Maine Capital Investment Credit Worksheet - 2016 Page 3
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42016 MAINE CAPITAL INVESTMENT CREDIT
WORKSHEET INSTRUCTIONS, cont.
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recalculate the Maine capital investment credit for the taxable year, excluding from the calculation the
bonus depreciation amount associated with the property subject to the credit recapture. If all property
forming the basis of the original credit is subject to the credit recapture, the amended credit for the taxable
year is zero. Enter the recalculated credit on Form 1040ME, Schedule A, line 14 (line 11 for tax years 2011
and 2013, line 10 for tax year 2012). The reduction in the credit amount represents the amount of the credit
recaptured.
●
Step 2. If necessary, fi le amended returns for tax years subsequent to the year you are amending under Step 1
in order to:
o
increase the subtraction modifi cation amount on Form 1040ME, Schedule 1, line 2h to refl ect the increased
addition modifi cation on the amended return - Form 1040ME, Schedule 1, line 1e - fi led under Step 1;
o
reduce Form 1040ME, Schedule A, line 14 (line 11 for tax years 2011 and 2013, line 10 for tax year 2012)
to remove any Maine capital investment credit amount carried forward to the tax year associated with the
credit recaptured on the amended return fi led under Step 1.
If you fi led a corporate income tax return – tax years beginning in 2011 - 2016. If you claimed the Maine capital
investment credit on a return for 2011 -2016 and the credit is subject to recapture, follow these instructions:
●
Step 1. File an amended return, Form 1120ME (Form 1120X-ME for tax years 2011-2015), for the tax year you
claimed the credit. Make the following adjustments on the amended return:
o
remove, for purposes of Form 1120ME, line 4e (Form 1120X-ME, line 4e for tax years 2011 through 2015),
the bonus depreciation addition modifi cation amount associated with the property subject to the credit
recapture;
o
recalculate the addition modifi cation amount, for purposes of Form 1120ME, line 4f (Form 1120X-ME, line
4f for tax years 2011 through 2015), to include in the calculation depreciation amounts associated with the
property subject to the credit recapture;
o
recalculate the Maine capital investment credit for the taxable year, excluding from the calculation the bonus
depreciation amount associated with the property subject to the credit recapture. If all property forming the
basis of the original credit is subject to the credit recapture, the amended credit for the taxable year is zero.
Enter the recalculated credit on Form 1120ME, Schedule C, line 1f (Form 1120X-ME, Schedule C, line 29f
for tax years 2011 through 2015). The reduction in the credit amount represents the amount of the credit
recaptured.
●
Step 2. If necessary, fi le amended returns for tax years subsequent to the year you are amending under Step 1
in order to:
o
increase the subtraction modifi cation amount on Form 1120ME, line 2i (Form 1120X-ME, line 2i for tax
years 2011 through 2015) to refl ect the increased addition modifi cation on the amended return - Form
1120ME, line 4f (Form 1120X-ME, line 4f for tax years 2011 through 2015) - fi led under Step 1;
o
reduce Form 1120ME, Schedule C, line 1f (Form 1120X-ME, Schedule C, line 29f for tax years 2011 through
2015) to remove any Maine capital investment credit amount carried forward to the tax year associated with
the credit recaptured on the amended return fi led under Step 1.
If you fi led a fi duciary income tax return – tax years beginning in 2011 - 2016. If you claimed the Maine capital
investment credit on a return for 2011 -2016 and the credit is subject to recapture, follow these instructions:
●
Step 1. File an amended return for the tax year you claimed the credit. Make the following adjustments on the
amended return:
o
remove from Form 1041ME, Schedule 1, line 1f the bonus depreciation addition modifi cation amount
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