70: Statement of Credit Transfer and Instructions 2024 (2024)
Idaho · Idaho Tax Commission · Used for tax years 2024
Idaho Form 70 reports a transfer of broadband equipment investment credit, including the amount transferred, the tax years it was earned, and the parties involved. The Tax Commission uses the form to identify the credit available for transfer and the carryover period available to
Who files this form
Use Form 70 to report a transfer of the Idaho broadband equipment investment credit and the number of years it can be carried forward. Only this credit can be transferred.
You can transfer the credit if you originally earned it or you’re an intermediary. File a separate Form 70 for each taxpayer receiving the credit, called the transferee.
You can’t transfer a credit you received through unitary sharing. The credit can’t be transferred more than two times.
When it's due
For the tax year 2024 version of Form 70, send the form to the Idaho State Tax Commission at least 60 days before the transfer date.
What you'll need
For each tax year the credit being transferred was earned, provide copies of:
- Idaho Form 68.
- The complete property list or schedules showing the property the credit was earned on.
- The Idaho Public Utilities Commission approval authorizing the credit.
You’ll also need the transferor’s and transferee’s names, addresses, and Social Security numbers or EINs, plus the transfer date, amount being transferred, and tax years the credit was earned.
How to file
- Complete Part I. Enter the transferor’s name as it appears on the tax return for the year of the transfer, identifying information, and transfer date. If you’re an intermediary selling the credit, use your own identifying information. Include the authorized individual’s signature, title, and phone number.
- Complete Part II. Enter the transferee’s name, address, and Social Security number or EIN. The transferee can be an intermediary.
- Complete Part III. Enter the amount being transferred and the tax years the credit was earned. Attach the required copies.
- Send the form using the mailing address or fax number printed on it:
Mail:
Income Tax Audit
Idaho State Tax Commission
PO Box 36
Boise ID 83722-0410
Fax: Income Tax Audit, (208) 332-6619.
The Tax Commission will review the information, identify the credit and carryover period available, and return the form to the transferor. The transferee must include a copy with every income tax return on which the credit is claimed or carried over.
Common mistakes
- Sending Form 70 less than 60 days before the transfer date.
- Using one Form 70 for multiple transferees. File a separate form for each.
- Leaving out Form 68, the property schedules, or the PUC approval for any year the credit was earned.
- Transferring a credit received through unitary sharing, or transferring the credit more than two times.
- Trying to amend the return to claim a transferred credit that wasn’t claimed on the original return filed during the calendar year of the transfer. The instructions don’t allow this.
- Forgetting to attach a copy of Form 70 to each transferee income tax return that claims or carries over the credit.
Questions people ask
Can I transfer only part of my credit?
Yes. You can transfer all or part of the broadband equipment investment credit you earn.
What can an intermediary do with the credit?
An intermediary can use all or part of the credit or resell all or part to another taxpayer. The credit can’t be transferred more than two times.
When can the transferee claim the credit?
The transferee can claim it on the original return filed in the calendar year of the transfer. Any credit not claimed on the return filed during that year can be claimed on the transferee’s returns for the carryforward period approved on Form 70.
Who owes tax if the transferred credit was overstated or must be recaptured?
The transferor owes any tax due from an overstated or recaptured credit. The Tax Commission may examine the transferor’s books and records to verify the credit.