Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2012 Page 3
Download a blank fillable Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2012 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Mine-Cred - Mineral And Coal Exploration Incentive Credit - 2012 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4Information about this form (MINE-CRED)
information tax return and provide you with your share of
the credit.
Definitions
Your share of the credit that is passed through to you by
“Certified expenditures” means those costs incurred for
your S corporation or partnership is based on the same
activities in direct support of exploration activity conducted
proportion used by you to report your income and loss for
at a specific exploration site for the purpose of determining
Montana tax purposes.
the existence, location, extent, or quality of a mineral or
When your S corporation or partnership passes through
coal deposit.
a credit, remember to provide the entity’s name, federal
“Geochemical methods” means geochemical data
employer identification number and your percentage of
gathering methods, including the collection of soil, rock,
ownership in the space provided on the Form MINE-CRED.
water, air, vegetation, and similar samples and their
Can I carry any excess mineral and coal exploration
chemical analyses.
incentive credit back to a prior year or forward to a
“Geophysical methods” means all geophysical data
subsequent year?
gathering methods used in mineral or coal exploration,
This credit may be carried forward 15 years.
including seismic, gravity, magnetic, radiometric, radar, and
electromagnetic and other remote sensing measurements.
What information do I have to include with my return
“Mineral” means those substances defined as minerals by
when I claim this credit?
Section 82-4-303, Montana Code Annotated (MCA) and
When you claim this credit, include copies of the Montana
coal defined by Section 82-1-111, MCA.
Forms MINE-CRED and MINE-CERT (showing certified
“Mining operation” includes all operating and nonoperating
expenditures) with your individual income tax or corporation
license tax return. A separate Form MINE-CRED needs
activities related to a mineral deposit interest and may be
to be completed for each entity with a distinct mining
composed of one or more mining properties.
operation.
“Person” means a sole proprietorship, corporation,
When filing your Montana partnership return, Form PR-1, or
partnership, small business corporation as defined in
your Montana S corporation return, Montana Form CLT-4S,
Section 15-30-3301, MCA, or limited liability company as
defined in Section 35-8-102, MCA.
report your Mineral and Coal Exploration Incentive Credit
on Schedule II. Include with your tax return the completed
Who can claim this credit?
Forms MINE-CRED and MINE-CERT (showing certified
A person may claim this credit for the certified expenditures
expenditures) and a supplemental schedule identifying
each partner or shareholder and their pro-rata share of the
of the following exploration activities that are performed
credit.
on land in the state for the purpose of determining the
existence, location, extent, or quality of a mineral or coal
What limitations apply to this credit?
deposit, regardless of land ownership:
The credit earned each year is limited to 50% of the
•
Surveying by geophysical or geochemical methods;
certified expenditures for that year and may not exceed a
•
total of $20 million for all years. The credit used each year
Drilling exploration holes;
is limited to 50% of that year’s tax liability.
•
Conducting underground exploration;
Instructions
•
Surface trenching and bulk sampling; or
A separate Form MINE-CRED needs to be completed for
•
Performing other exploratory work, including aerial
each entity with a distinct mining operation.
photographs, geological and geophysical logging,
sample analysis, and metallurgical testing.
Part I
A person must apply for the certification of expenditures
All entities should complete Parts I and II.
incurred by submitting the Montana Form MINE-CERT
Mineral and Coal Exploration Incentive Credit
to the department within 60 days after the close of the
Calculation
calendar year. The department will make a determination
of the certification of the expenditures by September 30.
Each column must be completed for each distinct mining
Please see the Form MINE-CERT and its instructions for
operation. If necessary, use additional pages.
more information on the application process. This form is
Line 1 – Enter the name of each distinct mining operation.
available on our website at revenue.mt.gov.
Line 2 – Enter the amount of expenditures certified by the
How do I claim this credit when I am a partner or
department from Form MINE-CERT and include a copy of
shareholder in a partnership or S corporation?
the Form MINE-CERT.
When the expenditures of a partnership or S corporation
Line 3 – Multiple line 2 by 50% (0.50). This is your Mineral
are certified, the entity will report the credit on its
and Coal Exploration Incentive Credit for the current year.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial