Maine Maine Fishery Infrastructure Investment Tax Credit

Maine Fishery Infrastructure Investment Tax Credit
18_MEFishInfrastructInvestCrWksht 11.20.18.indd
MAINE FISHERY INFRASTRUCTURE INVESTMENT
TAX CREDIT WORKSHEET FOR TAX YEAR 2018
36 M.R.S. § 5216-D
TAXPAYER NAME: _____________________________________ EIN/SSN:

________________

Note: Owners of pass-through entities (such as partnerships, LLCs, corporations, trusts, etc.) making an eligible investment,
see instructions. Enter name and ID number of the pass-through entity on the lines below.
NAME OF PASS-THROUGH ENTITY
________________________________________________________________

EIN/SSN
____________________________

Note: You cannot claim this credit if the investment or contribution is claimed as a deduction for federal tax purposes.
1a. Enter 25% of the total credit from the tax credit certificate issued by the Department
of Inland Fisheries and Wildlife during the tax year beginning in 2015 ........................... 1a. _____________________
1b. Enter 25% of the total credit from the tax credit certificate issued by the Department
of Inland Fisheries and Wildlife during the tax year beginning in 2016 ........................... 1b. _____________________
1c. Enter 25% of the total credit from the tax credit certificate issued by the Department
of Inland Fisheries and Wildlife during the tax year beginning in 2017 ........................... 1c. _____________________
1d. Enter 25% of the total credit from the tax credit certificate issued by the Department
of Inland Fisheries and Wildlife during the tax year beginning in 2018 ........................... 1d. _____________________
2.

Total credit amount. Add lines 1a through 1d ................................................................... 2. _____________________

3.

Enter the unused portion of the credit shown on line 2 of the Maine Fishery
Infrastructure Investment Tax Credit worksheet for tax year 2017.................................... 3. _____________________

4.

Total credit available this year. Line 2 plus line 3 ............................................................. 4. _____________________

5.

Tax liability for tax year beginning in 2018. Enter the amount from
Form 1040ME, Schedule A, line 22; Form 1120ME, Schedule C, line 1t;
or Form 1041ME, Schedule A, line 17 .............................................................................. 5. _____________________

6.

Line 5 multiplied by 50% ...................................................................................................6. _____________________

7.

Credit amount. Enter the smaller of line 4 and line 6. Also enter this amount on Form
1040ME, Schedule A, line 20; Form 1120ME, Schedule C, line 1p or Form 1041ME,
Schedule A, line 15 ........................................................................................................... 7. _____________________

This credit is limited to your Maine income tax liability. If you did not use all
of the credit on line 2 this year, you may carry the unused portion forward for
up to 15 years.

Rev. 11/18

2018
MAINE FISHERY INFRASTRUCTURE INVESTMENT
TAX CREDIT WORKSHEET INSTRUCTIONS
An income tax credit is available for investments in, or contributions to, public fishery infrastructure projects. The
credit is equal to 50% of the eligible investment or contribution, as certified by the Department of Inland Fisheries
and Wildlife, and must be taken in equal installments over four years. The investment/contribution limit per
project is $5,000,000. The credit taken in any year is limited to 50% of the tax liability for that taxable year prior to
the application of the credit and may not reduce the tax otherwise due to less than zero. Any portion of the credit
left unused due to this limitation may be carried forward for up to 15 years. The credit is subject to recapture and
is prohibited if the taxpayer claims a federal income tax deduction for the investment or contribution.
In the case of pass-through entities (such as partnerships, LLCs, S corporations, and trusts), the partners,
members, shareholders, beneficiaries or other owners are allowed a credit in proportion to their respective
interests in these entities. If you are a member of a pass-through entity, enter on lines 1a, 1b, 1c and 1d your
share of the tax credit certificates reported to you by the entity.
Include a copy of the certificate issued to you by the Department of Inland Fisheries and Wildlife with this
worksheet.