Maine Fishery Infrastructure Investment Tax Credit Worksheet

Maine Fishery Infrastructure Investment Tax Credit Worksheet - 2011 Page 2

2011

MAINE FISHERY INFRASTRUCTURE INVESTMENT

TAX CREDIT WORKSHEET INSTRUCTIONS

An income tax credit is available for investments in, or contributions to, public ﬁ shery infrastructure projects. The credit

is equal to 50% of the eligible investment or contribution, as certiﬁ ed by the Department of Inland Fisheries and Wildlife,

and must be taken in equal installments over four years. The investment/contribution limit per project is $5,000,000. The

credit is limited to 50% of the tax liability for the taxable year immediately preceding the year during which the taxpayer

applies for the credit. Any unused portion of the credit due to this limitation may be carried forward for up to 15 years. The

credit is subject to recapture and is prohibited if the taxpayer claims a federal income tax deduction for the investment or

contribution. Effective June 20, 2011.

In the case of pass-through entities (such as partnerships, LLCs, S corporations, trusts), the partners, members, shareholders,

beneﬁ ciaries or other owners are allowed a credit in proportion to their respective interests in these entities.

SPECIFIC LINE INSTRUCTIONS

Enter the taxpayer name and employer identiﬁ cation number (“EIN”) or social security number (“SSN”).

Line 1. Enter the amount from the tax credit certiﬁ cate issued to you by the Department of Inland Fisheries and Wildlife

during the tax year beginning in 2011. This amount should be 50% of the eligible investment. If you are a member

of a pass-through entity, enter your share of the tax credit certiﬁ cate reported to you by the entity.

Line 8. This credit is limited to your Maine income tax liability. If you didn’t use all of the credit this year, you may carry the

unused portion forward for up to 15 years.

Maine Fishery Infrastructure Investment Tax Credit Worksheet - 2011 Page 2