Schedule H - Investment Tax Credit And Carryovers Form 198 - Massachusetts Department Of Revenue
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1
21998
Massachusetts
Schedule H
Department of
Investment Tax Credit and Carryovers
Revenue
For use by taxpayers subject to taxation under MGL Ch. 63.
Name
Federal Identification number
Part 1. General Information
Corporations eligible for investment credit (check box which applies). Other corporations are not eligible.
11
Classified Manufacturing
12
Research and Development. If checked, complete the following:
a Description of R&D __________________________________
b Total receipts* of corporation $___________________________________
c Receipts* from research and development $ ______________ percent of line 2b________________
d Amount of line 2c related to property capable of manufacture in Mass. $_______________________ percent of line 2b ________________________
*If filing Form 355B, 355C-B or 355S-B, this amount refers only to receipts assignable to Massachusetts.
Engaged primarily in: 3
Agriculture
4
Commercial fishing
Part 2. Calculation of current year investment tax credit
15 Briefly, but accurately, describe purchases or leases of depreciable property situated
Life or
Cost of Purchased Prop-
in Massachusetts qualifying for the investment tax credit. Complete details must be
Date
Recovery
erty or Eligible Amount
available upon request. If not using cost, explain on separate sheet.
Acquired
(Years)
of Leased Property
¨6
16 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 U.S. investment credit taken . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
18 U.S. basis reduction, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
19 Total after U.S. basis reduction and credit.
Subtract the total of lines 7 and 8 from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Available current year investment tax credit. Multiply line 9 by .03 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Part 3. Credits used and unused in current year
11 Total excise for purpose of determining allowable credits. Line 4 of Computation of Excise, page 1 of Form 355A,
355B or line 6 of Computation of Excise, page 1 of Form 355S-A, 355S-B, or line 3 of Sch. E, Part 2 of
Form 355C-A or 355C-B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Credits allowable for use in current year. If line 11 is greater than or equal to $912, enter 50% of line 11. If line 11 is
less than $912, enter line 11 minus $456, but not less than zero . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Column A
Column B
Column C
Column D
Column E
Credits
Credits
Credits
Unlimited
Limited
Column A: Credits available. In Column A of the table enter:
Available
Used
Unused
Carryovers
Carryovers
¨
13 1998 poverty area facility credit (Sch. I, line 7) . . . . . . . . . . . . . . . . . . 13
¨
14 1998 vanpool credit (Sch. VP, line 4) . . . . . . . . . . . . . . . . . . . . . . . . . . 14
¨
15 1995 investment tax credit carryover (1997 Sch. H, line 16E). . . . . . . 15
¨
16 1996 investment tax credit carryover (1997 Sch. H, line 17E). . . . . . . 16
¨
17 1997 investment tax credit carryover (1997 Sch. H, line 18E). . . . . . . 17
¨
18 1998 investment tax credit (Part 2, line 10) . . . . . . . . . . . . . . . . . . . . . 18
¨
19 1993 EOA Credit carryover (1997 Sch. H, line 19E) . . . . . . . . . . . . . . 19
¨
20 1994 EOA Credit carryover (1997 Sch. H, line 20E) . . . . . . . . . . . . . . 20
¨
21 1995 EOA Credit carryover (1997 Sch. H, line 21E) . . . . . . . . . . . . . . 21
¨
22 1996 EOA Credit carryover (1997 Sch. H, line 22E) . . . . . . . . . . . . . . 22
¨
23 1997 EOA Credit carryover (1997 Sch. H, line 23E) . . . . . . . . . . . . . . 23
¨
24 1998 EOA Credit (1998 Sch. EOA, line 9) . . . . . . . . . . . . . . . . . . . . . . 24
¨
25 Unlimited credit carryover from prior years (1997 Sch. H, line 36) . . . 25
26 Totals. Add lines 13 through 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Note (Form 355C-A or 355C-B filers only): The Column B amounts for each corpora-
Column B: Credits used in the current year.
tion should be reported on its own Computation of Excise and/or on the principal report-
Step 1. Start with line 13A and work downward, transferring the amount (or part
ing corporation’s Computation of Excise. A corporation, however, may not utilize credits
thereof) on each line in Col. A to Col. B until all available credits are used or until the
in excess of its Column B total nor lower its excise due to an amount below the mini-
total transferred to Col. B equals the amount in line 12, whichever occurs first.
mum excise of $456. Column B amounts that would lower an affiliate or subsidiary cor-
Step 2. Enter the amount from line 13B in line 6 (355A, 355B, 355C-A, 355C-B) or line 8
poration’s non-income excise below the minimum excise of $456 should be reported on
(355S-A, 355S-B) of the Computation of Excise; enter the amount from line 14B in line 8
the principal reporting corporation’s Computation of Excise.
(355A, 355B, 355C-A, 355C-B) or line 10 (355S-A, 355S-B) of the Computation of Ex-
Column C: Credits Unused in the Current Year.
cise; enter the total amount from lines 15B, 16B, 17B, 19B, 20B, 21B, 22B, 23B and
Complete this column only if line 26A is more than line 12. Subtract Column B from
25B in line 9 (355A, 355B, 355C-A, 355C-B) or line 11 (355S-A, 355S-B) of the Com-
Column A, lines 13–25, and enter the differences, if any, in column C.
putation of Excise; and enter the amount from line 18B in line 7 (355A, 355B, 355C-A,
355C-B) or line 9 (355S-A, 355S-B) of the Computation of Excise. Enter the amount
from line 24B in line 5 (355A, 355B, 355C-A, 355C-B) or line 7 (355S-A, 355S-B) of the
Computation of Excise.
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