Schedule C: Tax Credits for Corporations (2024)
Maine · Maine Revenue Services · Used for tax years 2024
Maine's 2024 Schedule C (Form 1120ME) reports refundable and nonrefundable tax credits for corporations and calculates the credit total entered on Form 1120ME. It also includes a worksheet for the minimum tax credit and its carryover.
Who files this form
The 2024 Schedule C is for corporations reporting tax credits with Maine Form 1120ME. It lists nonrefundable and refundable credits and must be enclosed with Form 1120ME.
What you'll need
- Form 1120ME: Schedule C uses the name shown on that form, your federal EIN, and tax amounts from the return.
- Credit worksheets: Attach worksheets. They are available at maine.gov/revenue/tax-return-forms.
- Minimum tax credit worksheet, if claiming that credit: Complete and attach the worksheet on page 2. It uses the carryover from line 4 of your 2023 Worksheet for Minimum Tax Credit.
How to file
Enclose Schedule C with your 2024 Form 1120ME and attach the credit worksheets.
- Enter your name as shown on Form 1120ME and your federal EIN.
- Add nonrefundable credits on lines 1a through 1p and enter the total on line 1q. Enter total tax from Form 1120ME, line 6c, on line 1r. On line 1s, enter the smaller of lines 1q and 1r.
- Add refundable credits on lines 2a through 2d and enter the total on line 2e.
- Enter the sum of Schedule C lines 1s and 2e on Form 1120ME, line 7c.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Do not enter dollar signs, commas, or decimals in the amount fields.
- Do not leave out the required credit worksheets. For the minimum tax credit on line 1g, complete and attach the worksheet on page 2.
- Remember to enclose Schedule C with Form 1120ME.
Questions people ask
How much can I enter as allowable nonrefundable credits?
Enter the smaller of your total nonrefundable credits on line 1q or your total tax on line 1r. Put that amount on line 1s.
Where does the credit total go on Form 1120ME?
Add Schedule C line 1s, allowable nonrefundable credits, and line 2e, total refundable credits. Enter the sum on Form 1120ME, line 7c.
How is the 2024 minimum tax credit calculated?
Use the worksheet on page 2. Line 1 is your minimum tax credit carryover from 2023. Line 2 is Form 1120ME, line 6a, minus all Schedule C credits except the minimum tax credit. Enter the smaller of worksheet lines 1 and 2 on worksheet line 3 and Schedule C, line 1g. The carryover to 2025 is worksheet line 1 minus line 3.
Where can I get credit worksheets?
The form directs you to maine.gov/revenue/tax-return-forms. Attach the worksheets to Schedule C.