Form 67 (EFO00037) Credit for Idaho Research Activities - Idaho

What Is Form 67 (EFO00037)?

This is a legal form that was released by the Idaho State Tax Commission - a government authority operating within Idaho. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 67?
A: Form 67 is the Credit for Idaho Research Activities - Idaho form.

Q: What is the purpose of Form 67?
A: The purpose of Form 67 is to claim a tax credit for research activities conducted in Idaho.

Q: Who can file Form 67?
A: Any taxpayer who has incurred qualified research expenses in Idaho can file Form 67.

Q: What are qualified research expenses?
A: Qualified research expenses include wages, supplies, and contract research expenses incurred in the conduct of research activities.

Q: How much is the credit for Idaho research activities?
A: The credit is equal to 3% of the excess qualified research expenses over a base amount.

Q: What is the base amount for the research credit?
A: The base amount is a calculation that takes into account the taxpayer's fixed-base percentage and the average annual gross receipts of the taxpayer.

Q: Is there a limit to the amount of credit that can be claimed?
A: Yes, the credit for Idaho research activities is limited to 50% of the taxpayer's Idaho income tax liability.

Q: When is Form 67 due?
A: Form 67 is due on the original due date of the taxpayer's Idaho income tax return, which is usually April 15th.

Q: Are there other requirements to claim the credit?
A: Yes, the taxpayer must meet certain criteria and provide supporting documentation to claim the credit.