300: Nonrefundable Corporate Tax Credits and Recapture (2024)
Arizona · Arizona DOR · Used for tax years 2024
Arizona Form 300 summarizes nonrefundable corporate tax credits available for 2024, including current-year credits and carryovers. It reports credits used during the tax year and tax from credit recapture and is included with the taxpayer’s return.
Who files this form
Arizona Form 300 reports nonrefundable corporate tax credits and credit recapture with Form 99T, 120, 120A, 120S, or 120X. It includes current-year credits, available carryovers, and credits actually used for the taxable year.
The 2024 form covers calendar year 2024 or a fiscal year beginning in 2024.
What you'll need
Use the following to complete Form 300:
- Your Form 99T, 120, 120A, 120S, or 120X for the taxpayer name and tax amount, plus your Employer Identification Number (EIN).
- The forms for the credits you report: Forms 308, 315, 318, 320, 331, 333, 335, 341, 343, 345, 346, 351, 353, or 354.
- Available carryover amounts for the credits listed in Part 1.
- If reporting recapture, the applicable amounts from Form 334, Part 5, line 15; Form 349, Part 7, line 19; Form 351, Part 2, line 24; or Form 354, Part 2, line 12.
For the limitation on the Credit for Increased Research Activities, Form 300 directs you to the instructions for Form 308.
How to file
Include Form 300 with the taxpayer’s return.
- In Part 1, enter current-year credits and available carryovers, then add them to show total available credits.
- In Part 2, enter the tax from the return, any listed recapture tax, and the credits actually used this taxable year.
- Transfer the recapture total from line 22 and the credit total from line 40 to the return lines identified on Form 300.
The supplied form does not give a mailing address or e-file instructions.
Common mistakes
- Exceeding the credit limit: The total on line 40 cannot be more than the subtotal of tax on line 24.
- Leaving Form 300 out of the return: The form says to include it with the taxpayer’s return.
- Overlooking the research credit limitation: Line 25 directs you to the Form 308 instructions to compute the limitation.
Questions people ask
Where do I enter credit carryovers?
Enter available carryovers in Part 1, column (b). Add each carryover to the current-year credit in column (a) to calculate column (c), total available credit.
How are available credits different from credits used?
Part 1 reports total available credits. Part 2, lines 25 through 38, reports the amounts actually used this taxable year. Their total on line 40 cannot exceed line 24.
Which credits have recapture lines on this form?
Lines 18 through 21 list recapture for Motion Picture Production Costs, Qualified Facilities, Renewable Energy Investment and Production for Self-Consumption by International Operations Centers, and Affordable Housing.
Where do I report the total credits used on my return?
Enter the Form 300 line 40 total on Form 99T, line 9; Form 120, line 19; Form 120A, line 11; Form 120S, line 15; or Form 120X, line 19(c), depending on the return you use.