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Massachusetts Free Printable  for 2024 Massachusetts Vanpool Credit

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Vanpool Credit
Schedule VP

CAUTION: This tax return must be filed electronically. Paper versions of this return will not be accepted. If you have questions about filing electronically, contact us at 617-887-6367. See https://www.mass.gov/info-details/dor-e-filing-and-paymentrequirements for further information about our electronic filing and payment requirements. Massachusetts Department of Revenue Schedule VP Vanpool Credit 2023 Name Federal Identification number Eligible costs. Briefly describe purchased or leased qualifying shuttle vans. Include make, model and registration number. Additional details must be available upon request. Use additional sheet if necessary. Do not combine purchased and leased Costs. Purchased and leased Costs should be reported separately. a. Purchased Costs b. Leased 1 2 Totals. Add all costs for each column . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Total costs. Add line 2, col’s. a and b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 nl y. te d. 4 Vanpool Credit allowable from current year. Enter amount on appropriate line of Credit Manager Schedule. . . . . . . . . . . . 4 Fi le The Vanpool Credit is a tax credit equal to 30% of the total purchase or lease costs for shuttle vans used in an employer-sponsored ridesharing program. Is Depreciation Allowed on Shuttle Vans? e at io Yes. A depreciation deduction may be taken on any qualifying vehicle. However, the basis upon which the depreciation is taken must be reduced by the amount of the allowable credit. m fo r When Must a Corporation Take the Vanpool Credit? fo r Line Instructions Line 1 • Is a full-time student at a college, university or other postsecondary educational institution and who commutes between home and campus on a regular basis. Total all taxable year qualifying costs for each column. Line 3 Total all qualifying costs for the taxable year. 16 -9 What Is a Shuttle Van? Line 2 Se e TI R s A shuttle van is a highway vehicle which meets all of the following requirements: • It has a seating capacity of at least seven adults, including the driver; • At least 80% of its mileage can be reasonably expected to be from the transportation of students and employees; and • At least half of its adult seating capacity is occupied on average. 21 -9 • Works more than eight paid hours per week for an employer; or Enter in line 1 the make, model and registration number of the qualifying shuttle van(s). For purchased vans, enter in col. a the total purchase cost. For leased vans, enter in col. b the taxable year’s lease or contract payment costs. d Pa p er For purposes of the Vanpool Credit, an employee is an individual who: m or e in For purchased vehicles, the Vanpool Credit may only be taken in the taxable year in which the qualifying vehicles were acquired and placed in service. For qualifying leased vehicles, the credit may be taken in those taxable years in which a lease or contract payment is incurred. an Who Is an Employee? re tu r ns w ill no Any business corporation which purchases or leases shuttle vans as part of an employer-sponsored ridesharing program in Massachusetts is eligible for the Vanpool Credit. The credit does not apply to the purchase or lease costs of vehicles which would be required even if an employer-sponsored ridesharing program did not exist. Qualifying shuttle vans must be used for transporting employees or students from their homes or public transportation facilities to a place of employment or to a campus in the Commonwealth. To qualify, a shuttle van must be used by the corporation in Massachusetts and situated in the Commonwealth on the last day of the corporation’s taxable year. tb E- Who Is Eligible to Take the Vanpool Credit? n. No. Only the costs of purchasing or leasing shuttle vans are eligible. The credit does not apply to the cost of insurance, maintenance, fuel, drivers’ salaries or other operating expenses. O What Is the Vanpool Credit? Are All Costs Eligible for the Credit? ac ce p General Information
Extracted from PDF file 2023-massachusetts-schedule-vp.pdf, last modified February 2023

More about the Massachusetts Schedule VP Corporate Income Tax Tax Credit TY 2023

We last updated the Vanpool Credit in January 2024, so this is the latest version of Schedule VP, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule VP directly from TaxFormFinder. You can print other Massachusetts tax forms here.

Other Massachusetts Corporate Income Tax Forms:

TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 2 Fiduciary Income Tax Return
Schedule NTS-L-NR/PY No Tax Status and Limited Income Credit
Form 3 Partnership Return
Form 355 Massachusetts Business or Manufacturing Corporation
Form 355-7004 Corporate Extension Worksheet

Download all MA tax forms View all 127 Massachusetts Income Tax Forms

Form Sources:

Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Schedule VP from the Department of Revenue in January 2024.

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Schedule VP is a Massachusetts Corporate Income Tax 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.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Massachusetts Schedule VP

We have a total of thirteen past-year versions of Schedule VP 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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