Schedule Cms Instructions (Page 3 of 3) in pdf

Partner A’s Part 4

4a. Federal ID number

4b.

4c. Period end date

4d. Certificate

4e. Credit available or

4f. Reduction in

4g. Refundable credit

of credit source

Credit type

(mm/dd/yyyy)

number

certificate balance

balance for refund

taken (100% or 90%)

987654321

CNSLND

222222222

$20,000

Partner B is an S-Corporation with a Federal ID number of 888888888 that elects to pass-through its distributive share of the Conservation Land

Tax Credit to its shareholders. Partner B completes Part 3 to claim the credit it received from the lower tier partnership and also completes Part 3,

column 3h to reflect the distribution of those credits to its shareholders. Partner B has three shareholders that each own one-third of the ownership

interests in the S-Corporation.

Partner B’s Part 3

3a. Federal ID number

3b.

3c. Fill in if

3d. Period end date

3e. Certificate

3f.

3g. Credit taken

3h. Credit shared

of credit source

Credit type

non-expiring

(mm/dd/yyyy)

number

Credit received

this year

987654321

CNSLND

222222222

$15,000

All three shareholders utilize their distributive share of credits and fill in Part 3 accordingly.

Shareholder X, Y, Z’s Part 3

3a. Federal ID number

3b.

3c. Fill in if

3d. Period end date

3e. Certificate

3f.

3g. Credit taken

3h. Credit shared

of credit source

Credit type

non-expiring

(mm/dd/yyyy)

number

Credit received

this year

888888888

CNSLND

222222222

$5,000

Finally, Partner C is a C-Corporation that is part of a Unitary Group that files in Massachusetts. Partner A and B are not part of this unitary group.

Partner C will be applying its distributive share of the Conservation Land Tax Credit against its excise. Partner C also received a distributive share

of Low-Income Housing Credit from another lower tier partnership with a Federal ID number of 555555555. Partner C will be allowing affiliates to

use this credit under the sharing rules and will report the shared credit in Part 3, column h.

Partner C’s Part 3

3a. Federal ID number

3b.

3c. Fill in if

3d. Period end date

3e. Certificate

3f.

3g. Credit taken

3h. Credit shared

of credit source

Credit type

non-expiring

(mm/dd/yyyy)

number

Credit received

this year

987654321

CNSLND

222222222

$10,000

555555555

LOWINC

333333333

$5,0000

$5,000

Example illustrating the application of Residential Property credits to individual taxpayers:

The Credit Manager Schedule will now also be used by individual taxpayers for certain credits. In the example below, the taxpayer is an individual

with a Federal ID number of 333333333 filing a return for the taxable year ending 12/31/2016 and has an available Septic Credit of $8,000 in the

current year. Since this is the first year the taxpayer is claiming the Septic Credit, the individual taxpayer must also enclose a Schedule SC. The in-

dividual should file Part 1 of the Schedule CMS to reflect a claimed credit of $1,500 (Schedule SC, Line 13).

Individual taxpayer’s Part 1

1a.

1b. Fill in if

1c. Period end date

1d. Certificate

1e. Credit available or

1f. Credit taken

1g. Credit shared

Credit type

non-expiring

(mm/dd/yyyy)