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Maine Free Printable 18_ResearchExpTxCr 11.06.18 final.indd for 2019 Maine Research Expense Tax Credit

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Research Expense Tax Credit
18_ResearchExpTxCr 11.06.18 final.indd

RESEARCH EXPENSE TAX CREDIT WORKSHEET FOR TAX YEAR 2018 36 M.R.S. § 5219-K 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. Also enter your ownership percentage in the pass-through entity for the tax year. 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 Form 6765, Section B, line 21. If research is conducted both in and outside of Maine, see instructions on how to calculate the amount to enter on this line .................. 1. ____________________ 2. Basic research payments credit: Line 1 x 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 Form 6765, Section B, line 28 ...................... 3. ____________________ 4. Total qualified research expenses applied to research conducted in Maine for the three previous years. For calendar year filers, these are (for short tax years, see instructions): 2017 _______________ 2016 _______________ 2015 _______________ Total _______________ ÷ 3 = Base amount ................................................................. 4. ____________________ 5. Qualified research expenses in excess of base amount (Line 3 minus line 4) ................ 5. ____________________ 6. Qualified research expense credit: line 5 x 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 1g or Form 1040ME, Schedule A, line 16 or Form 1041ME, Schedule A, line 9 ............................................................................................................ 8. ____________________ Unused credit amounts may be carried forward for up to 15 years. Rev. 10/18 2018 RESEARCH EXPENSE TAX CREDIT WORKSHEET INSTRUCTIONS This credit is available to businesses that spend money for research in Maine. The credit equals 5% of qualified research expenses in excess of the base amount (the base amount is the average research expense for the last three years) plus 7.5% of basic research payments (relating to research performed by qualified universities or scientific research organizations). 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 (Code) § 41. Basic research payments are determined in accordance with the Code § 41(e)(1)(A). The credit and any applicable carryforward cannot reduce the tax liability, excluding minimum tax, 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 the Code § 41(f)(1)(A) and to corporations that file a Maine combined return. 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 Enter the taxpayer name and employer identification number (“EIN”) or social security number (“SSN”). 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 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, lines 3 and 20 from the Maine portion of the federal basic research payments included on federal Form 6765, lines 2 and 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 Form 6765, Section A, line 9 or 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.
Extracted from PDF file 2018-maine-research-expense-tax-credit.pdf, last modified November 2018

More about the Maine Research Expense Tax Credit Other Tax Credit TY 2018

We last updated the Research Expense Tax Credit in February 2019, so this is the latest version of Research Expense Tax Credit, fully updated for tax year 2018. 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.

Other Maine Other Forms:

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

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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 Research Expense Tax Credit from the Revenue Services in February 2019.

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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 four 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:


2018 Research Expense Tax Credit

18_ResearchExpTxCr 11.06.18 final.indd

2017 Research Expense Tax Credit

17_ResearchExpTxCr.indd

2016 Research Expense Tax Credit

16_ResearchExpTxCr.indd

Research Expense Tax Credit 2015 Research Expense Tax Credit

15_ResearchExpTxCr.indd


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