Schedule CRS: Credit Recapture Schedule (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule CRS is the 2024 Credit Recapture Schedule. It reports original and revised credit amounts, credits never used, and any resulting recapture tax added to the return.
Who files this form
Taxpayers who must calculate recapture of a Massachusetts tax credit must complete Schedule CRS, even if the calculation shows no recapture tax is due.
Certain credits are subject to recapture under the law authorizing the credit. For example, the form says investment tax credit recapture can apply if an asset for which the credit was taken is disposed of before the end of its useful life.
What you'll need
To complete the schedule, gather the information needed for each credit being recalculated:
- Taxpayer name and identification number.
- Credit type and the related period end date.
- Certificate number, if the credit is tracked by certificate number.
- Original and revised credit amounts.
- The amount of the credit that was never used.
- Any available credit carryover that must be reduced.
Common mistakes
- Do not skip Schedule CRS just because no recapture tax is due. You must complete it if a recapture calculation is required.
- Do not combine credits that must be listed separately. For credits tracked by certificate number, list each certificate number and its associated credits separately. For other credits, list them separately by type and year.
- Include only credits and certificate numbers or tax years for which a credit reduction is being calculated.
- For investment tax credits and similar credits, if only some assets from a given year are subject to recapture, use the original and revised credit amounts for those assets only.
- Remember to reduce any available credit carryover by the amount used to offset tentative recapture.
Questions people ask
Do I need to complete Schedule CRS if I owe no recapture tax?
Yes. If you must make a recapture calculation, you must complete the schedule whether or not recapture tax is due.
How is tentative recapture calculated?
For each credit, subtract the revised credit amount from the original credit amount. The difference is the credit reduction, also called tentative recapture.
What if part of the credit was never used?
Subtract the unused credit associated with the applicable certificate number or tax year from tentative recapture. Any part of the reduction not offset is added to the return as recapture tax. Reduce any available credit carryover by the amount used to offset tentative recapture.
How do I list credits with certificate numbers?
If a credit is tracked by a certificate number that must be reported on the return to claim it, enter each certificate number and its associated credits separately. List only those for which a credit reduction is being calculated.