Instructions For Schedule Rc - Research Credit

Instructions For Schedule Rc - Research Credit - 2012 Page 8

the end of the current taxable year, it expires and the amount of any expiring credit must be

added to the amount refunded or converted in completing 1(c). Enter the amount of credits

that expire on line 23. The total of the amounts on line 21, 22 & 23 must equal the total of

the amounts in column (c) for lines 1-17.

Lines 24 and 25 are a reconciliation of total credits available for carryover. Line 24 includes

all credits carried forward to the subsequent year and equals line 20 (total credits not used)

less the any amount on line 21 (adjustment for authorized certified life sciences company

refunds) and any amount on line 23 (credits expired). Line 25 includes only those credits

(part of the total carryover shown on line 24) which are no longer subject to the 15-year time

limit and equals the amount on 17(a) less the amounts used or refunded as shown on 17(b)

and 17 (c) plus any amount converted this year as shown on line 22.

Instructions For Schedule Rc - Research Credit - 2012 Page 8