Maine Quality Child Care Investment Credit
Extracted from PDF file 2019-maine-child-care-investment-credit.pdf, last modified August 2015
Quality Child Care Investment CreditQUALITY CHILD-CARE INVESTMENT TAX CREDIT WORKSHEET FOR TAX YEAR 2015 36 M.R.S. § 5219-Q TAXPAYER NAME: _____________________________________ EIN/SSN: ________________ Note: Owners of pass-through entities (such as partnerships, LLCs, S corporations, and trusts) making eligible investments, see instructions. Enter name and ID number of the entity on the lines below. NAME OF PASS-THROUGH ENTITY EIN/SSN ________________________________________________________________ ____________________________ Type of Entity: (Please check one) Partnership 1. Sole Proprietor C corporation S corporation LLC Trust 2015 Quality child-care investments certified by the Department of Health and Human Services, Office of Child Care and Head Start. Attach a copy of the certificate ......... 1. __________________ Note: S corporation shareholders, partners, LLC members, trusts and trust beneficiaries: Enter on line 1 the total certified investment of the pass-through entity, then go to line 2 to calculate your percentage share. 2. C corporations: Enter amount on line 1 or $30,000, whichever is less. S corporation shareholders, partners, LLC members, trusts and trust beneficiaries: Enter an amount equal to line 1 multiplied by your percentage interest in the pass-through entity (or $30,000, whichever is less). Your percentage interest: _______% ......................... 2. __________________ 3. Credit amount. C corporations, S corporations shareholders, partners, LLC members, trusts and trust beneficiaries: multiply line 2 x by 30% (.30) (Do not enter more than $9,000). Sole-proprietors: enter $1,000 if a qualified investment of at least $10,000 was made this year or in a previous year (see instructions) ........................................................... 3. __________________ 4. Enter unused credit amounts carried forward from previous tax years (see instructions)....... 4. __________________ 5. Total credit available this year (line 3 plus line 4). Corporate taxpayers, enter on Form 1120ME, Schedule C, line 29c. Individual taxpayers, enter on Form 1040ME, Schedule A, line 20. Trusts and estates, enter on Form 1041ME, Schedule A, line 16 ............................. 5. __________________ The amount of the credit that may be used by a taxpayer for a taxable year may not exceed the amount of income tax otherwise due. Any unused credit may be carried forward to the following year or years until exhausted. Rev. 08/15 2015 QUALITY CHILD-CARE INVESTMENT TAX CREDIT WORKSHEET INSTRUCTIONS A taxpayer that has made an investment during the tax year toward the goal of providing quality child-care services is allowed a credit in an amount equal to the qualifying portion of expenditures paid or expenses incurred by the taxpayer for certified investments in child-care services. For corporations, the qualifying portion is 30% of up to $30,000 of expenditures, apportioned if the taxpayer is part of an affiliated group engaged in a unitary business. For individual taxpayers that expend at least $10,000 during the tax year, the qualifying portion is $1,000 each year for nine years and $11,000 in year ten. The credit is limited to the income tax due, excluding minimum tax, but any excess can be carried over to the following year or years until exhausted. For purposes of this credit, the term corporation includes partnerships, LLCs, S corporations, financial institutions and trusts. Quality child-care services is defined as services provided at child-care sites that meet minimum licensing standards and are accredited by an independent, nationally recognized program approved by the Department of Health and Human Services (“DHHS”), Office of Child Care and Head Start. The service provider must utilize recognized quality indicators for child-care services approved by DHHS, Office of Child Care and Head Start and include provisions for parent and client input, review of the provider’s policies and procedures, program records and an on-site program review. Only investments certified by the DHHS, Office of Child Care and Head Start qualify for this credit. To obtain an application for certification and an explanation of investments that qualify, go to: www.maine.gov/dhhs/ocfs/ec/occhs, or call DHHS at (207) 287-9300. 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 interests in these entities. SPECIFIC LINE INSTRUCTIONS Please enter the taxpayer name and social security number (“SSN”) or employer identification number (“EIN”). Line 1. Enter the total amount of quality child-care investments certified by DHHS. For S corporation shareholders, partners, LLC members, trusts and trust beneficiaries, enter the total certified investment of the pass-through entity, then go to line 2 to calculate your percentage share. Sole proprietors may skip line 2 and go directly to line 3. Line 2. For taxpayers that are C corporations, the investment subject to the credit is limited $30,000. For S corporation shareholders, partners, LLC members, trusts and trust beneficiaries, the investment subject to the credit is limited to your percentage interest of the total investment up to $30,000. Line 3. For C corporations, S corporation shareholders, partners, LLC members, trusts and trust beneficiaries, enter 30% of line 2. Taxpayers who are sole proprietors must make an investment of at least $10,000 to qualify for the credit and the credit is limited to $1,000 each year for nine years and $11,000 in year ten. Sole proprietors that have made a qualifying investment in any tax year 2006 through 2014, enter $1,000 on line 3. Sole proprietors who made a qualified investment in 2005, enter $11,000 on this line. Line 4. Enter on line 4 the unused credit amounts from previous tax years. The amount of the credit that may be used by a taxpayer for a taxable year may not exceed the amount of income tax otherwise due. Any unused credit may be carried forward to the following year or years until exhausted.
More about the Maine Child Care Investment Credit Other Tax Credit TY 2019
Worksheet's no longer available.
We last updated the Quality Child Care Investment Credit in April 2020, so this is the latest version of Child Care Investment Credit, fully updated for tax year 2019. You can download or print current or past-year PDFs of Child Care Investment Credit directly from TaxFormFinder. You can print other Maine tax forms here.
Other Maine Other 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|
Maine usually releases forms for the current tax year between January and April. We last updated Maine Child Care Investment Credit from the Revenue Services in April 2020.
Child Care 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 Child Care Investment Credit
We have a total of five past-year versions of Child Care Investment Credit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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