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Maine Free Printable 2023 Research Expense Credit Worksheet for 2024 Maine Research Expense Tax Credit

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Research Expense Tax Credit
2023 Research Expense Credit Worksheet

Clear Print Research Expense Tax Credit Worksheet for Tax Year 2023 36 M.R.S. § 5219-K Enclose this worksheet and federal Form 6765 with Form 1040ME, Form 1041ME, or Form 1120ME. Taxpayer Name: ___________________________________________________ EIN/SSN: _________________________ Note: In the case of pass-through entities (such as partnerships, LLCs, S corporations, and trusts) making eligible expenditures, the partners, members, shareholders, beneficiaries, or other owners are allowed a credit in proportion to their respective interests in these entities. Enter name and ID number of the entity on the lines below. Also enter your ownership percentage in the pass-through entity for the tax year. Attach a copy of the federal Schedule K-1 issued to you by the pass-through entity. Ownership Name of Pass-through Entity EIN/SSN Percentage _____________________________________________ ________________________ __________ % 1. Basic research payments in excess of the federal base that were spent for research conducted in Maine included on federal Form 6765, Section A, line 4 or federal Form 6765, Section B, line 21. Attach a copy of federal Form 6765. See instructions..... 1._____________________ 2. Basic research payments credit (multiply line 1 by 7.5% (0.075)).................................... 2._____________________ 3. Total qualified research expenses spent for research conducted in Maine included on federal Form 6765, Section A, line 9 or federal Form 6765, Section B, line 28........... 3._____________________ 4. Total qualified research expenses applied to research conducted in Maine for the three previous tax years (for short tax years, see instructions). 2022________________ 2021________________ 2020________________ Total ________________ (divide by 3 = base amount).................................................... 4._____________________ 5. Qualified research expenses in excess of base amount (line 3 minus line 4).................. 5._____________________ 6. Qualified research expense credit (multiply line 5 by 5% (0.05))...................................... 6._____________________ 7. Carryforward from previous years. See instructions......................................................... 7._____________________ 8. Total available credit (line 2 plus lines 6 and 7). Corporations: if amount is greater than $25,000, see instructions. Enter allowable credit amount on Form 1120ME, Schedule C, line 1f; Form 1040ME, Schedule A, line 15; or Form 1041ME, Schedule A, line 10........................................................................................................... 8._____________________ Unused credit amounts may be carried forward for up to 15 years. Note: MRS may request additional information supporting the credit claimed before the return can be processed. Revised: December 2023 Research Expense Tax Credit Worksheet for Tax Year 2023 General Instructions This credit is available to businesses that spend money for research in Maine. The credit is equal to 5% of qualified research expenses in excess of the base amount plus 7.5% of basic research payments (relating to research performed by qualified universities or scientific research organizations). The base amount is the average research expense for the last three years. This credit applies only to the amount spent on research conducted in Maine. Qualified research and qualified research expenses are defined by the Internal Revenue Code (“IRC”) § 41. Basic research payments are determined in accordance with IRC § 41(e)(1)(A). The credit and any applicable carryforward cannot reduce the tax liability below zero. For corporations, the credit is limited to 100% of the first $25,000 in income tax determined before other credits, plus 75% of the tax amount in excess of $25,000. Any unused credit amount may be carried forward for a total of 15 years. Special rules apply to corporations that are members of a controlled group as defined by IRC § 41(f)(1)(A) and to corporations that file a Maine combined return. Specific Instructions Enter the taxpayer name and federal employer identification number (“EIN”) or social security number (“SSN”). If you are an owner of a pass-through entity generating this credit, enter the name, EIN, and ownership percentage of the pass-through entity. Note that amounts entered on each line must be the amount respective to the ownership percentage. Line 1. Enter the basic research payments in excess of the federal base that were spent for research conducted in Maine included on federal Form 6765, Section A, line 4 or federal Form 6765, Section B, line 21. If the qualifying research is conducted both in and outside Maine, subtract the Maine portion of the federal base period amounts included on federal Form 6765, Section A, line 3 or federal Form 6765, Section B, line 20 from the Maine portion of the federal basic research payments included on federal Form 6765, Section A, line 2 or federal Form 6765, Section B, line 19. Enter the result on line 1 of the worksheet. Line 3. Enter total qualified research expenses applied to research conducted in Maine during the taxable year included on federal federal Form 6765, Section A, line 9 or federal Form 6765, Section B, line 28. Line 4. Enter the qualified research expenses applied to research conducted in Maine for the three prior tax years. This is the base amount for purpose of calculating the qualified research expense credit. If any of the three prior tax years is a short year, the qualified research expenses must be prorated according to federal regulations. Line 7. Enter the unused credit amounts from prior years. Unused credit amounts may be carried forward for 15 years. Line 8. If a taxable corporation’s tax liability exceeds $25,000 (before other credits), the corporation must enter on line 8 the lesser of the total of lines 2, 6 and 7 or the total of $25,000 plus 75% of the tax liability (before other credits) exceeding $25,000. For individuals and for taxable corporations with a tax liability of no more than $25,000, the credit is limited to the tax liability of the taxpayer. Unused credit amounts may be carried forward for 15 years. You must provide a copy of your individual federal Form 6765 and any other documentation supporting the claim for this credit. If you are a member of a passthrough entity, a copy of the federal Form 6765 for that entity must be provided. Upon review, you may be asked to provide supporting documentation and certification statements that are provided to the IRS to verify the credit claimed.
Extracted from PDF file 2023-maine-research-expense-tax-credit.pdf, last modified November 2023

More about the Maine Research Expense Tax Credit Other Tax Credit TY 2023

We last updated the Research Expense Tax Credit in February 2024, so this is the latest version of Research Expense Tax Credit, fully updated for tax year 2023. You can download or print current or past-year PDFs of Research Expense Tax Credit directly from TaxFormFinder. You can print other Maine tax forms here.


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Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Research Expense Tax Credit from the Revenue Services in February 2024.

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Research Expense Tax Credit is a Maine Other form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

Historical Past-Year Versions of Maine Research Expense Tax Credit

We have a total of nine past-year versions of Research Expense Tax Credit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Research Expense Tax Credit

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2019 Research Expense Tax Credit

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2018 Research Expense Tax Credit

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2017 Research Expense Tax Credit

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2016 Research Expense Tax Credit

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Research Expense Tax Credit 2015 Research Expense Tax Credit

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