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carried over from prior years. Schedule RLC, Refundable Life Science

Lines 43 through 45: Overpayments and refunds. If line 42 is larger

Credit, is used by taxpayers to claim the refund.

than line 31, enter the amount overpaid in line 43.

Line 39: Refundable Life Science Jobs Credit. Effective for tax years

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

beginning on or after January 1, 2011, a new tax incentive has been

taxes by entering in line 44 the amount to be credited to 2013 esti-

added to the Life Sciences Tax Incentive Program in the form of a re-

mated tax payments. Enter in line 45 the amount to be refunded.

fundable jobs credit. A taxpayer, to the extent authorized by the Life

An overpayment of tax cannot be applied as a credit to the tax of an-

Sciences Tax Incentive Program, may be allowed a refundable jobs

other account of this company or to the tax of another company.

credit against the tax liability imposed under G.L. c. 62, the personal in-

Line 46: Balance due. If line 31 is larger than line 42, enter the bal-

come tax, or G.L. c. 63, the corporate excise. A taxpayer claiming a life

ance due in line 46. Payment in full is due on or before March 15, 2013.

sciences refundable jobs credit must commit to the creation of a min-

imum of 50 net new permanent full-time positions in Massachusetts.

Lines 47 and 48: Penalties and interest. Any company that has

an underpayment of estimated tax will incur a penalty on the under-

The amount of life sciences jobs credit allowed to a taxpayer will be

payment for the period of the underpayment. Enclose a copy of Form

determined by the Massachusetts Life Sciences Center in consulta-

M-2220. For more information, refer to the section, “When Are Esti-

tion with the Department of Revenue.

mated Tax Payments Required?”

If a life sciences jobs credit claimed by a taxpayer exceeds the tax

Any company that fails to file a timely return will be subject to a late fil-

otherwise due under the personal income tax or the corporate excise,

ing penalty of 1% per month, (or fraction thereof), and a late payment

as applicable, 90 percent of the balance of such credit may, to the

penalty of 1% per month, (or fraction thereof), on the amount required

extent authorized by the life sciences tax incentive program, be re-

to be shown as the tax due on the return. For more information, refer

fundable to the taxpayer. Excess credit amounts shall not be carried

to the section, “What Are the Penalties for Late Returns?”

forward to subsequent taxable years.

Any company which fails to pay its tax when due will be subject to in-

The refundable jobs credit is subject to all the requirements of G.L. c.

terest on the unpaid balance.

23I, including the requirements set out in TIR 08-23. The total dollar

amount of the various life sciences tax incentives, including the refund-

Line 49: Payment due. Enter the total payment due. Checks for this

able jobs credits, for qualifying life sciences companies is subject to

amount should be made payable to the Commonwealth of Mass-

an annual cap of $25 million.

achusetts. Checks should have the company’s Federal Identification

number written in the lower left corner.

Line 40: Refundable Economic Development Incentive Credit.

Under the provisions of the Economic Development Incentive Program

Signature

(EDIP) established pursuant to M.G.L. Ch. 23A, the Economic Assist-

When the form is complete, it must be signed by the treasurer or as-

ance Coordination Council (EACC) may authorize taxpayers participat-

sistant treasurer. If you are signing as an authorized delegate of the

ing in certified projects to claim tax credits under M.G.L. Ch. 62 sec.

appropriate corporate officer, check the box in the signature section

6(g) and M.G.L. Ch. 63 sec. 38N. Taxpayers authorized by the EACC

and attach a Massachusetts Form M-2848, Power of Attorney. Mail

to claim tax credits for projects certified on or after January 1, 2010

forms to: Massachusetts Department of Revenue, PO Box 7052,

must also submit Form EDIP, Refundable Economic Development In-

Boston, MA 02204.

centive Program Credit, to support the claim for this credit.

Line 41: Refundable Conservation Land Credit. Effective for tax

years beginning on or after January 1, 2011, a credit is allowed for

qualified donations of certified land to a public or private conservation

agency. The credit is equal to 50% of the fair market value of the qual-

ified donation. The amount of the credit that may be claimed by a tax-

payer for each qualified donation cannot exceed $50,000. The credit

is refundable but not transferable. The certification process is con-

ducted by the Executive Office of Energy and Environmental Affairs

(EEA). EEA has promulgated a regulation, 301 CMR 14.00, entitled

Conservation Land Tax Credit, which sets forth criteria for authorizing

and certifying the credit. See also, 830 CMR 62.6.4, entitled Conser-

vation Land Tax Credit, promulgated by DOR to explain the calcula-

tion of the allowable credit.

Form 63-20p - Massachusetts Premium Excise Return For Life Insurance Companies - 2012 Page 5

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