Schedule M1c - Other Nonrefundable Credits

Complete the worksheet below if:

Line 8

Line 6

Credit for Attaining Master’s Degree in

SEED Capital Investment Credit

•

the total of these lines is more than the

Teacher’s Licensure Field

If you invest in a qualified business in

amount on Form M1, line 9, reduced by

Breckenridge, Dilworth, East Grand

If you were a licensed teacher that com-

certain other nonrefundable credits; or

Forks, Moorhead, or Ortonville, and the

pleted a master’s degree program in a core

•

you have a credit carryforward from a

business has been certified by the Min-

content area that you began after June 30,

prior year .

nesota Department of Employment and

2017, you may be eligible for a nonrefund-

Attach the appropriate schedule when you

Economic Development (DEED) as quali-

able credit . Complete Schedule M1CMD,

file your return.

fying for the SEED Capital Investment

and enter the credit on line 8 of Schedule

Program, you may qualify for this credit .

The unused credit may be carried forward

M1C . Include both schedules with your

for up to 15 years .

return .

The credit is equal to 45 percent of the

amount invested in a qualified business,

Line 4

Line 9

up to $112,500 per year . The credit may

Student Loan Credit

Employer Transit Pass Credit

be carried forward for up to four years .

If you were a full-year or part-year resident

(Schedule ETP)

of Minnesota in 2017 and you made eli-

If you purchase transit passes to give or re-

Enter the amount from the credit certifica-

sell to your employees, you may be eligible

gible loan payments on your own qualified

tion you received from DEED .

for this credit .

student loans in 2017, you may be eligible

Include the credit certificate and this

for a credit against tax if you had taxable

To qualify:

schedule when you file Form M1.

earned income . Complete Schedule M1SLC

1 . The transit pass must be a pass, token,

and enter your credit from the schedule

Line 7

farecard, voucher, or similar item enti-

on line 9 of Schedule M1C . Include both

Education Savings Account Contribution

tling a person to transportation at regular

schedules with your return .

Credit

or reduced prices .

If you contributed to a qualified education

2 . The transportation must be provided by

savings account in 2017, you may be eli-

either:

gible for a nonrefundable credit . Complete

Schedule M1529, and enter the credit on

• a public or privately-owned mass tran-

line 7 of Schedule M1C .

sit facility; or

• a person in the business of transporting

You are not eligible for this credit if you

people for compensation or hire . The

claimed the education savings account

vehicle must have seating capacity for

subtraction . Include both schedules with

at least six adults, not including the

your return .

driver .

3 . The passes must be used in Minnesota .

The credit is equal to 30 percent of the dif-

ference between the price you pay for the

Worksheet for Line 3

passes and the price you charge employees .

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

If you qualify, complete Schedule ETP, Em-

Residents: Enter the amount from Form M1 line 9

ployer Transit Pass Credit . Enter the credit

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

amount of Schedule M1C, and include both

line 9 by line 25 of Schedule M1NR

schedules when you file Form M1.

2 Credits from Form M1 lines 16 and 17 and Schedule M1C

lines 1, 2, 4, 6, 7, 8, and 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Also include any credits you may have

received as a partner of a partnership,

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

a shareholder of an S corporation, or a

4 Sum of credits for increasing research activities reported to

beneficiary of a trust. The amounts will be

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

reported on any Schedule KPI, KS, or KF

5 Amount carried forward from your research credit in 2016, if any

you received from the entity .

(from step 8 of the Worksheet for Line 3 on your 2016 Schedule M1C) . . . .

Line 5

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

Alternative Minimum Tax Credit (Schedule

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

M1MTC)

If you have never paid Minnesota alterna-

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

tive minimum tax, you do not qualify for

activities that can be carried forward to 2018 . If step 7 is greater than

this credit .

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

If you paid Minnesota alternative minimum

tax in one or more years from 1989 through

2016, but not for 2017, complete Schedules

M1MT and M1MTC, Alternative Minimum

Tax Credit, to determine if you qualify or

have a credit carry over from a prior year

of any unused portion of your minimum

tax credit . Enter the credit from Schedule

M1MTC on line 5 of Schedule M1C .

Schedule M1c - Other Nonrefundable Credits - 2017 Page 3

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