Massachusetts Refundable Life Science Credit Life Science Company

Refundable Life Science Credit Life Science Company
sch. RLSC
Massachusetts Department of Revenue

Schedule RLSC
Refundable Life Science Credit Life Science Company
For calendar year 2018 or taxable period beginning
Taxpayer name

2018

and ending
Federal Identification number

Mailing address
City/Town

State

Zip

Designated life science company representative

E-mail address

Phone number
Phone number

Name of life science company (if different from taxpayer named above)

Part 1. Credit authorized by the Massachusetts Life Science Center for current year
Enter in column a the smaller of the amount of credit authorized by the MLSC for the year or the amount of credit due for the taxpayer’s qualified costs.
(E.g., If the MLSC authorized a $100,000 credit under sec. 38U but the taxpayer had only $850,000 in eligible costs, enter $85,000.)
a. Authorized
and available

b. Taken

c. Excess

1 Life Science ITC (Ch. 62, sec. 6(m) or Ch. 63, sec. 38U). . . . . . . . . . 1
2 Life Science R and D (Ch. 63, sec. 38M) . . . . . . . . . . . . . . . . . . . . . . 2
3 Life Science FDA UFC (Ch. 62, sec. 6(n) or Ch. 63, sec. 31M) . . . . . 3
4 Life Science Jobs Credit (Ch. 62, sec. 6(r) or Ch. 63, sec. 38CC) . . . 4
5 Total Life Science credits taken against excise. Combined report filers enter this amount
as part of the total of the member’s other credits being used against its own excise on
Schedule U-IC, line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Total excess credits available for refund if authorized by LSC . . . . . . 6

Instructions
The Life Sciences Tax Incentive Program under M.G.L. Ch. 23I, sec. 5(a) and 5(d)) authorizes the Massachusetts Life Sciences Center (MLSC) to approve applications from “life sciences companies” for specified tax benefits. Taxpayers may claim such benefits only as, and to the extent, such benefits
were previously authorized by the MLSC. Some of the tax benefits the MLSC may award are in the form of credits against taxes due under Ch. 62 (for
individuals) or Ch. 63 (for corporations). Taxpayers who have previously applied for and been awarded such credits by the MLSC must file this schedule
with their return.
Taxpayers with unused Life Science Investment Tax Credits, FDA User Fees Credits or Life Science Job Credits under Ch. 62, sec. 6(m), 6(n) and 6(r)
or Ch. 63, sec. 31M, 38U or 38CC may apply for a refund of the current year credits remaining after reducing their tax liability, in lieu of any carryover to
future years, at 90% of the value of such unused credits. Corporations with unused credits under Ch. 63, sec. 38M from the current or prior years may
similarly request a refund of their unused credits at 90% of their value to the extent authorized by the MLSC. See TIR 08-23 and TIR11-6 for further
information.
Do not file this form unless you have been notified that the MLSC has awarded you one of the tax benefits described above.
All taxpayers claiming credits authorized by the MLSC complete Part 1 (if the award from the MLSC consists exclusively of an authorization to seek a
refund of available credits, enter “0” in each field.) Credits taken to reduce the tax otherwise due (including credits shared with combined reporting affiliates under 830 CMR 63.32B.2) are shown in column b. The total of the amounts in column b is shown on Part 1, line 5 and may not reduce the tax below
“0.” Credits authorized but not taken (excess credits) are shown in column c and the total of these amounts is shown in line 6.
Note: The taxpayer must also enter and report the amount of this credit at the appropriate location on the Credit Manager Schedule.

Declaration
I declare under the pains and penalties of perjury that to the best of my knowledge, the information contained herein is accurate and complete.
Signature

Date