed to the transferor.