Form 63-23p Instructions (Page 5 of 5) in pdf

sciences refundable jobs credit must commit to the creation of a min-

Lines 39 through 49: Payments. Enter in line 39 any overpayment

imum of 50 net new permanent full-time positions in Massachusetts.

credited from 2011 to 2012. Enter estimated tax payments made in

2012 in line 40. Any extension payment should be entered in line 41.

The amount of life sciences jobs credit allowed to a taxpayer will be

Line 47 should reflect the total payments made for the entire year.

determined by the Massachusetts Life Sciences Center in consulta-

tion with the Department of Revenue.

Lines 50 through 52: Overpayment and refund. If the amount in

line 49 is larger than the amount in line 38, enter the amount overpaid

If a life sciences jobs credit claimed by a taxpayer exceeds the tax

in line 50.

otherwise due under the personal income tax or the corporate excise,

as applicable, 90 percent of the balance of such credit may, to the

The overpayment may be applied in part or in full to 2013 estimated

extent authorized by the life sciences tax incentive program, be re-

taxes by entering in line 50 the amount to be credited to 2013 esti-

fundable to the taxpayer. Excess credit amounts shall not be carried

mated tax payments. Enter the amount to be refunded in line 52.

forward to subsequent taxable years.

An overpayment of excise cannot be applied as a credit to the tax of

The refundable jobs credit is subject to all the requirements of G.L. c.

another account of this company or to the tax of another company.

23I, including the requirements set out in TIR 08-23. The total dollar

Line 53: Balance due. If line 38 is larger than line 49, enter the bal-

amount of the various life sciences tax incentives, including the refund-

ance due in line 53. Payment in full is due on or before March 15, 2013.

able jobs credits, for qualifying life sciences companies is subject to

Line 54: Penalties. Any company that has an underpayment of esti-

an annual cap of $25 million.

mated tax will incur a penalty on the underpayment for the period of the

Line 47: Refundable Economic Development Incentive Credit.

underpayment. Enclose a copy of Form M-2220. For more information,

Under the provisions of the Economic Development Incentive Program

refer to the section, “When Are Estimated Tax Payments Required?”

(EDIP) established pursuant to M.G.L. Ch. 23A, the Economic Assist-

Any company that fails to file a timely return will be subject to a late

ance Coordination Council (EACC) may authorize taxpayers partici-

filing penalty of 1% per month, or fraction thereof, and a late payment

pating in certified projects to claim tax credits under M.G.L. Ch. 62

penalty of 1% per month, or fraction thereof, on the amount required

sec. 6(g) and M.G.L. Ch. 63 sec. 38N. Taxpayers authorized by the

to be shown as the tax due on the return. For more information, refer

EACC to claim tax credits for projects certified on or after January 1,

to the section, “What Are the Penalties for Late Returns?”

2010 must also submit Form EDIP, Refundable Economic Develop-

ment Incentive Program Credit, to support the claim for this credit.

Line 55: Interest. Any company that fails to pay its tax when due will

be subject to interest on the unpaid balance. For more information,

Line 48: Refundable Conservation Land Credit. Effective for tax

refer to the section “What Are the Penalties for late Returns?”

years beginning on or after January 1, 2011, a credit is allowed for

qualified donations of certified land to a public or private conservation

Line 56: Payment due. Enter the total payment due. Checks for this

agency. The credit is equal to 50% of the fair market value of the quali-

amount should be made payable to the Commonwealth of Mass-

fied donation. The amount of the credit that may be claimed by a tax-

achusetts. Checks should have the company’s federal identification

payer for each qualified donation cannot exceed $50,000. The credit

number written in the lower left corner.

is refundable but not transferable. The certification process is con-

Signature

ducted by the Executive Office of Energy and Environmental Affairs

(EEA). EEA has promulgated a regulation, 301 CMR 14.00, entitled

When the form is complete, it must be signed by the treasurer or assis-

Conservation Land Tax Credit, which sets forth criteria for authorizing

tant treasurer. If you are signing as an authorized delegate of the ap-

and certifying the credit. See also, 830 CMR 62.6.4, entitled Conser-

propriate corporate officer, check the box in the signature section and

vation Land Tax Credit, promulgated by DOR to explain the calcula-

attach a Massachusetts Form M-2848, Power of Attorney. Mail forms

tion of the allowable credit.

to: Massachusetts Department of Revenue, PO Box 7052, Boston,

MA 02204.

Form 63-23p Instructions Page 5

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