2014 Idaho Statutes
Title 63 - REVENUE AND TAXATION
Chapter 30 - INCOME TAX
Section 63-3029D - TAX CREDIT FOR QUALIFIED EQUIPMENT UTILIZING POSTCONSUMER WASTE OR POSTINDUSTRIAL WASTE.
(2) The credit provided pursuant to the provisions of subsection (1) of this section shall be an amount equal to twenty percent (20%) of the costs incurred by the taxpayer for purchases of qualified equipment and shall be claimed in the income tax year in which at least ninety percent (90%) of the total production of such qualified equipment is used by the taxpayer to manufacture products utilizing postconsumer waste or postindustrial waste. In no event shall the tax credit be more than thirty thousand dollars ($30,000) per tax year.
(3) If the amount of the credit provided pursuant to the provisions of subsection (2) of this section exceeds the amount of income taxes otherwise due on the income of the taxpayer in the income tax year for which the credit is being claimed, the amount of the credit not used as an offset against income taxes in such income tax year may be carried forward as a credit against subsequent years' income tax liability for a period not exceeding seven (7) years and shall be applied first to the earliest income tax years possible. Any amount of the credit which is not used after such period shall not be refundable to the taxpayer.
(4) As used in this section:
(5) Any recomputation of the credit allowed in subsection (2) of this section on property disposed of or ceasing to qualify, prior to the close of its useful life, shall be determined according to section 47 of the Internal Revenue Code, as such existed on November 5, 1990.
History:
[63-3029D, added 1994, ch. 342, sec. 1, p. 1077; am. 2007, ch. 83, sec. 10, p. 233.]
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