U-CS: Credits Shared from Other Members (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule U-CS reports credits shared from another member for 2024. It identifies the member using the credits, the member providing them, the principal reporting corporation, the credit type, and the amount shared between the corporations for all years.
Who files this form
Schedule U-CS reports credits shared from another member. It identifies the member using the credits, the member whose credits are being used, and the principal reporting corporation.
What you'll need
Have the following information ready:
- Names and federal identification numbers for the member using the credits, the member sharing the credits, and the principal reporting corporation.
- The taxable period and tax type.
- The type of corporation, if taking the Investment Tax Credit (ITC).
- The type of credit being claimed and its certificate number.
- The earliest period end date to which the shared credits relate.
- The amount of credit being shared between the two corporations for all years.
How to file
File electronically. The form states that paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. See the Massachusetts Department of Revenue’s electronic filing and payment requirements for more information. The form also refers filers to TIRs 16-9 and 21-9.
Common mistakes
- Submitting a paper return: The form warns that electronic filing is required and paper returns will not be accepted.
- Selecting multiple credit types: The form says to choose only one type of credit being claimed.
Questions people ask
Whose identification information goes on Schedule U-CS?
Enter the name and federal identification number of the member using the credits, the member whose credits are being used, and the principal reporting corporation.
Can I select more than one credit type?
No. The form says to choose only one credit type.
What date belongs on line 1?
Enter the earliest period end date to which the credits being shared relate.
What goes on lines 2 and 3?
Line 2 asks for the certificate number for the type of credit being claimed. Line 3 asks for the amount of credit being shared between the two corporations for all years.