Fillable Schedule M1c - Other Nonrefundable Credits

Th e credit is equal to 45 percent of the

Part-year residents and nonresidents may

Th e credit is equal to 30 percent of the dif-

amount invested in a qualifi ed business, up

also be eligible for the credit based on the

ference between the price you pay for the

percentage of income taxable to Minnesota.

to $112,500 per year. Th e credit may be car-

passes and the price you charge employees.

ried forward for up to four years.

Line 3

If you qualify, complete Schedule ETP,

Credit for Increasing Research Activi-

Enter on line 6 the amount from the credit

Employer Transit Pass Credit. Enter the

ties

certifi cation you received from DEED. In-

credit amount on line 4 of Schedule M1C,

clude the credit certifi cate and this schedule

and include both schedules when you fi le

If you are a partner of a partnership

when you fi le Form M1.

Form M1.

or a shareholder of an S corporation

that conducted qualifi ed research and

Line 7

Also include on line 4 any credits you may

development in Minnesota, enter on line 3

Credit for Taxes Paid to Another State

have received as a partner of a partnership,

the total amounts from line 11 of Schedule

a shareholder of an S corporation or a

If you or your spouse was a full or part year

KPI, line 11 of Schedule KS, and line 20

Minnesota resident and incurred income

benefi ciary of a trust. Th e amounts will be

of Schedule KF. Attach the appropriate

tax for Minnesota and for another state, Ca-

reported on any Schedule KPI, KS, or KF

schedule when you fi le your return.

nadian province or territory or the District

you received from the entity.

of Columbia on the same income, complete

Use the worksheet below to calculate line 3

Line 5

Schedule M1CR, Credit for Income Tax Paid

and credit carry-forward. Th e unused credit

Alternative Minimum Tax Credit

to Another State to determine if you are

may be carried forward for up to 15 years.

(Schedule M1MTC)

eligible for a credit for those taxes.

Line 4

If you paid Minnesota alternative mini-

Employer Transit Pass Credit

Th e credit is not available for taxes paid to:

mum tax in one or more years from 1989

(Schedule ETP)

through 2013, but not for 2014, complete

• Local unit of government (such as a city,

If you purchase transit passes to give or resell

Schedules M1MT and M1MTC, Alterna-

county or school district);

to your employees, you may be eligible for

tive Minimum Tax Credit, to determine

• National government;

this credit.

if you qualify or have a credit carry over

• Possession of the United States; or

from a prior year of any unused portion

To qualify:

• A Canadian province or territory if

of your minimum tax credit. Enter the

those taxes were used to claim a federal

1. Th e transit pass must be a pass, token,

credit from Schedule M1MTC on line 5 of

foreign tax credit.

farecard, voucher or similar item entitling

Schedule M1C.

a person to transportation at regular or

If you qualify, complete Schedule M1CR.

If you have never paid Minnesota alterna-

reduced prices.

Enter the total of the credits on line 7 of

tive minimum tax, you do not qualify for

2. Th e transportation must be provided by

Schedule M1C and include a copy of each

this credit.

either:

Schedule M1CR that you fi le.

Line 6

• a public or privately-owned mass tran-

You must complete a separate Schedule

SEED Capital Investment Credit

sit facility; or

M1CR for each state or province to which

If you invest in a qualifi ed business in

• a person in the business of transport-

you paid tax.

Breckenridge, Dilworth, East Grand Forks,

ing people for compensation or hire.

Moorhead or Ortonville, and the business

Th e vehicle must have seating capacity

has been certifi ed by the Minnesota De-

for at least six adults, not including the

partment of Employment and Economic

driver.

Development (DEED) as qualifying for the

3. Th e passes must be used in Minnesota.

SEED Capital Investment Program, you

may qualify for this credit.

Worksheet for Line 3

1 Regular Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Residents: Enter the amount from Form M1 line 9

Part-year residents and nonresidents: Multiply the amount from Form M1

line 9 by line 25 of Schedule M1NR

2 Credits from Form M1 line 16 and Schedule M1C lines 1, 2, 4, 6 and 7 . . . . .

3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 Sum of credits for increasing research activities reported to

you on Schedule KS, KPI, and KF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Amount carried forward from your research credit in 2013, if any

(from step 6 of the Worksheet for Line 3 on your 2013 Schedule M1C) . . . . .

6 Add step 4 and step 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Enter the smaller of step 3 or 6 here and on line 3 of Schedule M1C . . . . . . . .

8 Subtract step 7 from step 6. Th is is your credit for increasing research

activities that can be carried forward to 2015. If step 7 is greater than

step 6, enter 0 here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule M1c - Other Nonrefundable Credits - 2014 Page 3

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