Maine Capital Investment Credit Worksheet For Tax Year 2015 Page 3
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42015 MAINE CAPITAL INVESTMENT CREDIT
WORKSHEET INSTRUCTIONS, cont.
o
recalculate the Maine capital investment credit for the taxable year, excluding from the calculation the
bonus depreciation amount associated with the property subject to the credit recapture. If all property
forming the basis of the original credit is subject to the credit recapture, the amended credit for the taxable
year is zero. Enter the recalculated credit on Form 1040ME, Schedule A, line 12 (line 11 for tax year 2013,
line 10 for tax year 2012 or line 11 for tax year 2011). The reduction in the credit amount represents the
amount of the credit recaptured.
●
Step 2. If necessary, fi le amended returns for tax years subsequent to the year you are amending under Step 1
in order to:
o
increase the subtraction modifi cation amount on Form 1040ME, Schedule 1, line 2j to refl ect the increased
addition modifi cation on the amended return - Form 1040ME, Schedule 1, line 1e - fi led under Step 1;
o
reduce Form 1040ME, Schedule A, line 12 (line 11 for tax year 2013, line 10 for tax year 2012 or line 11
for tax year 2011) to remove any Maine capital investment credit amount carried forward to the tax year
associated with the credit recaptured on the amended return fi led under Step 1.
If you fi led a corporate income tax return – tax year beginning in 2011, 2012, 2013, 2014 or 2015. If you claimed the
Maine capital investment credit on a return for 2011, 2012, 2013, 2014 or 2015 and the credit is subject to recapture, follow
these instructions:
●
Step 1. File an amended return for the tax year you claimed the credit. Make the following adjustments on the
amended return:
o
remove, for purposes of Form 1120X-ME, line 4e, the bonus depreciation addition modifi cation amount
associated with the property subject to the credit recapture;
o
recalculate the addition modifi cation amount, for purposes of Form 1120X-ME, line 4f, to include in the
calculation depreciation amounts associated with the property subject to the credit recapture;
o
recalculate the Maine capital investment credit for the taxable year, excluding from the calculation the
bonus depreciation amount associated with the property subject to the credit recapture. If all property
forming the basis of the original credit is subject to the credit recapture, the amended credit for the taxable
year is zero. Enter the recalculated credit on Form 1120X-ME, Schedule C, line 29f. The reduction in the
credit amount represents the amount of the credit recaptured.
●
Step 2. If necessary, fi le amended returns for tax years subsequent to the year you are amending under Step 1
in order to:
o
increase the subtraction modifi cation amount on Form 1120X-ME, line 2i to refl ect the increased addition
modifi cation on the amended return - Form 1120X-ME, line 4f - fi led under Step 1;
o
reduce Form 1120X-ME, Schedule C, line 29f to remove any Maine capital investment credit amount carried
forward to the tax year associated with the credit recaptured on the amended return fi led under Step 1.
If you fi led a fi duciary income tax return – tax year beginning in 2011, 2012, 2013, 2014 or 2015. If you claimed the
Maine capital investment credit on a return for 2011, 2012, 2013, 2014 or 2015 and the credit is subject to recapture, follow
these instructions:
●
Step 1. File an amended return for the tax year you claimed the credit. Make the following adjustments on the
amended return:
o
remove from Form 1041ME, Schedule 1, line 1f the bonus depreciation addition modifi cation amount
associated with the property subject to the credit recapture;
o
recalculate the addition modifi cation amount for Form 1041ME, Schedule 1, line 1e to include in the
calculation depreciation amounts associated with the property subject to the credit recapture;
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