2005 Idaho Code - 63-2906 — LIMITATIONS, AND OTHER PROVISIONS ON CREDITS AGAINST INCOME TAXES

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 29
            THE IDAHO CORPORATE HEADQUARTERS INCENTIVE ACT OF 2005
    63-2906.  LIMITATIONS, AND OTHER PROVISIONS ON CREDITS AGAINST INCOME
TAXES. (1) In addition to other needed rules, the state tax commission may
promulgate rules prescribing:
    (a)  In the case of S corporations, partnerships, trusts or estates, a
    method of attributing a credit under this chapter to the shareholders,
    partners or beneficiaries in proportion to their share of the income from
    the S corporation, partnership, trust or estate; and
    (b)  The method by which the carryover of credits and the duty to
    recapture credits shall survive and be transferred in the event of
    reorganizations, mergers or liquidations.
    (2)  In the case of a unitary group of corporations filing a combined
report under subsection (t) of section 63-3027, Idaho Code, credits against
income tax provided by sections 63-2903, 63-2904 and 63-2905, Idaho Code,
earned by one (1) member of the group but not used by that member may be used
by another member of the group, subject to the limitation in subsection (3) of
this section, instead of carried over. For a combined group of corporations,
credit carried forward may be claimed by any member of the group unless the
member or members who earned the credit are no longer included in the combined
group.
    (3)  The total of all credits allowed by sections 63-2903, 63-2904 and
63-2905, Idaho Code, together with any credits carried forward under
subsection (4) of this section shall not exceed the amount of tax due under
sections 63-3024, 63-3025 and 63-3025A, Idaho Code, after allowance for all
other credits permitted by this chapter, chapter 44, title 63, Idaho Code, and
the Idaho income tax act.
    (4)  If the credits exceed the limitation under subsection (3) of this
section, the excess amount may be carried forward for a period that does not
exceed:
    (a)  The next fourteen (14) taxable years in the case of credits allowed
    by sections 63-2903 and 63-2904, Idaho Code; or
    (b)  The next ten (10) taxable years in the case of credits allowed by
    section 63-2905, Idaho Code.