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Maine Free Printable 20_BioFuelProdUseTaxCr.indd for 2021 Maine Biofuel Commercial Production and Commercial Use Credit

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Biofuel Commercial Production and Commercial Use Credit
20_BioFuelProdUseTaxCr.indd

Print Clear Biofuel Production and Commercial Use Tax Credit Worksheet for Tax Year 2020 Credit Carryforward Amounts 36 M.R.S. § 5219-X Taxpayer Name: __________________________________________________ EIN/SSN: _______________________ Note: In the case of pass-through entities (such as partnerships, LLCs, S corporations, and trusts) making an eligible investment, see instructions. Enter name and ID number of the entity on the lines below. Name of Pass-through Entity ________________________________________________________________ EIN/SSN ____________________________ 1. Maine taxable income generated from the production of certified biofuel ................................1. _______________ 2. Applicable tax rate on Maine taxable income (see instructions)...............................................2.__ . __ __ __ __ __ 3. Tax liability related to credit (line 1 x line 2) ..............................................................................3. _______________ 4. Credit carried forward from the prior tax year ...........................................................................4. _______________ 5. Credit amount: Enter the smaller of line 3 or line 4. Enter here and on Form 1120ME, Schedule C, line 1o or Form 1040ME, Schedule A, line 17, or Form 1041ME, Schedule A, line 11 ..........................................................................................5. _______________ Except for allowable carry-forward amounts, the credit does not apply to tax years beginning on or after January 1, 2016 and before January 1, 2021. Specific Line Instructions Please enter taxpayer name and employer identification number (“EIN”) or social security number (“SSN”). In the case of pass-through entities (such as partnerships, LLCs, S corporations and trusts), the partners, members, shareholders, beneficiaries or other owners are allowed a credit in proportion to their respective interest in these entities. Line 1. Enter the Maine taxable income generated by the sale of certified biofuels. If you are claiming the credit as a result of an ownership interest in a pass-through entity that produced certified biofuels, enter on line 1 only that portion of the income generated by the pass-through entity from the production of the certified biofuels that is included in your Maine taxable income. Line 2. To calculate the applicable tax rate, divide the gross tax liability (Form 1120ME, line 5 or Form 1040ME, line 20,or Form 1041ME, line 4) by the taxable income shown on your return (Form 1120ME, line 4 or Form 1040ME, line 19, or Form 1041ME, line 3). Line 4. Unused credits may be carried forward for up to ten taxable years following the year during which the credit was generated. Enter on this line any unused tax credit amount that does not exceed this limitation. Line 5. Enter the credit amount for this tax year. The amount is limited to the tax liability generated by the production of certified biofuel. Unused credit amounts may be carried forward up to ten taxable years following the year during which the credit was generated. Revised: December 2020
Extracted from PDF file 2020-maine-biofuel-and-use-credit.pdf, last modified December 2020

More about the Maine Biofuel and Use Credit Other Tax Credit TY 2020

We last updated the Biofuel Commercial Production and Commercial Use Credit in February 2021, so this is the latest version of Biofuel and Use Credit, fully updated for tax year 2020. You can download or print current or past-year PDFs of Biofuel and Use Credit directly from TaxFormFinder. You can print other Maine tax forms here.

Other Maine Other Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Other Jurisdictions Tax Credit Credit for Tax Paid To Other Jurisdictions
Adult Dependent Care Credit Adult Dependent Care Credit Worksheet
Capital Investment Credit Maine Capital Investment Credit
Pine Tree Credit Worksheet (Worksheet PTE) Worksheet PTE -- Credit Ratio Worksheet for Individuals Claiming the Pine Tree Development Zone Tax Credit
Biofuel and Use Credit Biofuel Commercial Production and Commercial Use Credit

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Biofuel and Use Credit from the Revenue Services in February 2021.

Show Sources >

Biofuel and Use 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 Biofuel and Use Credit

We have a total of six past-year versions of Biofuel and Use Credit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2017 Biofuel and Use Credit

17_BioFuelProdUseTaxCr.indd

2016 Biofuel and Use Credit

16_BioFuelProdUseTaxCr.indd

Biofuel Commercial Production and Commercial Use Credit 2015 Biofuel and Use Credit

15_BioFuelProdUseTaxCr.indd


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