Maine Quality Child Care Investment Credit (OBSOLETE)

Quality Child Care Investment Credit (OBSOLETE)
15_QualityChildCareInvestCr.indd
QUALITY CHILD-CARE INVESTMENT TAX CREDIT
WORKSHEET FOR TAX YEAR 2015
36 M.R.S. § 5219-Q
TAXPAYER NAME: _____________________________________ EIN/SSN:

________________

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

EIN/SSN

________________________________________________________________

____________________________

Type of Entity: (Please check one)
 Partnership
1.


Sole Proprietor

C corporation

S corporation

LLC

Trust

2015 Quality child-care investments certified by the Department of Health and
Human Services, Office of Child Care and Head Start. Attach a copy of the certificate ......... 1. __________________

Note: S corporation shareholders, partners, LLC members, trusts and
trust beneficiaries: Enter on line 1 the total certified investment of the
pass-through entity, then go to line 2 to calculate your percentage
share.

2.

C corporations: Enter amount on line 1 or $30,000, whichever is less. S corporation
shareholders, partners, LLC members, trusts and trust beneficiaries: Enter an
amount equal to line 1 multiplied by your percentage interest in the pass-through
entity (or $30,000, whichever is less). Your percentage interest: _______% ......................... 2. __________________

3.

Credit amount. C corporations, S corporations shareholders, partners, LLC members,
trusts and trust beneficiaries: multiply line 2 x by 30% (.30) (Do not enter more than
$9,000). Sole-proprietors: enter $1,000 if a qualified investment of at least $10,000 was
made this year or in a previous year (see instructions) ........................................................... 3. __________________

4.

Enter unused credit amounts carried forward from previous tax years (see instructions)....... 4. __________________

5.

Total credit available this year (line 3 plus line 4). Corporate taxpayers, enter on Form
1120ME, Schedule C, line 29c. Individual taxpayers, enter on Form 1040ME, Schedule A,
line 20. Trusts and estates, enter on Form 1041ME, Schedule A, line 16 ............................. 5. __________________

The amount of the credit that may be used by a taxpayer for a taxable year may not
exceed the amount of income tax otherwise due. Any unused credit may be carried
forward to the following year or years until exhausted.

Rev. 08/15

2015
QUALITY CHILD-CARE INVESTMENT TAX CREDIT
WORKSHEET INSTRUCTIONS
A taxpayer that has made an investment during the tax year toward the goal of providing quality child-care services is
allowed a credit in an amount equal to the qualifying portion of expenditures paid or expenses incurred by the taxpayer for
certified investments in child-care services. For corporations, the qualifying portion is 30% of up to $30,000 of expenditures,
apportioned if the taxpayer is part of an affiliated group engaged in a unitary business. For individual taxpayers that expend
at least $10,000 during the tax year, the qualifying portion is $1,000 each year for nine years and $11,000 in year ten. The
credit is limited to the income tax due, excluding minimum tax, but any excess can be carried over to the following year
or years until exhausted. For purposes of this credit, the term corporation includes partnerships, LLCs, S corporations,
financial institutions and trusts.
Quality child-care services is defined as services provided at child-care sites that meet minimum licensing standards and are
accredited by an independent, nationally recognized program approved by the Department of Health and Human Services
(“DHHS”), Office of Child Care and Head Start. The service provider must utilize recognized quality indicators for child-care
services approved by DHHS, Office of Child Care and Head Start and include provisions for parent and client input, review
of the provider’s policies and procedures, program records and an on-site program review. Only investments certified by the
DHHS, Office of Child Care and Head Start qualify for this credit. To obtain an application for certification and an explanation
of investments that qualify, go to: www.maine.gov/dhhs/ocfs/ec/occhs, or call DHHS at (207) 287-9300.
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.
SPECIFIC LINE INSTRUCTIONS
Please enter the taxpayer name and social security number (“SSN”) or employer identification number (“EIN”).
Line 1.

Enter the total amount of quality child-care investments certified by DHHS. For S corporation shareholders,
partners, LLC members, trusts and trust beneficiaries, enter the total certified investment of the pass-through
entity, then go to line 2 to calculate your percentage share. Sole proprietors may skip line 2 and go directly to
line 3.

Line 2.

For taxpayers that are C corporations, the investment subject to the credit is limited $30,000. For S corporation
shareholders, partners, LLC members, trusts and trust beneficiaries, the investment subject to the credit is
limited to your percentage interest of the total investment up to $30,000.

Line 3.

For C corporations, S corporation shareholders, partners, LLC members, trusts and trust beneficiaries, enter
30% of line 2. Taxpayers who are sole proprietors must make an investment of at least $10,000 to qualify for the
credit and the credit is limited to $1,000 each year for nine years and $11,000 in year ten. Sole proprietors that
have made a qualifying investment in any tax year 2006 through 2014, enter $1,000 on line 3. Sole proprietors
who made a qualified investment in 2005, enter $11,000 on this line.

Line 4.

Enter on line 4 the unused credit amounts from previous tax years. The amount of the credit that may be used
by a taxpayer for a taxable year may not exceed the amount of income tax otherwise due. Any unused credit
may be carried forward to the following year or years until exhausted.