Maine Contribution to Family Development Account Reserve Funds Credit (OBSOLETE)
Family Development Credit is obsolete, and is no longer supported by the Maine Department of Revenue.
Extracted from PDF file 2019-maine-family-development-credit.pdf, last modified August 2015
Contribution to Family Development Account Reserve Funds Credit (OBSOLETE)CONTRIBUTIONS TO FAMILY DEVELOPMENT ACCOUNT RESERVE FUNDS TAX CREDIT WORKSHEET FOR TAX YEAR 2015 36 M.R.S. § 5216-C TAXPAYER NAME: _____________________________________ EIN/SSN: ________________ Note: Owners 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. Amount from the family development account reserve funds credit certificate issued by FAME for contributions made in 2015 ............................................... 1. ___________________ 2. Income Tax (from Form 1120ME, line 7a plus any credit recapture amounts included in line 7b, or Form 1040ME, Schedule A, line 22, or Form 1041ME, Schedule A, line 18).... 2. ___________________ 3. Other tax credits being claimed on: Form 1120ME, Schedule C lines 29o and 30c; Form 1040ME, Schedule A lines 5 and 23, and Form 1040ME, line 25d; or Form 1041ME, Schedule A lines 4 and 19 ........................................................................ 3. ___________________ 4. Tax after other credits (line 2 minus line 3). If zero or less, enter zero .............................. 4. ___________________ 5. Credit amount: Enter the smaller of Lines 1 or 4 here and on Form 1120ME, Schedule C, line 29n or Form 1040ME, Schedule A, line 20 or Form 1041ME, Schedule A, line 16 ............................................................................................................ 5. ___________________ Carryforward of unused credit is not allowed Rev. 08/15 2015 CONTRIBUTIONS TO FAMILY DEVELOPMENT ACCOUNT RESERVE FUNDS TAX CREDIT WORKSHEET INSTRUCTIONS This credit is available to taxpayers who contribute to a family development account reserve fund. A family development account reserve fund is defined as the fund created by an approved community development organization for the purposes of funding the administrative costs of the program and providing matching funds for deposit in family development accounts (see 10 M.R.S. § 1075 and Finance Authority of Maine rules, chapter 315). The Finance Authority of Maine (“FAME”) certifies the amounts eligible for the credit. You must attach a copy of the certificate in order to claim this credit. For questions regarding contributions to a family development account reserve fund, call FAME at (207) 623-3263 or visit their website at www.famemaine.com. For questions on how to complete this worksheet, call (207) 626-8475. The allowable credit is equal to the lower of: 1) $25,000; or 2) 50% of the amount contributed by the taxpayer. Only one credit may be claimed on each annual income tax return regardless of filing status. The credit allowed may not reduce the tax to less than zero and must be applied after the allowance of all other credits. A taxpayer who claims this credit may not claim an itemized charitable deduction for the amount of the contribution used for the credit. (See Maine Form 1040ME, Schedule 2, line 2c). 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. SPECIFIC LINE INSTRUCTIONS Please enter the taxpayer name and social security number (“SSN”) or employer identification number (“EIN”). Line 5. This is the credit amount that you may claim on your 2015 Maine income tax return. Any unused credit amount may not be carried forward or back to other tax years.
More about the Maine Family Development Credit Other Tax Credit
OBSOLETE AFTER 2015
We last updated the Contribution to Family Development Account Reserve Funds Credit (OBSOLETE) in March 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Maine Revenue Services. You can print other Maine tax forms here.
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View all 62 Maine Income Tax Forms
Maine usually releases forms for the current tax year between January and April. We last updated Maine Family Development Credit from the Revenue Services in March 2021.
Family Development 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 Family Development Credit
We have a total of five past-year versions of Family Development Credit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Maine Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.