Screen MECr - Maine Credits (1120)

Nonrefundable Tax Credits

Use this section to enter credit information on Form 1120ME, Page 5, Schedule C or Schedule K Summary Worksheet. For C Corporations, The total tax credits on Form 1120ME, Page 2 is automatically limited to the lesser of the tax credits or Maine tax liability. For S Corporations, this amount automatically transfers to the Maine Schedule K Summary Worksheet. This amount is also distributed among the shareholders and transfers to the Maine Shareholder’s Share of Income, Modifications and Credits Worksheet.
note
The minimum tax credit is determined on Schedule D. Go to the MEAMT screen for data entry.

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