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Maine Free Printable 20_seed_cap_invest_cr.indd for 2021 Maine Seed Capital Investment Tax Credit

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Seed Capital Investment Tax Credit
20_seed_cap_invest_cr.indd

Clear Print Seed Capital Investment Tax Credit Worksheet for Tax Year 2020 36 M.R.S. § 5216-B Note: If you are a private venture capital fund claiming this credit, call Maine Revenue Services at 207-624-9883 for special instructions. For private venture capital funds, the credit may be claimed in the calendar year following the year during which the investment was made. Taxpayer 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. 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. Attach a copy of federal Schedule K-1 issued to you by the pass-through entity. Name of Pass-through Entity _______________________________________________ EIN/SSN _______________________ Ownership Percentage ____________ % Name of business invested in: ____________________________________________________________ 1. Investment credit certificate amounts for investments made January 1, 2017 through December 31, 2017. _______________________ X .25 (attach copy of certificate)...............................1. _____________________ 2. Investment credit certificate amounts for investments made January 1, 2018 through December 31, 2018. _______________________ X .25 (attach copy of certificate)...............................2. _____________________ 3. Investment credit certificate amounts for investments made January 1, 2019 through December 31, 2019. _______________________ X .25 (attach copy of certificate)...............................3. _____________________ 4. Investment credit certificate amounts for investments made January 1, 2020 through December 31, 2020. _______________________ X .25 (attach copy of certificate)...............................4. _____________________ 5. Current year credit (add lines 1 through 4)...............................................................................................5. _____________________ 6. Unused credit amounts carried forward to 2020. Enter amount from 2019 Seed Capital Investment Tax Credit worksheet, line 10 ................................................................................................6. _____________________ 7. Total credit available this year (add lines 5 and 6) ...................................................................................7. _____________________ 8. Tax before credits (Form 1120ME, line 6c; Form 1040ME, line 22; or Form 1041ME, line 4) X .50 ........8. _____________________ 9. Credit amount: Enter the smaller of line 7 or line 8 (enter here and on Form 1120ME, Schedule C, line 1a; Form 1040ME, Schedule A, line 13; or Form 1041ME, Schedule A, line 6) ...................................................................................................................................9. _____________________ 10. Carryover to next year (see instructions) ...............................................................................................10. _____________________ 11. Amount of credit available for future years relating to credit certificates issued for eligible investments made in 2020. a. 2021 (line 4 above) .......................................................................................................................11a. _____________________ b. 2022 (line 4 above) .......................................................................................................................11b. _____________________ c. 2023 (line 4 above) ....................................................................................................................... 11c. _____________________ 12. Recapture a. The amount of the original credit certificate revoked by FAME .................................................... 12a. _____________________ b. c. The amount of the original credit certificate not yet claimed as a credit .......................................12b. _____________________ Recapture amount. Subtract line 12b from line 12a. Enter amount here. If the amount is positive, this is the recapture amount. Enter on Form 1120ME, line 6b; Form 1040ME, line 20a; or Form 1041ME, Schedule A, line 1. If the amount is negative, this is the amount of credit still available .......................................................................................12c. _____________________ Unused credit amounts may be carried forward for up to 15 years. Revised: December 2020 Seed Capital Investment Tax Credit Worksheet for Tax Year 2020 General Instructions This credit, administered by the Finance Authority of Maine (“FAME”), is intended for investments in new or recent business ventures, directly and through private venture capital funds. FAME issues a certificate to investors for up to 40% of the cash equity they provide to eligible Maine businesses. Investments may be used for fixed assets, research, or working capital. Twenty-five percent of the authorized credit may be used in each of four tax years beginning with the tax year in which the investment was made. The credit is limited to 50% of the tax liability of the taxpayer in any one year. Unused credits may be carried forward for up to 15 years. A copy of the credit certificate must be attached to your tax return. If you have any questions regarding investments that qualify for the credit, call FAME at 1-800-228-3734. If a credit certificate is revoked by FAME, a portion of the credit relating to the revoked certificate may be subject to recapture. The recapture amount is equal to the amount of the credit revoked by FAME minus the amount of the credit not yet taken by the taxpayer. The recapture amount is included as an additional tax on the Maine return. For details, see 10 M.R.S. § 1100-T and 36 M.R.S. § 5216-B and FAME rules, Chapter 307. For more information, visit the FAME website at www.famemaine.com. An aggregate investment up to $3,500,000 per business is eligible for the seed capital investment tax credit (not more than $2,000,000 in any calendar year). The investment must be at risk for five years. An investor must own less than 50% of the business and immediate relatives of principal owners of a business being invested in are not eligible for a credit. An eligible investment is an investment in a business that: a) Is located in Maine; b) Has gross sales of $5,000,000 or less per year; c) Is the full-time, professional activity of at least one of the principal owners; and d) Is a manufacturer, or a product or service provider with sales derived predominantly from outside the state or to out-of-state residents, is a producer of value-added natural resource products, is a certified visual media production company, or is engaged in developing or applying advanced technologies. 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 Instructions Please enter the taxpayer name and employer identification number (“EIN”) or social security number (“SSN”). Line 6. Unused credit amounts carried to 2020. The amount of credit allowed in any one year is limited to 50% of the tax liability of the taxpayer before credits. The carryover is the portion of the available credit not used in previous years as a result of this limitation. The carryover period is limited to 15 years. Enter any credits claimed but unused from the past 15 years on this line. This should be the amount on last year’s credit worksheet, line 10. Line 10. Carryover to next year. Enter the amount on line 7 not used on Form 1120ME, Schedule C, line 1a; Form 1040ME, Schedule A, line 13; or Form 1041ME, Schedule A, line 6. That portion of the unused credit not exceeding the 15-year carryover period may be claimed on your income tax return next year. Line 11. Amount of credit available for future years. This is a breakdown of the allowable gross credit amounts that may be claimed in future years relating to credit certificates issued to you by FAME in 2020.
Extracted from PDF file 2020-maine-seed-capital-credit.pdf, last modified January 2021

More about the Maine Seed Capital Credit Other Tax Credit TY 2020

We last updated the Seed Capital Investment Tax Credit in February 2021, so this is the latest version of Seed Capital Credit, fully updated for tax year 2020. You can download or print current or past-year PDFs of Seed Capital 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 Seed Capital Credit from the Revenue Services in February 2021.

Show Sources >

Seed Capital 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 Seed Capital Credit

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


2020 Seed Capital Credit

20_seed_cap_invest_cr.indd

2019 Seed Capital Credit

19_SeedCapInvestTaxCr.indd

2018 Seed Capital Credit

18_SeedCapInvestTaxCr 1.7.19.indd

2016 Seed Capital Credit

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Seed Capital Investment Tax Credit 2015 Seed Capital Credit

15_SeedCapInvestTaxCr.indd


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