Screen MECr - Maine Adjustments to Tax (1040)

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Overview

Use this screen to complete Schedule A.

Nonrefundable Credits

UltraTax CS uses information in this section to complete Schedule A.
Maine Seed Capital
Enter the amount of seed capital credit calculated using the Seed Capital Investment Tax Credit Worksheet. The worksheet is available as a noncalculating form in UltraTax/1040-ME, Form 5216-B.
Research Expense
Enter the amount of research expense tax credit calculated using the Research Expense Tax Credit Worksheet. The worksheet is available as a noncalculating form in UltraTax/1040-ME, Form 5219-K.
Pine Tree Development
Enter the amount of the pine tree development zone credit that may be used to reduce Maine tax. Attach the Pine Tree Development Zone Tax Credit Worksheet prior to filing the return. The worksheet is available as a noncalculating form in UltraTax/1040-ME, Form 5219-W.
Schedule A - Other Tax Credits list
Enter applicable credit amounts in these fields. Each credit has a supporting worksheet which must be attached to the tax return. Worksheets for the Dual Residence Reduction of Tax Credit and Biofuel Production Tax Credit are available in UltraTax/1040-ME as noncalculating forms.

Refundable Credits

UltraTax CS uses information in this section to complete 1040ME, Page 2.
Rehabilitation of Historic Properties
Enter the amount of credit from line 7 of the Credit for Rehabilitation of Historic Properties Worksheet, Page 1. This amount is 25 percent of the total credit allowed. Only 25 percent of the credit may be taken each year for four years. The Credit for Rehabilitation of Historic Properties Form 5219-BB is available as a noncalculating form.

Recapture

UltraTax CS uses information in this section to complete Form 1040ME. Worksheets are available in UltraTax/1040-ME as noncalculating forms.
Maine Seed Capital
Use the Seed Capital Investment Tax Credit Worksheet to calculate the credit recapture amount.
Rehabilitation of Historic Properties
Use the Credit for Rehabilitation of Historic Properties Worksheet to calculate the credit recapture amount.

Carryover Credits

Enter carryover credit amounts in this section. UltraTax/1040-ME does not calculate carryover amounts other than the Maine Minimum Tax Credit. Enter the amount of carryover credit you want to use in the current year.
note
Credits are listed on the screen in the order in which they will expire but UltraTax CS will not calculate the carryover amount.
Minimum tax credit carryforward
2011 was the last year of the Maine Minimum Tax. The credit created by the tax continues to carryforward until fully utilized. Use this screen to enter the carryforward credit left after . Any amount proforma'd may be overwritten if amounts differ from those that are shown.

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