Massachusetts Refundable Life Science Credit Life Science Company
Extracted from PDF file 2018-massachusetts-schedule-rlc.pdf, last modified June 2018
Refundable Life Science Credit Life Science CompanyMassachusetts Department of Revenue Schedule RLSC Refundable Life Science Credit Life Science Company For calendar year 2018 or taxable period beginning Taxpayer name 2018 and ending Federal Identification number Mailing address City/Town State Zip Designated life science company representative E-mail address Phone number Phone number Name of life science company (if different from taxpayer named above) Part 1. Credit authorized by the Massachusetts Life Science Center for current year Enter in column a the smaller of the amount of credit authorized by the MLSC for the year or the amount of credit due for the taxpayer’s qualified costs. (E.g., If the MLSC authorized a $100,000 credit under sec. 38U but the taxpayer had only $850,000 in eligible costs, enter $85,000.) a. Authorized and available b. Taken c. Excess 1 Life Science ITC (Ch. 62, sec. 6(m) or Ch. 63, sec. 38U). . . . . . . . . . 1 2 Life Science R and D (Ch. 63, sec. 38M) . . . . . . . . . . . . . . . . . . . . . . 2 3 Life Science FDA UFC (Ch. 62, sec. 6(n) or Ch. 63, sec. 31M) . . . . . 3 4 Life Science Jobs Credit (Ch. 62, sec. 6(r) or Ch. 63, sec. 38CC) . . . 4 5 Total Life Science credits taken against excise. Combined report filers enter this amount as part of the total of the member’s other credits being used against its own excise on Schedule U-IC, line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Total excess credits available for refund if authorized by LSC . . . . . . 6 Instructions The Life Sciences Tax Incentive Program under M.G.L. Ch. 23I, sec. 5(a) and 5(d)) authorizes the Massachusetts Life Sciences Center (MLSC) to approve applications from “life sciences companies” for specified tax benefits. Taxpayers may claim such benefits only as, and to the extent, such benefits were previously authorized by the MLSC. Some of the tax benefits the MLSC may award are in the form of credits against taxes due under Ch. 62 (for individuals) or Ch. 63 (for corporations). Taxpayers who have previously applied for and been awarded such credits by the MLSC must file this schedule with their return. Taxpayers with unused Life Science Investment Tax Credits, FDA User Fees Credits or Life Science Job Credits under Ch. 62, sec. 6(m), 6(n) and 6(r) or Ch. 63, sec. 31M, 38U or 38CC may apply for a refund of the current year credits remaining after reducing their tax liability, in lieu of any carryover to future years, at 90% of the value of such unused credits. Corporations with unused credits under Ch. 63, sec. 38M from the current or prior years may similarly request a refund of their unused credits at 90% of their value to the extent authorized by the MLSC. See TIR 08-23 and TIR11-6 for further information. Do not file this form unless you have been notified that the MLSC has awarded you one of the tax benefits described above. All taxpayers claiming credits authorized by the MLSC complete Part 1 (if the award from the MLSC consists exclusively of an authorization to seek a refund of available credits, enter “0” in each field.) Credits taken to reduce the tax otherwise due (including credits shared with combined reporting affiliates under 830 CMR 63.32B.2) are shown in column b. The total of the amounts in column b is shown on Part 1, line 5 and may not reduce the tax below “0.” Credits authorized but not taken (excess credits) are shown in column c and the total of these amounts is shown in line 6. Note: The taxpayer must also enter and report the amount of this credit at the appropriate location on the Credit Manager Schedule. Declaration I declare under the pains and penalties of perjury that to the best of my knowledge, the information contained herein is accurate and complete. Signature Date
More about the Massachusetts Schedule RLC Individual Income Tax
We last updated the Refundable Life Science Credit Life Science Company in February 2019, and the latest form we have available is for tax year 2018. 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 Massachusetts Department of Revenue. You can print other Massachusetts tax forms here.
Other Massachusetts Individual Income Tax Forms:
|Form Code||Form Name|
|Form 1-ES||Estimated Income Tax Payment Vouchers|
|Form 1||Resident Income Tax Return|
|Schedule HC||Health Care Information|
|Form 1-NR/PY||Nonresident or Part-Year Resident Income Tax Return|
|Schedules X/Y||Other Income and Deductions|
Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Schedule RLC from the Department of Revenue in February 2019.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Massachusetts Schedule RLC
We have a total of eight past-year versions of Schedule RLC 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 Massachusetts 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.