Form M-990t Instructions - 2012 (Page 4 of 4) in pdf

A taxpayer may apply for a refund of 90% of the unused FDA User

Lines 50 through 52: Overpayments and refunds. If line 38 is larger

Fee Credit granted under M.G.L. Ch. 63, sec. 38M, including credits

than line 49, enter the amount overpaid in line 50.

carried over from prior years. Schedule RLC, Refundable Life Science

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

credit, is used by taxpayers to claim the refund.

taxes by entering in line 51 the amount to be credited to 2013 esti-

Line 46: Refundable Life Science Jobs Credit. Effective for tax years

mated tax payments. Enter in line 51 the amount to be refunded.

beginning on or after January 1, 2011, a new tax incentive has been

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

added to the Life Sciences Tax Incentive Program in the form of a re-

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

fundable jobs credit. A taxpayer, to the extent authorized by the Life

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

Sciences Tax Incentive Program, may be allowed a refundable jobs

credit against the tax liability imposed under G.L. c. 62, the personal in-

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

come tax, or G.L. c. 63, the corporate excise. A taxpayer claiming a life

Lines 54 and 55: Penalties and interest. Any company that has

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

an underpayment of estimated tax will incur a penalty on the under-

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

payment for the period of the underpayment. Enclose a copy of Form

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

M-2220. For more information, refer to the section, “When Are Esti-

determined by the Massachusetts Life Sciences Center in consultation

mated Tax Payments Required?”

with the Department of Revenue.

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

ing penalty of 1% per month, (or fraction thereof), and a late payment

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

otherwise due under the personal income tax or the corporate ex-

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

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

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

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

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

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

Any company which fails to pay its tax when due will be subject to in-

forward to subsequent taxable years.

terest on the unpaid balance.

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

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

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

amount should be made payable to the Commonwealth of Mass-

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

achusetts. Checks should have the company’s federal identification

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

number written in the lower left corner.

annual cap of $25 million.

Where to File

Line 47: Refundable Economic Development Incentive Credit.

Under the provisions of the Economic Development Incentive Program

All returns should be mailed to: Massachusetts Department of Rev-

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

enue, PO Box 7067, Boston, MA 02204.

ance Coordination Council (EACC) may authorize taxpayers partici-

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

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

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

2010 must also submit Form EDIP, Refundable Economic Develop-

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

Line 48: Refundable Conservation Land Credit. Effective for tax

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

qualified donations of certified land to a public or private conservation

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

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

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

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

ducted by the Executive Office of Energy and Environmental Affairs

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

Conservation Land Tax Credit, which sets forth criteria for authorizing

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

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

tion of the allowable credit.

Form M-990t Instructions - 2012 Page 4

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