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Massachusetts Refundable Economic Development Program Credit
Extracted from PDF file 2023-massachusetts-form-edip.pdf, last modified June 2023Refundable Economic Development Program Credit
Massachusetts Department of Revenue Schedule EDIP Refundable Economic Development Incentive Program Credit 2023 For calendar year 2023 or taxable period beginning 2023 and ending Under the provisions of the Economic Development Incentive Program (EDIP) established pursuant to MGL ch 23A, the Economic Assistance Coordination Council (EACC) may authorize taxpayers participating in certified projects to claim tax credits under MGL ch 62 § 6(g) and MGL ch 63 § 38N. Taxpayers authorized by the EACC to claim tax credits for projects certified on or after January 1, 2010 must use this schedule to claim such credits. Taxpayers seeking to claim credits for projects certified prior to January 1, 2010 must use Schedule EOAC. See TIR 10-01 for further information. Taxpayer name Federal Identification Social Security number City/Town State Phone number Name of controlling business identified on credit certificate Federal Identification or Social Security number Mailing address Zip Project type Certificate number ● CEP ● CEEP ● CMRP ● CJCP ● Projects certified after January 1, 2017 Part 1. Credit generated or awarded in the current year For projects certified prior to January 1, 2017, complete lines 1 through 5. For projects certified after January 1, 2017, skip to line 11 and enter the amount authorized by the EACC for the current year. Partners and shareholders being allocated a share of credits generated by a partnership or S corporation on Schedule K-1 or SK-1, do not complete this schedule. Instead, complete Schedule CMS, Credit Manager Schedule. 1 Cost basis of qualified property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Credit rate authorized by the EACC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Tentative credit for CEP, CEEP and CMRP. Multiply line 1 by line 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Limit on authorized credit in EACC award for CEP, CEEP and CMRP.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Credit allowable as authorized by the EACC. Enter the smaller of line 3 or line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Credit for certified job creation projects Credit is allowed only for the year subsequent to the year in which the jobs are created. See TIR 14-13. 6 Number of new jobs created. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Credit rate for new jobs authorized by the EACC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Tentative credit for certified job creation projects. Multiply line 6 by line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Limit on authorized credit in EACC award. Not more than $1,000,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Credit allowable for the certified jobs creation project. Enter the smaller of line 8 or line 9 . . . . . . . . . . . . . . . . . . . . . . . . . 10 Part 2. Credit available from the current taxable year 11 Total credit available. Combine lines 5 and 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Refundable credit. Not more than line 11. Enter this amount on Schedule CMS, together with the certificate number issued by the EACC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Form EDIP
More about the Massachusetts Form EDIP Corporate Income Tax Tax Credit TY 2023
We last updated the Refundable Economic Development Program Credit in January 2024, so this is the latest version of Form EDIP, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form EDIP directly from TaxFormFinder. You can print other Massachusetts tax forms here.
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View all 127 Massachusetts Income Tax Forms
Form Sources:
Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Form EDIP from the Department of Revenue in January 2024.
Form EDIP 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 Form EDIP
We have a total of thirteen past-year versions of Form EDIP in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2011 Form EDIP
EDIP
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