High-Technology Investment Tax Credit Worksheet - Maine Revenue Services

HIGH-TECHNOLOGY INVESTMENT TAX CREDIT

WORKSHEET FOR TAX YEAR 2007

36 M.R.S.A. § 5219-M

TAXPAYER NAME: _____________________________________ EIN/SSN: ________________

Note: Owners of pass-through entities (partnerships, LLCs, S corporations, trusts, etc.) making an eligible

investment, see instructions. Also, please provide name and ID number of the pass-through entity on the

lines below.

NAME OF PASS-THROUGH ENTITY

EIN/SSN

________________________________________________________________

____________________________

Carryforward. Carryforward from previous year ...................................................................1. __________________

Investment credit base. Investment credit base for eligible equipment purchased and

used by the taxpayer. Also, enter on this line the investment credit base for eligible

equipment purchased and leased to lessees, less the lease payments received on the

equipment. Note: The lessor is subject to certain qualiﬁ cations and may claim a credit

on leased equipment only if the lessee waives its right to claim the credit.

(See instructions) ....................................................................................................................2. __________________

2a. Amount of investment credit base from line 2 also claimed as a business

deduction for federal tax purposes. Enter here and on Form 1120ME, line

4g or 1040ME, Schedule 1, line 1g ................................ 2a. ____________________

Lease payments. Enter lease payments paid on eligible equipment less any lease

payments received on the equipment from sub-lessees. Note: The lessor is subject

to certain qualiﬁ cations and may claim a credit on leased equipment only if the lessee

waives its right to claim the credit ...........................................................................................3. __________________

Total credit available this year. Line 1 plus line 2 plus line 3. (Corporations enter here

and on Form 1120ME, Schedule C, line 29i, Credit Claimed) ................................................4. __________________

2007 tax (Form 1120ME, line 7a or Form 1040ME, line 23 minus Schedule A, Line 3c) .......5. __________________

6a. 2006 tax (Form 1120ME, line 7a or Form 1040ME line 23

minus Schedule A, line 3c) .....................................................6a. ____________________

6b. 2006 Other Credits (Form 1120ME, Schedule C, line 29o

minus line 29i or Form 1040ME, Schedule A, line 19 minus

line 14 ....................................................................................6b. _____________________

6c. 2006 tax less other credits (line 6a minus line 6b) .............................................................6c. __________________

Subtract line 6c from line 5 and enter the difference here. If zero or less, enter zero ............7. __________________

8a. 2007 Tax (Form 1120ME, line 7a or Form 1040ME, line 23

minus Schedule A, Line 3c) .................................................. 8a. _____________________

8b. 2007 Other Credits (Form 1120ME, Schedule C, line 29o

minus line 29h and the Family Development Account Credit

included in line 29n or Form 1040ME, Schedule A, line 19

minus line 13 and the Family Development Account Credit

included in line 18 ................................................................ 8b. _____________________

8c. 2007 Tax Less Other Credits (line 8a minus line 8b) ..........................................................8c. __________________

Credit Amount. Enter the lesser of line 4, line 7, line 8c or $100,000. In some cases,

the maximum allowable credit is $200,000, depending on the allowable carryforward on

line 1. Read the general instructions on reverse side regarding carryforward amount

before making an entry on this line. (Enter allowable credit on Form 1120ME,

Schedule C, line 29i or Form 1040ME, Schedule A, line 14) ..................................................9. __________________

Rev. 11/07

High-Technology Investment Tax Credit Worksheet - Maine Revenue Services - 2007

Related Articles

Related forms

Related Categories