Form 1120b-Me - Maine Franchise Tax Return For Financial Institutions

FORM 1120B-ME

2011

MAINE

FRANCHISE TAX INSTRUCTIONS

Use Maine EZ Pay for

Electronic Tax

Payments

le/gateway2.htm

GENERAL INSTRUCTIONS

FINANCIAL

INSTITUTIONS

SUBJECT

Remit your estimated tax payment with Form 1120B-

FRANCHISE TAX:

Every ﬁ nancial institution that had

EXT/ME (Extension Payment Voucher) by the original

Maine net income or Maine assets during the taxable

due date for ﬁ ling your Maine return to: Maine Revenue

year must ﬁ le Form 1120B-ME and pay Maine franchise

Services, P.O. Box 9101, Augusta, ME 04332-9101.

tax, even if the institution is established as a partnership,

Form 1120B-EXT-ME is available at

S corporation or entity disregarded as separate from

revenue/forms

or by calling 207-624-7894.

its owner. “Financial institution” means a bank, bank

holding company, thrift institution, savings association,

PAYMENT

FRANCHISE

TAX:

All

ﬁ nancial

insured institution, savings bank holding company,

institutions subject to franchise tax must make payment

qualiﬁ ed savings bank, insured depository institution,

of estimated tax unless the liability for the taxable

appropriate federal banking agency or qualiﬁ ed family

year reduced by allowable credits is less than $1,000.

partnership (as deﬁ ned in the Bank Holding Company

Form 1120B-ES/ME vouchers are available at

www.

Act of 1956, 12 US Code § 1841), or any other ﬁ nancial

maine.gov/revenue/forms

or by calling 207-624-7894.

institution (except a credit union) authorized to do

business in Maine as deﬁ ned in 9-B MRSA § 131(17-

Electronic Payment Required. Effective January 1,

Effective January 1,

A). A ﬁ nancial institution includes any corporation or

2012 any taxpayer with a combined tax liability to the

other entity of which more than 50% of the voting stock

State of $16,000 or more for all tax types during the

is owned, directly or indirectly, by a ﬁ nancial institution

most recent lookback periods ending during the prior

or by a credit union as deﬁ ned in 9-B MRSA § 131.

calendar year is required to remit all Maine tax payments

electronically.

DATE FOR FILING RETURN:

Financial institutions

reporting for calendar year 2011 are required to ﬁ le

INTEREST:

For calendar year 2012, the interest rate is

with payment on or before March 15, 2012. Fiscal year

of 7%, compounded monthly. The interest will be added

taxpayers are required to ﬁ le, with payment, on or before

to the balance of any tax due from the original due date

the 15th day of the third month following the close of the

to the date of payment and should be included with any

taxable year.

payment.

EXTENSION FOR FILING:

A Maine extension request

6. PENALTIES:

form is not required. If you are unable to ﬁ le your return by

Underpayment of estimated tax penalty.

For

the original due date, Maine allows an automatic seven-

calendar year 2012, the penalty is 7%, compounded

month extension of time to ﬁ le.

Caution: An Extension

monthly. The penalty is assessed if the sum of the

to ﬁ le your Maine return is not an extension for

four equal quarterly estimated tax payments is not

payment of tax.

If you owe tax, you must pay at least

at least equal to the lesser of the previous year’s

90% of that amount by the original due date for ﬁ ling

Maine franchise tax liability or ninety percent (90%)

your return and the remaining 10% must be paid when

of the tax liability for the current year. Exception:

the return is ﬁ led by the extended due date in order to

certain large corporations cannot use the previous

avoid the failure-to-pay penalty. However, interest is

year’s liability in determining the required amount of

charged on any tax paid after the original due date of

estimated tax payments (see 36 MRSA § 5228(5)(C)).

your return.

Form 1120b-Me - Maine Franchise Tax Return For Financial Institutions - 2011

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