Maine § 36 §5219-NN Maine capital investment credit for 2015 and after

Maine Statutes

§ 36 §5219-NN — Maine capital investment credit for 2015 and after

Maine·Title 36 TAXATION·Part 8 INCOME TAXES·Ch. 822 TAX CREDITS

1.Credit allowed. A taxpayer that claims a depreciation deduction under the Code, Section 168(k) for property placed in service in the State during a taxable year that begins on or after January 1, 2015 and before January 1, 2020 is allowed a credit as follows: 1-A. Credit allowed; on or after January 1, 2020 and before January 1, 2025. A taxpayer that claims a depreciation deduction under the Code, Section 168(k) for property placed in service in the State during a taxable year that begins on or after January 1, 2020 and before January 1, 2025 is allowed a credit as follows:

2.Certain property excluded. The following property is not eligible for the credit under this section:

3.Limitations; carry-forward. The credit allowed under subsections 1 and 1‑A may not reduce the tax otherwise d

Free access — add to your briefcase to read the full text and ask questions with AI

1.
Credit allowed.
A taxpayer that claims a depreciation deduction under the Code, Section 168(k) for property placed in service in the State during a taxable year that begins on or after January 1, 2015 and before January 1, 2020 is allowed a credit as follows:
1-A.
Credit allowed; on or after January 1, 2020 and before January 1, 2025.
A taxpayer that claims a depreciation deduction under the Code, Section 168(k) for property placed in service in the State during a taxable year that begins on or after January 1, 2020 and before January 1, 2025 is allowed a credit as follows:
2.
Certain property excluded.
The following property is not eligible for the credit under this section:
3.
Limitations; carry-forward.
The credit allowed under subsections 1 and 1‑A may not reduce the tax otherwise due under this Part to less than zero. Any unused portion of the credit may be carried forward to the following year or years for a period not to exceed 20 years.
4.
Recapture.
The credit allowed under this section must be fully recaptured to the extent claimed by the taxpayer if the property forming the basis of the credit is not used in the State for the entire 12-month period following the date it is placed in service in the State. The credit must be recaptured by filing an amended return in accordance with section 5227‑A for the tax year in which that property was used to calculate the credit under this section. The amended return must reflect the credit disallowed and the income modifications required by section 5122, subsection 1, paragraph KK and section 5200‑A, subsection 1, paragraph CC with respect to that property.

Maine § 36 §5219-NN (Maine capital investment credit for 2015 and after) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 2015, c. 388, Pt. A, §15 (NEW). PL 2015, c. 490, §8 (NEW). PL 2015, c. 503, §1 (NEW). PL 2017, c. 211, Pt. D, §8 (RPR). PL 2017, c. 211, Pt. D, §14 (AFF). PL 2019, c. 527, Pt. A, §§5-7 (AMD). PL 2021, c. 1, Pt. F, §§1-3 (AMD). PL 2023, c. 412, Pt. J, §12 (AMD).