Schedule CMS: Credit Manager Schedule (2025)
Massachusetts · Massachusetts DOR · Used for tax years 2025
Massachusetts Schedule CMS is the 2025 Credit Manager Schedule for reporting available tax credits and the amounts used during the year. It tracks non-refundable and refundable credits, including credits received through Massachusetts K-1 schedules, and amounts shared with affili
Who files this form
Taxpayers with credits available for use in tax year 2025 must file Schedule CMS to report those credits and the amount of each credit used. List available credits even if you are not using them this year.
The schedule has separate sections for refundable and non-refundable credits, and for credits received through Massachusetts K-1 schedules.
What you'll need
Have the following information ready, as applicable:
- Your taxpayer name and identification number.
- Each credit's type, period end date, certificate number, and available amount or certificate balance.
- Amounts of credits used this year, shared with affiliates, or distributed to partners, shareholders or beneficiaries.
- Massachusetts K-1 schedules for credits received through those schedules, and the federal ID number of each credit source.
- For refundable credits, the reduction in the available balance and the refundable credit amount.
If you report non-expiring credits, enclose a statement with your return identifying credits converted to non-expiring status, consistent with your Schedule CMS reporting.
Common mistakes
- Leaving out unused credits. List all available credits, including credits not used this year.
- Filling in dates or certificate numbers for non-expiring credits. In section 1, fill in the oval on line 1b and leave lines 1c and 1d blank. In section 3, for non-expiring Research or Investment Tax credits, fill in line 3c and leave lines 3d and 3e blank.
- Forgetting the non-expiring credit statement. Taxpayers reporting non-expiring credits must enclose a statement with their return identifying credits converted to non-expiring status, consistent with the schedule.
- Putting transferred credits in the wrong section. Brownfields, Film Incentive and Medical Device credits cannot be reported in section 3. After applying through DOR for transfers or sales, use the new certificate numbers in section 1. Refundable Film Incentive credits received through transfers belong in section 2, not section 4.
Questions people ask
Do I list credits I am not using this year?
Yes. List all credits available, whether or not you use them in the current year.
Should I combine credits of the same type?
For credits tracked by certificate number, list each certificate number and its associated credits separately. For credits not tracked by certificate number, list them separately by credit type and the year to which they relate.
Where do refundable credits go?
Use section 2 when requesting a refund from credits not received through Massachusetts K-1 schedules or credit transfers. Film Incentive credits received through transfers are an exception and also go in section 2. Use section 4 for refundable credits received through Massachusetts K-1 schedules, but not for Film Incentive credits.
How do I report credits shared or distributed to others?
Corporations filing a combined report report credits shared with affiliates in the credit shared column. Pass-through entities use that column for credits distributed to each partner, shareholder or beneficiary. Brownfields, Film Incentive and Medical Device credits are exceptions: they must be transferred to those recipients.
How do I calculate the totals on page 1?
Add lines 1h and 3i for total credits taken this year. Add lines 2g and 4h for total refundable credits allowable this year.