301: Nonrefundable Individual Tax Credits and Recapture (2024)
Arizona · Arizona DOR · Used for tax years 2024
Arizona Form 301 summarizes nonrefundable individual income tax credits for 2024, including current-year credits, available carryovers, and credits used. It also reports tax from recapture of credits for motion picture production costs, qualified facilities, and affordable housin
Who files this form
Form 301 reports nonrefundable individual tax credits and credit recapture for Arizona Forms 140, 140PY, 140NR and 140X.
If you compute credits on the corresponding credit forms, you must include Form 301 and those credit forms with your individual income tax return.
What you'll need
Have these forms and details available:
- Your Arizona individual income tax return: Form 140, 140PY, 140NR or 140X.
- The corresponding credit forms for the credits you computed. These must be included with your return along with Form 301.
- Your name and Social Security number, plus your spouse’s name and Social Security number if filing jointly.
- Current-year credit and available carryover amounts for Part 1.
- If applicable, recapture amounts from Form 334, line 15; Form 349, line 19; or Form 354, line 12.
- If applicable, tax credits used from Form 301-SBI, line 63.
How to file
Include Form 301 and the corresponding credit forms with your individual income tax return.
The supplied form does not list a mailing address or provide e-filing instructions.
Common mistakes
- Leaving out required forms. The form specifically reminds you to include Form 301 and the corresponding credit forms with your return.
- Exceeding the credit limit. Total credits used on line 60 cannot be more than line 33.
Questions people ask
What is the difference between Part 1 and Part 2?
Part 1 lists available credits, including current-year credits and available carryovers. Part 2 reports tax, recapture tax and credits actually used for the taxable year.
Where do I report credit recapture?
Report recapture from Form 334 on line 27, Form 349 on line 28 and Form 354 on line 29. Add these amounts on line 30. Transfer that total to Form 140, line 47; Form 140PY or 140NR, line 57; or Form 140X, line 38.
What if the calculation on line 33 is negative?
Subtract line 32 from line 31. If the result is less than zero, enter “0” on line 33.
Where does the total credit amount go on my income tax return?
Line 60 adds the credits used from Form 301, line 58, and Form 301-SBI, line 59. Enter the total on Form 140, line 51; Form 140PY, line 61; Form 140NR, line 60; or Form 140X, line 41. The total cannot exceed line 33.