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INSTRUCTIONS: ARIZONA CREDIT FOR INVESTMENT IN QUALIFIED SMALL BUSINESSES (Form 338)

To file for a credit for investment in qualified Arizona small businesses, file a form 338. This document can be obtained from the website of the Arizona Department of Revenue.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 1: If not filing for the calendar year printed on the form, enter the beginning and ending dates of your fiscal year where indicated.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 2: Enter your name and Social Security number where indicated.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 3: On line 1, enter the amount of credit for the tax year shown on your Arizona Commerce Authority's Authorization of Tax Credits. 

Arizona Credit For Investment In Qualified Small Businesses 338 Step 4: Lines 2 through 4 are should be completed by S corporations. A separate copy should be completed for each individual shareholder. Enter the individual shareholder's name on line 2.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 5: Enter the individual shareholder's Social Security number on line 3.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 6: Enter the individual shareholder's share of the amount on line 1 on line 4.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 7: Lines 5 through 7 should be completed by partnerships. A separate copy should be completed for every individual partner. Enter their name on line 5.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 8: Enter each individual partner's Social Security number on line 6.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 9: Enter each individual partner's share of the amount on line 1 on line 7.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 10: Document your available credit carryovers on lines 8 through 11 as directed.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 11: On line 12, enter the amount from line 1. However, individual shareholders should enter the amount from line 4, while individual partners should enter the amount from line 7.

Arizona Credit For Investment In Qualified Small Businesses 338 Step 12: Complete lines 13 and 14 as directed. Transfer the value from line 14 to line 22 of form 301.