Schedule Fec - Full Employment Credit - 2001

2001

Massachusetts

Schedule FEC

Department of

Full Employment Credit

Revenue

Name

Federal ID or Social Security number

Part 1. General Information

11 Type of business for which credit is being claimed (check only one):

Sole Proprietorship

Partnership

S Corporation

Corporate Trust

Financial Institution

Insurance Company

Corporation

Trust

Public Service Corporation

Corporation included in a combined return (enter name and Federal ID number of principal reporting company):

Other (specify):

12 S Corporations only (check applicable box): (a)

Corporation claiming credit (b)

Shareholders claiming credit

13 Type of return this schedule is filed with:

Part 2. Computation of the Full Employment Credit.

Use additional sheet, if necessary.

a.

b.

c.

d.

14 Name(s) of qualified employee(s) that participate in the

Social Security

Date

No. of months of

Number of months

Full Employment Program

number(s)

eligible

eligible employment

in column C

(not to exceed 12)

during 2001

15 Total number of months of eligible employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

16 Available current-year Full Employment Credit (FEC).

Multiply line 5 by $100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 $

Part 3. Taxpayers Subject to Tax Under MGL Ch. 62

17 Total tax for determining allowable credit. Form 1, line 27; Form 1-NR/PY, line31; Form 2, line 42; Form 3F, line 24 . . . . . . 7

18 Total of Limited Income Credit, Credit for Taxes Paid to Other Jurisdictions, Energy Credit, Lead Paint Credit,

Economic Opportunity Area Credit, Septic Credit, Low Income Housing Credit and Brownfields Credit . . . . . . . . . . . . . . . . . 8

19 Subtract line 8 from line 7. Enter result here. Not less than “0”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

10 FEC available this year. Add line 6 and prior years unused FEC (from 2000 Schedule FEC, line 24) . . . . . . . . . . . . . . . . . 10

11 Credit allowable for use in current year. If line 9 is greater than or equal to line 10, enter line 10. If line 9 is less than

line 10, enter line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Enter the amount from line 11 on Form 1, Schedule Z; Form 1-NR/PY, Schedule Z; Form 2, line 43; or Form 3F, line 27.

Part 4. Taxpayers Subject to Tax Under MGL Ch. 63

12 Total corporate excise. Form 355, Computation of Excise, line 5; Form 355S, Computation of Excise, line 7; or

Form 355C, Schedule E, part 2, line 4; or Form 355SC, line 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

13 Enter the amount from Schedule H, line 28, column b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

14 Enter the amount from Schedule RC, line 26 or Schedule RC-A, line 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

16 Enter the amount from Schedule HM, line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

17 Enter the amount of Low-Income Housing Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

18 Add lines 13 through 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

19 Subtract line 18 from line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

456

20 Minimum corporate excise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

21 Maximum allowable FEC. Subtract line 20 from line 19. If “0” or less, you do not qualify for a credit this year, enter “0”

in line 23 and complete Part 5. Otherwise, continue with this schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

22 FEC available this year. Add line 6 and prior year’s unused FEC (from 2000 Schedule FEC, line 24) . . . . . . . . . . . . . . . . 22

23 Enter the smaller of line 21 or line 22 here and on the Computation of Excise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Part 5. Tax Credit Carryover for Future Years

24 Complete only if line 10 is more than line 11 or line 21 is more than line 23.

Year

a. Unused credits from prior years and

b. Portion used

c. Unused credit available

a.

current-year credit

b.

this year

Subtract column b from column a

Amount

For

1997

(2000 Schedule FEC, line 23)

$________________

$________________

$________________

2002

1998

(2000 Schedule FEC, line 23)

$________________

$________________

$________________

2002–2003

1999

(2000 Schedule FEC, line 23)

$________________

$________________

$________________

2002–2004

2000

(2000 Schedule FEC, line 23)

$________________

$________________

$________________

2002–2005

2001

(2001 Schedule FEC, line 6)

$________________

$________________

$________________

2002–2006

25

Totals

$________________

$________________

$________________