Massachusetts Vanpool Credit
Extracted from PDF file 2020-massachusetts-schedule-vp.pdf, last modified February 2020
Vanpool CreditSchedule VP Vanpool Credit Name 2020 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. Costs a. Purchased b. Leased 1 2 Totals. Add all costs for each column. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Total costs. Add line 2, col’s. a and b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Vanpool Credit allowable from current year. Enter amount on appropriate line of Credit Manager Schedule. . . . . . . . . . . . . 4 General Information What Is the Vanpool Credit? Are All Costs Eligible for the Credit? 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. The credit is available for tax years ending on or after December 31, 1988. 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. Who Is Eligible to Take the Vanpool Credit? 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. 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. Is Depreciation Allowed on Shuttle Vans? When Must a Corporation Take the Vanpool Credit? 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. Line Instructions Who Is an Employee? Line 1 For purposes of the Vanpool Credit, an employee is an individual who: 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. • Works more than eight paid hours per week for an employer; or • 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. What Is a Shuttle Van? 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. Line 2 Total all taxable year qualifying costs for each column. Line 3 Total all qualifying costs for the taxable year.
More about the Massachusetts Schedule VP Corporate Income Tax Tax Credit
We last updated the Vanpool Credit in July 2021, and the latest form we have available is for tax year 2020. 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 Corporate Income Tax Forms:
|Form Code||Form Name|
|Schedule D-IS||Long-Term Capital Gains and Losses Excluding Collectibles|
|Form 3M||Income Tax Return for Clubs and Other Organizations|
|Schedule DRE||Disclosure of Disregarded Entity|
|Schedule RC||Research Credit|
|Schedule NOL||Net Operating Loss|
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 July 2021.
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 ten 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:
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.