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Maine Free Printable 19_NewMarkets.indd for 2020 Maine Maine Capital Investment Credit

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Maine Capital Investment Credit
19_NewMarkets.indd

Print Clear NEW MARKETS CAPITAL INVESTMENT CREDIT WORKSHEET FOR TAX YEAR 2019 36 M.R.S. § 5219-HH FOR ELIGIBLE INVESTMENTS MADE DURING TAX YEARS BEGINNING IN 2013 - 2017 Note: You are eligible to claim a New Markets Capital Investment Credit only if you are a holder of a Maine New Markets Capital Investment Program Tax Credit Certificate issued by the Finance Authority of Maine (“FAME”). The certificate must have been issued with respect to a qualified equity investment made during your tax year beginning in 2013, 2014, 2015, 2016 or 2017 (that is, the 3rd, 4th, 5th, 6th or 7th credit allowance date must fall within your tax year beginning in 2019). To claim the credit, you must enclose a copy of the certificate with the completed credit worksheet. Enter your name and EIN/SSN: NAME ___________________________________________________________________________________________ EIN/SSN _________________________________________________________________________________________ Note: In the case of pass-through entities (such as partnerships, LLCs, S corporations, and trusts) making eligible investments, the partners, members, shareholders, beneficiaries, or other owners are allowed a credit in proportion to their respective interests in these entities or in accordance with an executed agreement among the owners. Enter the name and ID number of the entity on the lines below. Also enter your ownership percentage in the pass-through entity or, if applicable, your percentage interest in the credit in accordance with an executed agreement among the owners. NAME OF PASS-THROUGH ENTITY EIN/SSN OWNERSHIP PERCENTAGE _________________________________________________ __________________ _______________ % Prior Certificate Holder Information (only applicable if a transfer of the Maine New Markets Capital Investment Program Certificate has occurred; see instructions): Name of prior certificate holder _______________________________________________________________________ EIN of prior certificate holder _________________________________________________________________________ 1. Purchase price of qualified equity investments made during your tax year beginning in 2013, 2014, 2015 and 2016 (see instructions)........................................................................ 1. __________________ 2. Credit amount (line 1 multiplied by .08) .................................................................................. 2. __________________ 3. Purchase price of qualified equity investments made during your tax year beginning in 2017 (see instructions)............................................................................................................ 3. __________________ 4. Credit amount (line 3 multiplied by .07) .................................................................................. 4. __________________ 5. Credit carried forward from 2018 (2018 credit worksheet, line 8) ........................................... 5. __________________ 6. Credit available this year. Add lines 2, 4 and 5 ...................................................................... 6. __________________ 7. Credit claimed this tax year (this amount is refundable; see instructions). Enter the amount being claimed here and on either Form 1120ME Schedule C, line 2b; Form 1040ME Schedule A, line 6; or Form 1041ME Schedule A, line 3 ........................................................ 7. __________________ 8. Credit carried forward to tax year 2020 (line 6 minus line 7) .................................................. 8. __________________ Unused credit amounts may be carried forward for up to 20 years. Rev. 08/19 2019 NEW MARKETS CAPITAL INVESTMENT CREDIT WORKSHEET INSTRUCTIONS This credit, administered by the Finance Authority of Maine (“FAME”), is for investments in qualified community development entities that reinvest in certain businesses in eligible low-income communities in Maine. A Maine New Markets Capital Investment Program Tax Credit Certificate must be issued by FAME. The New Markets Capital Investment Credit allows the holder/subsequent holder of the certificate to claim, in the aggregate, a 39% Maine tax credit based on the purchase price of the qualified equity investment. The credit is allocated over 7 tax years based on the credit allowance dates determined with respect to the date the investment is made. The credit is allocated as follows: 0% for the first two years, 7% for year 3, and 8% each year for years 4 through 7. The credit is fully refundable; however, a person may elect to carry forward any unused portion of the credit for up to 20 years. For details, see 10 M.R.S. § 1100-Z and 36 M.R.S. § 5219-HH and FAME rule Chapter 325. For program information, visit the FAME website at www.famemaine.com. The State Tax Assessor may recapture all or part of the credit allowed (36 M.R.S. § 5219-HH(7)): A) If any amount of the federal tax credit with respect to the investment is recaptured under the Internal Revenue Code, Section 45D, the Maine recapture is equal to an amount proportionate to the federal recapture amount; B) If the qualified community development entity redeems or makes a principal repayment with respect to the investment prior to the final credit allowance date, the recapture is proportionate to the amount of the redemption or repayment; or C) If the qualified community development entity fails to invest at least 85% of the purchase price of the qualified equity investment in qualified low-income community investments in qualified active low-income community businesses within 24 months of the issuance of the investment, and maintain that level of investment until the last credit allowance date, the State Tax Assessor may fully recapture the credit allowed. The qualified community development entity will have 90 days to resolve any deficiency identified in a recapture notice issued by FAME. If the deficiency is not resolved within 90 days, Maine Revenue Services will issue a final order of recapture. SPECIFIC LINE INSTRUCTIONS Transfer Information. If you, the holder of the Maine New Markets Capital Investment Program Tax Credit Certificate, are not the original investor, enter the name and EIN of the prior holder of the certificate. For more information on transfers, see 10 M.R.S. § 1100-Z(3)(G). Line 1. Enter on this line the amount of qualified equity investments (“QEI”) made during your tax year beginning in 2013, 2014, 2015 and 2016. This amount is reflected on the Maine New Markets Capital Investment Program Tax Credit Certificate issued by FAME. Enter the total of all certificates that apply and enclose a copy of each certificate with your return. Owners of pass-through entities must limit the amount on line 1 to their ownership percentage in the entity or, if applicable, their percentage interest in the credit in accordance with an executed agreement among the owners. Line 3. Enter on this line the amount of the qualified equity investment (“QEI”) made during your tax year beginning in 2017. This amount is reflected on the Maine New Markets Capital Investment Program Tax Credit Certificate issued by FAME. Enter the total of all certificates that apply and enclose a copy of each certificate with your return. Owners of pass-through entities must limit the amount on line 3 to their ownership percentage in the entity or, if applicable, their percentage interest in the credit in accordance with an executed agreement among the owners. NOTE: Do NOT enter on lines 1 or 3 the amount of investments made during tax years beginning in 2018 and 2019. Investments made during tax years beginning in 2018 and 2019 will first qualify for credit amounts during tax years beginning in 2020 and 2021. Line 7. Enter the credit amount being claimed this year. Any amount on line 7 in excess of the Maine tax liability will be refunded. Line 8. Credit carried forward. Any unused portion of the credit may be carried forward for up to 20 years.
Extracted from PDF file 2019-maine-capital-investment-credit.pdf, last modified November 2019

More about the Maine Capital Investment Credit Other Tax Credit TY 2019

We last updated the Maine Capital Investment Credit in February 2020, so this is the latest version of Capital Investment Credit, fully updated for tax year 2019. You can download or print current or past-year PDFs of Capital Investment 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
Adult Dependent Care Credit Adult Dependent Care Credit Worksheet
Form CR Combined return for members of an affiliated group
Pine Tree Credit Worksheet (Worksheet PTE) Worksheet PTE -- Credit Ratio Worksheet for Individuals claiming the Pine Tree Development Zone Tax Credit
Seed Capital Credit Seed Capital Investment Tax Credit
Wellness Programs Credit Credit for Wellness Programs

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 Capital Investment Credit from the Revenue Services in February 2020.

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Capital Investment 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 Capital Investment Credit

We have a total of five past-year versions of Capital Investment Credit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Capital Investment Credit

18_MECapitalInvCreditWksht.indd

2017 Capital Investment Credit

17_MECapitalInvCreditWksht.indd

2016 Capital Investment Credit

16_MECapitalInvCreditWksht.indd

Maine Capital Investment Credit 2015 Capital Investment Credit

15_MECapitalInvCreditWksht.indd


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