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Arizona Form 319
2
Line 3 -
Subtract line 2 from line 1. Enter the difference. This is the
current taxable year's credit for the taxpayer that built the
house(s) or dwelling unit(s).
Part 2 - Current Taxable Year's Credit for
Purchaser or Transferee of the House or
Dwelling Unit
Line 4 -
Enter the total amount of the credit(s) transferred to the
taxpayer as a purchaser or transferee of the house(s) or
dwelling unit(s) during the current taxable year. Obtain the
amount for each house or dwelling unit from the written
statement(s) provided by the builder(s) of the house(s) or
dwelling unit(s). Be sure to include a copy of the
statement(s) with Form 319 when you file your return.
Part 3 - S Corporation Credit Elections and
Shareholder's Share of Credit
Line 5 - S Corporation Election for Tax Credit as
Builder of House or Dwelling Unit
S corporations must complete line 5. The S corporation must
make an irrevocable election to either claim the credit or pass
the credit through to its shareholders. The election statement
must be signed by one of the officers of the S corporation
who is also a signatory to Arizona Form 120S.
Line 6 - S Corporation Election for Tax Credit as
Purchaser or Transferee of House or Dwelling Unit
S corporations that are the purchaser/transferee of a house or
dwelling unit must complete line 6. The S corporation must
make an irrevocable election to either claim the credit or pass
the credit through to its shareholders. The election statement
must be signed by one of the officers of the S corporation
who is also a signatory to Arizona Form 120S.
Lines 7 through 12 -
If the S corporation elects to pass the credits through to its
shareholders, it must also complete lines 7 through 12.
If the S corporation is passing the credit through to its
shareholders as the builder of the house(s) or dwelling unit(s),
the S corporation must complete Part 1 of Form 319,
Form(s) 319-1, and Form(s) 319-2, if applicable. If the
S corporation has received the credit(s) as a purchaser or
transferee, the S corporation must also complete Part 2 of
Form 319. Then, complete Part 3, lines 7 through 12,
separately for each shareholder. If the S corporation enters an
amount on line 11, it should provide a copy of the statement
received from the transferor to each shareholder.
Each S corporation shareholder is entitled to only a pro rata
share of pass-through credit based on ownership interest in
the S corporation. The total of the credit allowed to all
shareholders may not exceed the amount that would have
been allowed for a sole owner.
The S corporation must furnish each shareholder with a copy
of pages 1, 2 and 3 of Form 319. Each shareholder must
complete Part 5, Part 6, and Part 7, as applicable.
NOTE to individual shareholders of an S Corporation:
The credit is in lieu of a deduction for the installation
expenses for which the credit is claimed. If you are claiming
the credits in Part 3, line 9 and/or line 11, you must include
the amounts from Part 3, line 10 and/or line 12, on your
Arizona income tax return under “Other Additions”.
Part 4 - Partner's Share of Credit
Lines 13 through 16 -
If the partnership is passing the credit through to its partners as
the builder of the house(s) or dwelling unit(s), the partnership
must complete Part 1 of Form 319, Form(s) 319-1, and
Form(s) 319-2, if applicable. If the partnership has received the
credit(s) as a purchaser or transferee, the partnership must also
complete Part 2 of Form 319. Then, complete lines 13 through
16 separately for each partner. If the partnership enters an
amount on line 16, it should provide a copy of the statement
received from the transferor to each partner.
Each partner is entitled to only a pro rata share of the credit
based on the partner’s ownership interest in the partnership.
The total of the credit allowed to all partners may not exceed
the amount that would have been allowed for a sole owner.
The partnership must furnish each partner with a copy of
pages 1, 2 and 3 of Form 319. Each partner must complete
Part 5, Part 6, and Part 7, as applicable.
Part 5 - Available Credit Carryover for Taxpayer
as Builder of House or Dwelling Unit
Complete Part 5 only if the allowable credit for prior taxable
years exceeded the Arizona income tax liability for those
taxable years.
Each partner or S corporation shareholder must complete
Part 5 for the computation of the available carryover of the
credit passed through by the partnership or S corporation.
Line 17 -
In columns (a) through (e), enter the applicable taxable years.
Line 18 -
In columns (a) through (e), enter the amount of the original
tax credit earned for that taxable year.
Line 19 -
In columns (a) through (e), enter the amount of the tax credit
for the taxable year that has been previously used.
Line 20 -
In columns (a) through (e), subtract the amount on line 19
from the amount on line 18. Enter the difference in the
applicable columns on line 20. This is the tentative carryover.
Line 21 -
In columns (a) through (e), enter the total amount of the tax
credits that were transferred during the applicable taxable
year to purchasers or transferees of the houses or dwelling
units from Form(s) 319-2, column (e).
Line 22 -
In columns (a) through (e), subtract the amount on line 21
from the amount on line 20. Enter the difference in the
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