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Form 5735: American Samoa Economic Development Credit
IRS Form 5735 is used to figure the American Samoa economic development credit for a corporation under section 30A. A corporation must meet the qualified production activities income (QPAI) requirement to qualify.
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IRS Form 5735 - American Samoa Economic Development Credit
IRS Form 5735 is used to figure the American Samoa economic development credit for a corporation under section 30A. A corporation must meet the qualified production activities income (QPAI) requirement to qualify.
Risk Radar
Scan points- 1The corporation must meet a positive Qualified Production Activities Income (QPAI) requirement to qualify for the credit.
- 2Filing without confirming the corporation meets the positive QPAI requirement.
- 3Applying the credit against prohibited taxes like personal holding company tax (section 541).
- 4Not attaching Form 5735 to the corresponding corporate income tax return.
- 5Using amounts from a Form W-2 filed more than 60 days after its due date for calculations.
Plain English
This form calculates the American Samoa economic development credit that a company can claim on its taxes. By filing Form 5735, the company shows how much of its business activity qualifies for this special tax benefit. The credit is generally applied against income tax imposed by Chapter 1.
Submission Date
- Filing date: 2013-01-23 00:00:00
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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Glossary Terms
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What this form is for
- Use this form when a domestic corporation (other than an S corporation) elects to claim the American Samoa economic development credit.
- Do not use Form 5735 when the entity is an S corporation, as they must still complete the form but are excluded from the primary filing requirement description.
- Check Form 4626 instead when determining if income eligible for the American Samoa economic development credit is taxed under the Alternative Minimum Tax rules.
Form selector
Use this form or another form?
Filing an entity that was previously an IC-DISC or former IC-DISC
The corporation cannot take the credit in a year it meets this status.
✓ Check section 936(f) applicability.
A corporation owning stock in an IC-DISC or FSC (or their former versions)
Ownership of these entities prevents claiming the American Samoa economic development credit for that tax year.
✓ Verify ownership details against section 936(f).
Calculating wages using the Unmodified box method
This method requires taking the smaller amount between Box 1 totals and other reported sums.
✓ Confirm which specific calculation yields the smaller value.
Determining if income is sourced inside or outside American Samoa
Sections 638, 861-864, and 936 govern how gross income, deductions, and taxable income are sourced.
✓ Ensure proper sourcing calculations based on the location of receipts/activities.
Deadline or filing window
Form 5735 must be filed annually for every year the American Samoa economic development credit election is active. There is no specific extension mentioned on the form itself, but it must accompany the corporation's income tax return.
Checklist
What you need before filling it out
Qualification Requirement
Positive Qualified Production Activities Income (QPAI) · Instructions p.1
Filer Category
Domestic corporation (other than an S corporation) · Instructions p.1
Credit Restriction (Example)
Tax on accumulated earnings (section 531) · Instructions p.1
QPAI Calculation (Simplified Deduction Method)
$240 subtracted from DPGR · Instructions p.3
Wages Calculation (Unmodified Box Method)
Smaller of (Box 1 sum OR other reported amounts) · Instructions p.4
Filing Location
P.O. Box 409101, Ogden, UT 84409 · Instructions p.1
Before you submit
- 1Confirm that the corporation elects to claim the American Samoa economic development credit.
- 2Verify that the entity is a domestic corporation and not an S corporation.
- 3Ensure the QPAI calculated for the year is positive.
- 4Check if any income sources are being excluded due to restrictions (e.g., Personal holding company tax under section 541).
- 5If using the simplified deduction method, confirm you subtracted $240 from DPGR.
- 6Confirm that wages reported for the year were determined using one of the specified methods (Unmodified box, Tracking, or Simplified overall).
- 7Verify that the form is attached to the corporation's income tax return.
How to file this form
- 1Determine if the domestic corporation qualifies by ensuring it has positive Qualified Production Activities Income (QPAI).
- 2Calculate QPAI using the appropriate method, such as subtracting $240 from Domestic production gross receipts (DPGR) under the simplified deduction method.
- 3Attach Form 5735 to the corporation's income tax return and ensure it is signed before sending.
- 4Mail the complete package to the Internal Revenue Service at P.O. Box 409101, Ogden, UT 84409.
Known limitations
- 1The American Samoa economic development credit is generally not allowed against tax on accumulated earnings (section 531).
- 2The credit is not allowed against personal holding company tax (section 541).
- 3Sound recordings do not include the creation of copy-righted material in a form other than a sound recording, such as lyrics or music composition [Instructions p.2].
- 4For wages calculation, amounts reported on a Form W-2 filed with the Social Security Administration more than 60 days after its due date (including extensions) should not be used [Instructions p.4].
Field map
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General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
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Fillable formOpen in Editor->The current edition is dated January 2013. The instructions reflect changes made by Section 330 of the American Taxpayer Relief Act of 2012, which modified and expanded the credit for tax years beginning after December 31, 2011.
What changed or needs a fresh check
- Edition date — confirm January 2013
- Fee — Not stated in the official source
- Mailing address — P.O. Box 409101, Ogden, UT 84409
- Signature — Must be signed before sending (general requirement)
- Form Number — confirm it reads 5735
Quick Facts
Downloads
After you file
- 1Attach Form 5735 to the corporation's income tax return when filing it with the Internal Revenue Service, P.O. Box 409101, Ogden, UT 84409.
- 2Keep a copy of Form 5735 after filing [General Mechanics].
- 3Ensure the credit amount reported on Line 7 is correctly entered as "Form 5735" on your income tax return [Instructions p.5].
- 4If reporting on the 2012 Form 1120, ensure the QEV credit (which may be related) is also reported on Schedule J, line 5b [Instructions p.5].
Sources
- SRCInstructions p.1 — Purpose of Form 5735 is to figure the American Samoa economic development credit under section 30A [Instructions p.1].
- SRCInstructions p.1 — A domestic corporation (other than an S corporation) must complete Form 5735 for each year the election is in effect [Instructions p.1].
- SRCInstructions p.1 — To qualify, a corporation must meet the qualified production activities income (QPAI) requirement and have a positive QPAI [Instructions p.1].
- SRCInstructions p.1 — The credit is not allowed against tax on accumulated earnings (section 531), personal holding company tax (section 541), or Not stated in the official source — verify on the agency site [Instructions p.1].
- SRCInstructions p.2 — Sound recordings do not include the creation of copy-righted material in a form other than a sound recording, such as lyrics or music composition [Instructions p.2].
- SRCInstructions p.5 — The wages that are taken into account for any employee are limited to 85% of the OASDI contribution and benefit base for the calendar year in which that tax year begins [Instructions p.5].
Common confusion points
Who must file Form 5735?
A domestic corporation that is not an S corporation must complete Form 5735 for each year the credit election is in effect [Instructions p.1].
How do I know if my company qualifies?
The corporation must have a positive qualified production activities income (QPAI) to qualify for the American Samoa economic development credit [Instructions p.1].
What does 'wages' mean for this form?
Generally, it means wages as defined in section 3306(b), applied as if "United States" includes American Samoa, without regard to any dollar limitation from that section [Instructions p.5].
How is the Unmodified box method calculated?
It is the smaller of: (1) The sum of amounts in box 1 of relevant Forms W-2, or (2) Not stated in the official source — verify on the agency site [Instructions p.4].
What limits my wages for tax year reporting?
The wages taken into account are limited to 85% of the old-age, survivors, and disability insurance (OASDI) contribution and benefit base for the calendar year in which that tax year begins [Instructions p.5].
Where do I report this credit on other forms?
The credit must also be included on Form 3800, Form 6478, Form 8835, Form 8860, Form 8910, Form 8911, and Form 8912 [Instructions p.5].
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⚠ If something goes wrong
- Not stated in the official source — verify on the agency site (but errors can be corrected by filing an amended return).
Questions about IRS Form 5735
What is IRS Form 5735 used for?
This form calculates the American Samoa economic development credit that a company can claim on its taxes. By filing Form 5735, the company shows how much of its business activity qualifies for this special tax benefit. The credit is generally applied against income tax imposed by Chapter 1.
Who must file IRS Form 5735?
A domestic corporation (other than an S corporation) must complete IRS Form 5735 for each year the American Samoa economic development credit election is in effect.
What information does IRS Form 5735 require?
The form collects details such as the company's name and Employer identification number. Specific calculations are entered on lines 1 through 4, which relate to qualified compensation and depreciation deductions.
When is IRS Form 5735 due?
Form 5735 must be filed for each year the American Samoa economic development credit election is in effect; the form allows entry for a specific calendar or tax year beginning/ending date.
Where do I file IRS Form 5735?
The completed Form 5735 must be attached to the corporation's income tax return and filed with the Internal Revenue Service at P.O. Box 409101, Ogden, UT 84409.
How do I complete IRS Form 5735?
The filer must first ensure the corporation meets the qualified production activities income requirement. Next, specific amounts are entered into lines 1 through 4 based on various calculations. The form is then attached to the corporation's main income tax return before filing it with the IRS.
What happens if IRS Form 5735 is filed incorrectly?
If the credit is not allowed against certain taxes (like personal holding company tax), the corporation will pay more tax than necessary; failure to qualify means losing this credit.
Who must file Form 5735?
A domestic corporation that is not an S corporation must complete Form 5735 for each year the credit election is in effect [Instructions p.1].
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