Worksheet Pte - Credit Ratio Worksheet For Individuals, Estates Or Trusts Claiming The Pine Tree Development Zone Income Tax Credit - 2015

ADVERTISEMENT

2015 WORKSHEET PTE
CREDIT RATIO WORKSHEET
FOR INDIVIDUALS, ESTATES OR TRUSTS CLAIMING
THE PINE TREE DEVELOPMENT ZONE INCOME TAX CREDIT
1.
Federal adjusted gross income from Form 1040ME, line 14 or federal taxable income
from Form 1041ME, line 1 ...................................................................................................... 1. __________________
2.
Total business income of the Pine Tree Development Zone business
included in line 1 ..................................................................................................................... 2. __________________
3.
Maine income modifi cations related to total business income of the Pine
Tree Development Zone business (may be a negative number) ............................................ 3. __________________
4.
Maine adjusted gross income from the Pine Tree Development Zone business
(combine lines 2 and 3) .......................................................................................................... 4. __________________
5.
Maine adjusted gross income from Form 1040ME, line 16 or Maine taxable income
from Form 1041ME, line 3 ...................................................................................................... 5. __________________
6.
Ratio of business income (line 4 divided by line 5) ................................................................. 6. __________________
7.
Pine Tree Development Zone apportionment percentage (as reported by the business
entity) ...................................................................................................................................... 7. __________________
8.
Member’s Pine Tree Development Zone credit ratio (line 6 x line 7). Enter here and on
the Pine Tree Development Zone Tax Credit Worksheet, line 7 ............................................. 8. __________________
General Instructions
What is the Pine Tree Development Zone (“PTDZ”) tax credit?
The credit is available to certain businesses and individual owners of businesses that expand or begin operations in Maine.
For details about the program, visit:
Who must complete this worksheet?
An individual taxpayer claiming a PTDZ credit from either a sole proprietorship or a pass-through entity (partnership, S
corporation, etc.) must calculate the ratio of business to nonbusiness income on this worksheet. The result of this worksheet
is then transferred to the PTDZ credit worksheet in order to calculate the actual credit for the year. This worksheet and the
PTDZ credit worksheet must be attached to the taxpayer’s Maine income tax return (Form 1040ME or 1041ME) along with a
copy of the Pine Tree Development Zone certifi cate issued to the business by the Department of Economic and Community
Development.
What does this worksheet do?
This worksheet calculates the business to nonbusiness income ratio for individual taxpayers claiming the PTDZ income
tax credit. Individuals claiming this credit must also complete the Pine Tree Development Zone tax credit worksheet,
which calculates the applicable credit. For more information about the PTDZ program and the related benefi ts, see Maine
Revenue Services guidance on the Pine Tree Development Zone Credit program available at:
taxrelief/ptdz.htm.
Specifi c Instructions
Line 2. Enter on this line the total income from the qualifi ed Pine Tree Development Zone business included in line 1 from
federal Schedule C (for sole proprietor) or Schedule K-1 (for member of a pass-through entity).
Line 3. Enter on this line the amount of business related income modifi cations related to this qualifi ed business included on
Maine Form 1040ME, Schedule 1 or Form 1041ME, Schedule 1.
Rev. 08/15

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go