Schedule H - Investment Tax Credit And Carryovers

1999

Massachusetts

Schedule H

Department of

Investment Tax Credit and Carryovers

Revenue

For use by taxpayers subject to taxation under MGL Ch. 63.

Name

Federal Identification number

Part 1. General Information

Corporations eligible for investment credit (check box which applies). Other corporations are not eligible.

Classified Manufacturing

Research and Development. If checked, complete the following:

a Description of R&D_____________________________________

b Total receipts* of corporation $_____________________________________

c Receipts* from research and development $ _____________ percent of line 2b _______________

d Amount of line 2c related to property capable of manufacture in Mass. $______________________ percent of line 2b _______________________

*If filing Form 355B, 355C-B or 355S-B, this amount refers only to receipts assignable to Massachusetts.

Engaged primarily in: 3

Agriculture 4

Commercial fishing

Part 2. Calculation of Current Year Investment Tax Credit

15 Briefly, but accurately, describe purchases or leases of depreciable property situated

Life or

Cost of purchased

in Massachusetts qualifying for the investment tax credit. Complete details must be

Date

recovery

property or eligible

available upon request. If not using cost, explain on separate sheet.

acquired

(years)

amount of leased property

¨ 6

16 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17 U.S. investment credit taken . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

18 U.S. basis reduction, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Subtract the total of lines 7 and 8 from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . 9

19 Total after U.S. basis reduction and credit.

10 Available current year investment tax credit. Multiply line 9 by .03 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Part 3. Credits Used and Unused in Current Year

11 Total excise for purpose of determining allowable credits. Line 4 of Computation of Excise, page 1 of Form 355A,

355B less Brownfields Credit, if any or line 6 of page 1 of Form 355S-A, 355S-B less Brownfields Credit, if any,

or line 3 of Sch. E, Part 2 of Form 355C-A or 355C-B less Brownfields Credit, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

12 Credits allowable for use in current year. If line 11 is greater than or equal to $912, enter 50% of line 11. If line 11 is

less than $912, enter line 11 minus $456, but not less than zero . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Column A

Column B

Column C

Column D

Column E

Credits

Unlimited

Limited

Column A: Credits available. In Column A of the table enter:

available

used

unused

carryovers

13 1999 Poverty Area Facility Credit (Schedule I, line 7) . . . . . . . . . . . . 13

14 1999 Vanpool Credit (Schedule VP, line 4). . . . . . . . . . . . . . . . . . . . . 14

15 1996 Investment Tax Credit carryover (1998 Schedule H, line 16E) 15

16 1997 Investment Tax Credit carryover (1998 Schedule H, line 17E) 16

17 1998 Investment Tax Credit carryover (1998 Schedule H, line 18E) 17

18 1999 investment tax credit (Part 2, line 10) . . . . . . . . . . . . . . . . . . . . 18

19 1993 EOA Credit carryover (1998 Schedule H, line 19E) . . . . . . . . . 19

20 1994 EOA Credit carryover (1998 Schedule H, line 20E) . . . . . . . . . 20

21 1995 EOA Credit carryover (1998 Schedule H, line 21E) . . . . . . . . . 21

22 1996 EOA Credit carryover (1998 Schedule H, line 22E) . . . . . . . . . 22

23 1997 EOA Credit carryover (1998 Schedule H, line 23E) . . . . . . . . . 23

24 1998 EOA Credit carryover (1998 Schedule H, line 24E) . . . . . . . . . 24

25 1999 EOA Credit (1998 Schedule EOA, line 9) . . . . . . . . . . . . . . . . . 25

26 Unlimited credit carryover from prior years (1998 Sch. H, line 38). . . 26

27 Totals. Add lines 13 through 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Column B: Credits used in the current year.

Note (Form 355C-A or 355C-B filers only): The Column B amounts for each corpora-

tion should be reported on its own Computation of Excise and/or on the principal report-

Step 1. Start with line 13A and work downward, transferring the amount (or part

ing corporation’s Computation of Excise. A corporation, however, may not utilize credits

thereof) on each line in Col. A to Col. B until all available credits are used or until the

in excess of its Column B total nor lower its excise due to an amount below the mini-

total transferred to Col. B equals the amount in line 12, whichever occurs first.

mum excise of $456. Column B amounts that would lower an affiliate or subsidiary cor-

Step 2. Enter the amount from line 13B in line 6 (355A, 355B, 355C-A, 355C-B) or line 8

poration’s non-income excise below the minimum excise of $456 should be reported on

(355S-A, 355S-B) of the Computation of Excise; enter the amount from line 14B in line 8

the principal reporting corporation’s Computation of Excise.

(355A, 355B, 355C-A, 355C-B) or line 10 (355S-A, 355S-B) of the Computation of Ex-

Column C: Credits Unused in the Current Year.

cise; enter the total amount from lines 15B, 16B, 17B, 19B, 20B, 21B, 22B, 23B, 25B

Complete this column only if line 27A is more than line 12. Subtract Column B from

and 27B in line 9 (355A, 355B, 355C-A, 355C-B) or line 11 (355S-A, 355S-B) of the

Column A, lines 13–26, and enter the differences, if any, in column C.

Computation of Excise; and enter the amount from line 18B in line 7 (355A, 355B,

355C-A, 355C-B) or line 9 (355S-A, 355S-B) of the Computation of Excise. Enter the

amount from line 25 in line 5 (355A, 355B, 355C-A, 355C-B) or line 7 (355S-A, 355S-B)

of the Computation of Excise.

Schedule H - Investment Tax Credit And Carryovers - 1999

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