Schedule C: Tax Credits for Corporations (2025)
Maine · Maine Revenue Services · Used for tax years 2025
Maine Schedule C (Form 1120ME) reports corporations’ nonrefundable and refundable tax credits for 2025 and calculates the credit amounts to enter on Form 1120ME. It also includes a worksheet for the minimum tax credit and its carryover.
Who files this form
Schedule C is for corporations claiming tax credits on their 2025 Maine Form 1120ME. It lists both nonrefundable and refundable credits and must be enclosed with Form 1120ME.
What you'll need
- Your 2025 Form 1120ME, including the name shown on that form, federal EIN, and tax amounts needed for Schedule C.
- Credit worksheets. The form says to attach worksheets, which are available at maine.gov/revenue/tax-return-forms.
- If claiming the minimum tax credit, the completed worksheet on page 2. You will also need the carryover amount from line 4 of your 2024 Worksheet for Minimum Tax Credit.
How to file
Enclose Schedule C with your 2025 Form 1120ME and attach the credit worksheets. If claiming the minimum tax credit on line 1g, complete and attach the worksheet on page 2.
Enter the sum of Schedule C lines 1t and 2f on Form 1120ME, line 7c.
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, complete and attach the worksheet on page 2.
- Remember to enclose Schedule C with Form 1120ME.
- Continue to page 2 for the remaining refundable credit lines and the refundable credit total.
Questions people ask
How do I calculate allowable nonrefundable credits?
Add lines 1a through 1q and enter the total on line 1r. Enter total tax from Form 1120ME, line 6c, on line 1s. On line 1t, enter the smaller of lines 1r and 1s.
How do I total refundable credits?
Add lines 2a through 2e and enter the total on line 2f. Add that amount to line 1t and report the combined amount on Form 1120ME, line 7c.
How is the minimum tax credit calculated for 2025?
Use the worksheet on page 2. Line 1 is the minimum tax credit carryover from 2024. Line 2 is Form 1120ME, line 6a, minus all Schedule C credits except the minimum tax credit. Enter the smaller of those amounts on worksheet line 3 and Schedule C, line 1g. Worksheet line 4 shows the carryover to 2026: line 1 minus line 3.
Where can I get credit worksheets?
The form directs you to maine.gov/revenue/tax-return-forms.