Maine Capital Investment Credit Worksheet - 2016 (Page 4 of 4) in pdf

Maine Capital Investment Credit Worksheet - 2016 Page 4

2016 MAINE CAPITAL INVESTMENT CREDIT

WORKSHEET INSTRUCTIONS, cont.

associated with the property subject to the credit recapture;

recalculate the addition modiﬁ cation amount for Form 1041ME, Schedule 1, line 1e to include in the

calculation depreciation amounts associated with the property subject to the credit recapture;

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 amount on the amended return. 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:

increase the subtraction modiﬁ cation amount on Form 1041ME, Schedule 1, line 2e to reﬂ ect the increased

addition modiﬁ cation on the amended return - Form 1041ME, Schedule 1, line 1e - ﬁ led under Step 1;

reduce Form 1041ME, Schedule A, line 8 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.

Maine Capital Investment Credit Worksheet - 2016 Page 4