Form 355sc - Massachusetts Security Corporation Excise Return

Line 12

Line 18

For taxable years beginning on or after January 1, 2006, the Med-

All security corporations that wish to contribute to Endangered Wild-

ical Device Credit is equal to 100% of the user fees actually paid to

life Conservation may do so on their corporation excise return. This

the United States Food and Drug Administration (USFDA) by a

amount is added to the excise due. It increases the amount of the

medical device company during the taxable year for which the tax is

corporation’s payment or reduces the amount of their refund.

due for pre-market submissions (e.g., applications, supplements, or

The Natural Heritage and Endangered Species Fund is adminis-

510(k) submissions) to market new technologies or upgrades,

tered by the Massachusetts Department of Fisheries, Wildlife and

changes, or enhancements to existing technologies, developed or

Environmental Law Enforcement to provide for conservation pro-

manufactured in Massachusetts. To claim the Medical Device

grams for rare, endangered and nongame wildlife and plants in the

Credit, enter the Certificate Number issued by the Department of

Commonwealth.

Revenue. For further information on the Medical Device Credit, see

TIR 06-22. Certificate application forms and additional information

Refunds

are available at

If the total of lines 20 through 22 exceed line 19, enter the amount

overpaid in line 23.

Line 13

Taxpayers are allowed a credit for amounts expended to rehabilitate

The overpayment may be applied in part or in full to 2013 estimated

contaminated property owned or leased for business purposes and

taxes by entering in line 24 the amount to be credited to 2013 esti-

located within an economically distressed area.

mated taxes. Enter in line 25 the amount of the overpayment to be

refunded.

The eligibility period for the Brownfields credit has been lengthened.

The environmental response action commencement cut-off date

Balance Due

has been extended from August 5, 2005 to August 5, 2013 and the

If line 19 exceeds the total of lines 20 through 22 the balance due

time for incurring eligible costs that qualify for the credit has been

should be entered in line 26. Payment is due on or before the 15th day

extended to January 1, 2014.

of the third month after the close of the corporation’s taxable year.

The Brownfields Credit may be transferred, sold or assigned to an-

Line 27

other taxpayer with a liability chapter 62 or chapter 63, or to a non-

The following penalties apply:

profit organization.

Penalty for late payment: The penalty for failure to pay the total

The Department will issue a certificate to the party receiving the

payment due with this form is 1% of the tax due per month (or frac-

Brownfields Credit reflecting the amount of the credit received. The

tion thereof), up to a maximum of 25%. A late payment penalty does

party receiving the credit must enclose the certificate with each tax

not apply to amended returns when the amount shown on the origi-

return to which the credits are being applied.

nal return was paid.

The Brownfields Credit cannot offset more than 50% of the excise

Penalty for failure to file: The penalty for failure to file a tax return

due nor reduce the excise below the minimum tax. Any unused

by the due date is 1% of the tax due per month (or fraction thereof),

credit may be carried forward for five years.

up to a maximum of 25%.

See Schedule BC instructions and TIR 06-16 for further information.

Penalty for underpayment of estimated tax: An additional charge

To claim the Brownfield Credit, Schedule BC must be completed

may be imposed on corporations which underpay their estimated

and enclosed with the return. Certificate application forms and addi-

taxes or fail to pay estimated taxes. Form M-2220, Underpayment

tional information are available at

of Massachusetts Estimated Tax by Corporations, is used to com-

pute any underpayment penalty.

Line 14

This credit is administered through the Massachusetts Department

Any corporation which fails to pay its tax when due will be subject to

of Housing and Community Development (DHCD). The Low-Income

interest charges.

Housing Credit is available to taxpayers that claim a U.S. credit for

the construction or development of low-income housing. The state

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credit is taken over five years. The amount of credit a taxpayer may

Enter the total payment due. Checks for this amount should be

claim for a qualified Massachusetts project is allocated by the DHCD

made payable to the Commonwealth of Massachusetts. Checks

and is based on a total pool of money awarded to the Common-

should have the corporation’s Federal Identification number written

wealth. In order to claim the credit, a copy of the eligibility statement

in the lower left corner.

issued by DHCD must be available upon request. To claim the Low-

Signature

Income Housing Credit, supporting documentation must be enclosed

with the return.

When Form 355SC is complete, it must be signed by the treasurer

or assistant treasurer or, in their absence or incapacity, by any other

Line 16

principal corporate officer. If you are signing as an authorized dele-

The minimum excise for a security corporation is $456. The minimum

gate of the appropriate corporate officer, check the box below the

excise cannot be prorated under any circumstance, as Massachu-

signature line on Form 355SC and attach Form M-2848, Power of

setts law makes no provision for the proration of the minimum tax.

Attorney. The form must also be signed by any paid preparer of the

form. The form should be mailed to: Massachusetts Department of

Revenue, PO Box 7067, Boston, MA 02204.

Form 355sc - Massachusetts Security Corporation Excise Return - 2012 Page 6

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