Schedule Eoa - Economic Opportunity Area Credit printable pdf download

1999

Massachusetts

Schedule EOA

Department of

Economic Opportunity Area Credit

Revenue

Name

Federal ID or Social Security number

Part 1. General Information

11 Type of business for which property is being used (check only one):

Sole Proprietorship

Partnership

S Corporation

Corporate Trust

Financial Institution

Insurance Company

Corporation

Trust

Public Service Corporation

Corporation included in a combined return (enter name and Federal ID Number of principal reporting company):

Other (specify)

12 Type of return this schedule is filed with

13 Location of certified project

14 Date project was certified by EACC (attach a copy of certification from EACC)

Part 2. Computation of 5% Current Year Economic Opportunity Area Credit

15 Briefly, but accurately, describe purchases of qualifying property for the

Life or

Cost (if not using

5% Economic Opportunity Area Credit. Complete details must be available

Date

recovery

cost, explain on

upon request.

acquired

(years)

separate sheet)

16 Total cost of property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

17 U.S. basis reduction, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Subtract line 7 from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 $

18 Total cost of property after reduction.

19 Available current year Economic Opportunity Area Credit. Multiply line 8 by .05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Taxpayers subject to taxation under MGL Ch. 63: Corporations filing Form 355A, 355B, 355S-A, 355S-B, 355C-A

or 355C-B must enter this amount in Schedule H, line 25A. All other taxpayers subject to tax under MGL Ch. 63

must enter this amount on the appropriate line on their tax return.

Taxpayers subject to taxation under MGL Ch. 62 must complete parts 3 and 4.

Part 3. Taxpayers Subject to Tax Under MGL Ch. 62

10 Total tax for determining allowable credit. Form 1, line 24; Form 1-NR/PY, line 28; Form 2, line 41;

Form 3F, line 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

11 Total of Limited Income Credit, Credit for Taxes Paid to Other Jurisdictions, Lead Paint Credit, Energy Credit,

Full Employment Credit, Septic Credit and Brownfields Credit, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

12 Subtract line 11 from line 10. Enter result here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

13 Enter 50% of line 12 here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

14 Economic Opportunity Area Credit available this year. Add line 9 and prior years unused Economic Opportunity

Area Credit (from 1998, Sch. EOA, line 17, col. c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 $

15 Economic Opportunity Area Credit allowable for use in current year. If line 13 is greater than or equal to line 14,

enter line 14. If line 13 is less than line 14 enter line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Enter amount from line 15 on Form 1, Schedule Z; Form 1-NR/PY, Schedule Z; Form 2, line 42; or Form 3F, line 25.

Part 4. Carryover to Future Years

16 Maximum amount of credits for conversion to ten-year carryover status:

Year

a. Unused credits from prior years

b. Portion used

c. Unused credit available

and current year credit

this year

Subtract col. b. from col. a

Amount

For