Worksheet For Maine Form 1120me (Schedule B, Line 20) - Modification For Alternative Minimum Tax - 2012 Page 2
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1
2Instructions for calculating Maine income Modifi cations
for purposes of alternative minimum tax
Additions
deduction (from Maine Form 1120ME, line 2c) to the extent allowed against federal
AMT.
Line 1. Income taxes imposed by Maine or any other state. Maine does
not permit a deduction for income taxes imposed by Maine or any other state. Enter
Line 12. Income not taxable under the Constitution of Maine or the
income taxes taken as a deduction on federal Form 1120 that are also deducted
U.S. Enter income this state is prohibited from taxing under the Constitution or
in calculating federal alternative minimum taxable income (“AMTI”) on Form 4626,
laws of the United States or the Constitution of the State of Maine, to the extent
line 7. However, to the extent claimed federally, Maine does allow a deduction for
included in federal AMTI. The amount entered on this line must be decreased
the Ohio Commercial Activity Tax, the Texas Franchise Tax, and the portions of the
by any expenses incurred in the production of that income to the extent that
Michigan Business Tax that are not based on income.
these expenses are deductible in determining federal AMTI. Attach a worksheet
detailing the amount claimed on this line.
Line 2. Unrelated expenses. If the corporation listed on Form 1120ME is part
of a federal consolidated group, but fi ling separately for Maine and is not a member
Line 13. Dividends from certain affi liated corporations. Enter 50% of
of a unitary business group, any expenses incurred by the corporation on behalf of
the apportionable dividend income the taxpayer received during the taxable
subsidiaries or other members of a group that are not included on this return must
year from an affi liated corporation that is not included with the taxpayer in a
be added back to the extent that those expenses are included in Form 4626, line 7.
Maine combined report. Dividends must be included on Form 4626, line 7. In
Attach supporting schedules.
order to be affi liated, a corporation must be more than 50% owned. Although
this may include domestic entities, most affi liated corporations not included in a
Line 3. Interest from state and municipal bonds other than Maine. Enter
combined report are foreign entities.
the amount from Maine Form 1120ME, line 4c, less interest from private activity
bonds already included in federal AMTI. This is interest from municipal and state
Line 14. Net operating loss carryover. If you have an Alternative Minimum
bonds and private activity bonds, other than Maine, that are not included in your
Tax (AMT) net operating loss for tax years ending in 2001 or later that was
Federal AMTI. For example, enter interest from City of New York bonds on this line.
carried back for federal purposes, but added back to Maine AMT income under
However, do not enter interest from Portland, Maine bonds (see Figure 1 below).
§§ 5200-A(1)(H) or 5200-A(1)(M), you are allowed a deduction on this line equal
to the amount of the income addition required for Maine income tax purposes.
Line 4. Net operating loss adjustment. (See 36 M.R.S.A. § 5200-A).
The deduction must be within the allowable NOL carryforward period plus the
Enter on this line the amount of Maine income addition modifi cation that was
number of years the carryforward was denied under §§ 5200-A(2)(H)(5) or
previously offset by a federal alternative tax net operating loss deduction. For
5200-A(2)(L)(5). The deduction cannot reduce Maine AMT taxable income to
example, if a taxpayer’s alternative tax net operating loss (“ATNOL”) for 2010 (year
less than zero and must not have been previously used as a modifi cation.
of the loss) was $1,000, all carried over to 2011, and the taxpayer had $500 of
Maine addition modifi cations in 2010, $500 of the ATNOL deduction for 2011 must
If you have an AMT net operating loss carryforward that was limited under § 5200-
be added back. Also, enter on this line any amount included in federal ATNOL
A(1)(U) for tax years beginning in 2008 or denied under § 5200-A(1)(V) for tax years
deduction relating to amounts carried back to this tax year. For example, if the
beginning in 2009 through 2011, you are allowed a deduction on this line equal to
taxpayer has an ATNOL of $1,000 in 2013, the year of the loss, and that amount is
the amount of the AMT income addition required for Maine income tax purposes.
carried back to the 2012 tax year, the $1,000 must be added back on this line for
The deduction must be within the allowable NOL carryforward period plus the
2012. The amount of the add-back can be recovered in future tax years. For more
number of years the carryforward was limited or denied under §§ 5200-A(1)(U) or
information on Maine’s treatment of NOLs, go to
5200-A(1)(V) and 5200-A(2)(T). The deduction cannot reduce Maine AMT taxable
(select Income Tax Guidance Documents).
income to less than zero and must not have been previously used as a modifi cation
.
Line 5. Maine capital investment credit bonus depreciation add-back: The
For more information and examples, go to
Maine Capital Investment credit is available to businesses that place depreciable
incomeestate and select Guidance Documents.
property in service in Maine during a taxable year beginning in 2011 or 2012. Enter
Line 15. Income from ownership interest in pass-through entity
on this line the bonus depreciation claimed on the federal return relating to property
fi nancial institutions subject to Maine Franchise tax. Financial institutions
for which the Maine Capital Investment credit is claimed.
are subject to Maine’s franchise tax, regardless of organizational structure. If federal
Line 6. Bonus depreciation add-back. Enter on this line the amount from Form
AMTI includes income from ownership of a fi nancial institution that is a pass-through
1120ME, line 4f. For more information on this modifi cation, see Form 1120ME, line 4f
entity (partnership, S corporation, entity disregarded as separate from its owner),
instructions and the MRS web site at (select Income
enter the amount on this line. Attach federal Schedule K-1 reporting this amount.
Tax Guidance Documents, and then select Maine Income Modifi cations Related to
Line 16. State income tax refunds. Enter the amount of state income tax
Bonus Depreciation and Section 179 Expense).
refunds from Form 1120ME, line 2h and included in federal AMTI provided the
Line 7. Other. Include on this line the following items:
amount has already been taxed by Maine. This modifi cation may not reduce Maine
AMTI to less than zero, and the amount refunded from this state or another state
• Ownership interest in a pass-through entity fi nancial institution. Enter
must not have been previously used as a modifi cation. Any unused portion of the
any loss or deduction included in federal AMTI attributable to an
modifi cation may be carried forward 20 years.
ownership interest in a pass-through entity fi nancial institution.
• Domestic production activities deduction add-back.
Federal taxable
Line 17. Bonus depreciation/section 179 expense recapture.
The
income must be increased by the amount claimed as a domestic production
recapture amount claimed in any year is based on the addition modifi cation for which
activities deduction. Enter the amount from federal Form 1120, line 25.
the recapture relates. The recapture amount for minimum tax is the same as the
recapture amount as calculated for regular tax on Form 1120ME, line 2i. For more
• High-technology credit add-back. Enter the high-technology
information, go to the MRS web site at (select
investment credit base also claimed as a business expense for purposes
Income tax Guidance Documents and then select Maine Income Modifi cations
of calculating federal AMTI.
Related to Bonus Depreciation and Section 179 Expense).
Line 18. Other. Include on this line the following items:
Interest type/action
Maine
Non-Maine
• Northern Maine Transmission Corporation adjustment. Income, including gain
Figure 1
Private activity bonds
deduct*
no adjustment
from sale of bonds, notes or other evidences of indebtedness and any other income
or money of the Northern Maine Transmission Corporation are exempt from state
State & Municipal bonds
deduct*
add**
income tax (see 10 M.R.S.A. § 9205). Enter only if included in federal AMTI.
* If included in federal AMTI ** If not included in federal AMTI
• Gain on sale of multifamily affordable housing. This modifi cation equals the
total of capital gains and ordinary income resulting from depreciation recapture
Subtractions
pursuant to Code sections 1245 and 1250 realized on the sale of multifamily
affordable housing property. Enter amount included in federal AMTI. Qualifi ed
Line 9. Nontaxable interest. To the extent included in federal AMTI and net of related
property must be certifi ed by the Maine State Housing Authority (“MSHA”). A
expenses, enter interest on U.S. bonds, U.S. Treasury notes, or other obligations of
copy of the MSHA certifi cate must be attached to the return.
the U.S. government which, by law, are exempt from state taxes, but taxable by the
federal government. Also include interest from bonds issued by the State of Maine
• Discharge of indebtedness. Enter on this line income recognized at the
or Maine municipalities if included in federal AMTI. Include on this line interest
federal level through the deferral of income from the discharge of indebtedness
from Maine private activity bonds included in alternative minimum taxable income.
claimed as a Maine income modifi cation in 2009 or 2010. Generally, the
Taxpayers may subtract from federal AMTI interest income and capital gains from
recognition of this income is deferred until 2014 for federal tax purposes. In no
the sale of bonds issued by the Maine Waste Management Agency to the extent
event may the aggregate amount claimed on this line exceed the total addition
included in federal AMTI on Form 4626, line 7 (see Figure 1 above).
modifi cations claimed for 2009 and 2010 under 36 M.R.S.A. § 5200-A(1)(W)
related to the deferral under the Code section 108(i).
Line 10. Foreign dividend gross-up. Enter the amount from federal Form 1120,
• Seed Capital Investment Tax Credit. Enter on this line, to the extent
Schedule C, line 15.
included in federal AMT taxable income, the refundable portion of the seed
Line 11. Work Opportunity Credit/Empowerment Zone Credit deduction.
capital investment tax credit under § 5216-B received by, or from, a private
Enter on this line an amount equal to your federal Work Opportunity Credit salaries
venture capital fund.
and wages deduction and/or federal Empowerment Zone Credit salaries and wages
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