×
tax forms found in
Tax Form Code
Tax Form Name

Maine Free Printable 2023 PTDZ Credit Worksheet for 2024 Maine Pine Tree Development Zone Tax Credit

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2023-maine-pine-tree-credit.pdf, and you can print it directly from your computer.

Pine Tree Development Zone Tax Credit
2023 PTDZ Credit Worksheet

Clear Print Pine Tree Development Zone Tax Credit Worksheet for Tax Year 2023 36 M.R.S. §§ 5219-W and 2529 Enclose with Form 1040ME, Form 1041ME, Form 1120ME, or Form INS-4. Taxpayer Name:___________________________________________________ EIN/SSN: ________________________ Note: In the case of pass-through entities (such as partnerships, LLCs, S corporations, and trusts) making eligible investments, the partners, members, shareholders, beneficiaries, or other owners are allowed a credit in proportion to their respective interests in these entities. Enter name and ID number of the entity on the lines below. Also enter your ownership percentage in the pass-through entity for the tax year. Attach a copy of the federal Schedule K-1 issued to you by the pass-through entity. Ownership Name of Pass-through Entity EIN/SSN Percentage _______________________________________________ Tier 1 location __________________________ __________ % Number of years credit has been previously claimed:_______________________ Note: Individual, estate and trust taxpayers skip lines 1 through 6 below and complete the Worksheet PTE: Pass-Through Entity Credit Ratio worksheet before completing line 7. 1. Qualified Pine Tree Development Zone property.....................................................................1.___________________ 2. All Maine property....................................................................................................................2.___________________ 3. Qualified Pine Tree Development Zone payroll.......................................................................3.___________________ 4. All Maine payroll.......................................................................................................................4.___________________ 5. Apportionment numerator. (Line 1 plus line 3.)........................................................................5.___________________ 6. Apportionment denominator. (Line 2 plus line 4.)....................................................................6.___________________ 7. Pine Tree Development Zone apportionment percentage. (Divide line 5 by line 6.) Except, if individual, estate, or trust, enter amount from Worksheet PTE, line 8.....................7. ___. ___ ___ ___ ___ 8. Regular income/insurance premiums tax. (Form 1040ME, line 20; Form 1041ME, line 4; Form 1120ME, line 6a; or Form INS-4, line 16).......................................................................8.___________________ 9. Pine Tree Development Zone credit. (Multiply line 7 x line 8.).................................................9.___________________ 10. Credit rate. See instructions below.......................................................................................10.___________________ If certified as a Tier 1 qualified business, enter 1.00 on this line if this tax year is within the first 5 years of commencing the qualified business activity. Enter .50 on this line if this tax year is within the second 5 years of commencing the qualified business activity. If this tax year is more than 10 years of commencing the qualified business activity, you do not qualify for the credit. Note: Businesses not certified as a tier 1 qualified business do not qualify for the credit. 11. Multiply line 9 x line 10. Enter here and on Form 1040ME, Schedule A, line 17; Form 1041ME, Schedule A, line 14; Form 1120ME, Schedule C, line 1d; or Form INS-4, line 17............................................................................................................11.___________________ Businesses may not be certified for the Pine Tree Development Zone program after December 31, 2024; benefits, including the income tax credit, will cease on December 31, 2034. Note: MRS may request additional information supporting the credit claimed before the return can be processed. Revised: December 2023 2023 Pine Tree Development Zone Tax Credit (“PTDZ”) Worksheet Instructions Statewide PTDZ classification: Tier 1: All areas of the state outside Cumberland and York counties plus high unemployment areas within Cumberland and York counties. To qualify as a Tier 1 location, a municipality in Cumberland or York County must have an unemployment rate that is 15% higher than the county’s labor market unemployment rate for the calendar year. The benefit period is ten years. Check the Tier 1 box on the worksheet if the qualified business activity has been certified by the Department of Economic and Community Development (“DECD”) as occurring in a Tier 1 location. Also check the Tier 1 box if the qualified business activity was certified by DECD prior to 2010 and after 2013. General Instructions Specific Instructions What is the PTDZ income tax credit? The credit is available to certain businesses that expand or begin operations in Maine. For Tier 1 qualified businesses, the credit allowed is up to 100% of the Maine tax liability related to qualified activity for the first five tax years and 50% of the tax liability for each of the tax years six through ten. A qualified business may apply for an adjustment of the base level of employment if it has sustained at least a 15% loss in employment due to a catastrophic occurrence. Note: Individual taxpayers must skip lines 1 through 6 and enter on line 7 the amount from Worksheet PTE, line 8. For more information about the PTDZ program and the related tax benefits, visit: www.maine.gov/revenue/taxes/ tax-relief-credits-programs/multiple-tax-programs/pine-treedevelopment-zone. Note: A business may not be certified by DECD for PTDZ benefits (including the PTDZ income tax credit) after December 31, 2024 and the program benefits will cease on December 31, 2034. Who must complete this worksheet? Corporate taxpayers (including insurance companies) claiming PTDZ tax credits must calculate the credits using this worksheet. Individual, estate and trust taxpayers, claiming a PTDZ credit from either a sole proprietorship or a pass-through entity (such as a partnership or S corporation) must calculate the amount of the credit using this worksheet and Worksheet PTE. These required worksheets must be attached to the taxpayer’s Maine income tax return along with a copy of the PTDZ certificate issued by DECD. What does this worksheet do? This worksheet calculates the PTDZ apportionment percentage for those entities that have qualified and non-qualified business activity. The worksheet also calculates the application of the PTDZ tax credit for all qualified businesses. Individuals claiming this credit must also complete Worksheet PTE, which apportions the taxpayer’s income between business and nonbusiness sources. Non-qualified business activity includes the level of business activity in Maine that existed prior to PTDZ certification. 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 credits in proportion to their respective interests in these entities. Line 1. Enter the average value of qualified Pine Tree Development Zone property. Qualified property includes all real and tangible personal property directly associated with the qualified business activity and placed in service in Maine after the entity becomes a certified PTDZ business. Excluded from this amount is the value of property transferred by an affiliated business to a PTDZ business from elsewhere in Maine. Purchased property is valued at cost and rented property is valued at eight times the annual rental rate. Total qualified property is determined by averaging the property owned or rented at the beginning and the end of the tax year. Line 2. Enter the average value of all property located in Maine and owned or rented by the entity or by affiliated businesses. Line 3. Enter the payroll attributable to the new qualified business activity as reflected on the qualification certificate provided by DECD. Do not include payroll for any jobs or positions transferred by the business or an affiliated business from elsewhere in Maine. Line 4. Enter the total Maine payroll for the business and all affiliated business for the year. Line 7. Corporate taxpayers (including insurance companies) enter the result of line 5 divided by line 6, if the result is greater than 1, enter 1.0000. This is the ratio of qualified to non-qualified business activity for the corporation. Individual, estate and trust taxpayers, enter the amount from Worksheet PTE, line 8. This is the ratio of qualified business activity to the taxpayer’s overall activity, including nonbusiness income. For example, if an individual is claiming a PTDZ credit of 100%, but only 50% of the taxpayer’s income is from qualified business activity, the taxpayer is only entitled to a credit against the tax liability related to the qualified business activity, or 50% of the total tax liability for the year.
Extracted from PDF file 2023-maine-pine-tree-credit.pdf, last modified November 2023

More about the Maine Pine Tree Credit Other Tax Credit TY 2023

We last updated the Pine Tree Development Zone Tax Credit in February 2024, so this is the latest version of Pine Tree Credit, fully updated for tax year 2023. You can download or print current or past-year PDFs of Pine Tree Credit directly from TaxFormFinder. You can print other Maine tax forms here.

Related Maine Other Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Maine Pine Tree Credit.

Form Code Form Name
Pine Tree Credit Worksheet (Worksheet PTE) Worksheet PTE -- Credit Ratio Worksheet for Individuals Claiming the Pine Tree Development Zone Tax Credit

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Pine Tree Credit from the Revenue Services in February 2024.

Show Sources >

Pine Tree Credit is a Maine Other 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.

Historical Past-Year Versions of Maine Pine Tree Credit

We have a total of nine past-year versions of Pine Tree Credit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Pine Tree Credit

20_pine_tree_dev_zone_cr.indd

2019 Pine Tree Credit

19_PineTreeDevZoneCr.indd

2018 Pine Tree Credit

18_PineTreeDevZoneCr 11.06.18 final.indd

2017 Pine Tree Credit

17_PineTreeDevZoneWkshtPTE.indd

2016 Pine Tree Credit

16_PineTreeDevZoneWkshtPTE.indd

Pine Tree Development Zone Tax Credit 2015 Pine Tree Credit

15_PineTreeDevZoneCr.indd


TaxFormFinder Disclaimer:

While we do our best to keep our list of Maine 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.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/index.php/maine/pine-tree-credit