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Credit claim forms for corporations (current year) - Tax.NY.gov

Credit claim forms for corporations (current year) - Tax.NY.gov 2025

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The document is a worksheet for claiming the New Markets Capital Investment Credit for tax year 2022 in Maine. It outlines eligibility requirements, including the necessity of holding a Maine New Markets Capital Investment Program Tax Credit Certificate issued by the Finance Authority of Maine (FAME) for investments made between 2016 and 2020. The credit allows holders to claim a total of 39% over seven years based on qualified equity investments, with specific instructions for calculating and claiming the credit, including provisions for pass-through entities and recapture conditions.

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Click ‘Get Form’ to open the Credit claim form in the editor.
Begin by entering your name and EIN/SSN in the designated fields at the top of the form. Ensure accuracy as this information is crucial for processing.
If applicable, provide details for any pass-through entities, including their names and EINs, along with your ownership percentage.
Complete lines 1 through 8 by entering the purchase prices of qualified equity investments and calculating credit amounts as instructed. Remember to enclose a copy of your Maine New Markets Capital Investment Program Tax Credit Certificate.
Review all entries for accuracy before finalizing. Use our platform’s features to save and share your completed form easily.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Do you get a refund for foreign tax credit?

If you claimed an itemized deduction for a given year for eligible foreign taxes, you can choose instead to claim a foreign tax credit thatll result in a refund for that year by filing an amended return on Form 1040-X within 10 years from the original due date of your return.

Where can I find NYS tax forms?

If you are trying to locate, download, or print state of New York state tax forms, you can do so on the New York Department of Taxation website.

Who needs to fill out form 1116?

Who should file. File Form 1116 to claim the foreign tax credit if the election, earlier, doesnt apply and: You are an individual, estate, or trust; and. You paid or accrued certain foreign taxes to a foreign country or U.S. territory.

What is NYS Form TR 570?

An LLC/LLP Request for Information (TR-570) is issued by the New York Department of Taxation and Finance.

Who may qualify for the foreign tax credit?

The foreign tax credit is a U.S. tax credit used to offset income tax paid abroad. U.S. citizens and resident aliens who pay income taxes imposed by a foreign country or U.S. possession can claim the credit.

Is a tax credit a refund?

Tax credits are amounts you subtract from your bottom-line tax due when you file your tax return. Most tax credits can reduce your tax only until it reaches $0. Refundable credits go beyond that to give you any remaining credit as a refund. Thats why its best to file taxes even if you dont have to.

What is the NY resident tax credit form?

Who should file Form IT-112-R? Your client should file this form to claim a credit against their New York State tax if they resided in New York for all or part of the year, and they had income sourced to and taxed by: Another state. A local government within another state.

What is a Form 1116 tax credit?

File Form 1116, Foreign Tax Credit, to claim the foreign tax credit if you are an individual, estate or trust, and you paid or accrued certain foreign taxes to a foreign country or U.S. possession. Corporations file Form 1118, Foreign Tax CreditCorporations, to claim a foreign tax credit.