§5219-G. Tax credits for partners, S corporation shareholders and beneficiaries of estates and trusts
1. Tax credits for partners and S corporation shareholders. Each partner of a partnership or shareholder of an S corporation is allowed a credit against the tax imposed by this Part in an amount equal to the partner's or shareholder's pro rata share of the tax credits described in this chapter, except that in the case of credits attributable to a financial institution subject to tax under chapter 819, the credits are allowable only against the tax imposed by that chapter. A partner's pro rata share must equal the partner's percentage interest in the taxable income or loss of the partnership for federal income tax purposes for the taxable year. The pro rata share of a shareholder of an S corporation must equal the shareholder's percentage share of stock of the S corporation as of the end of the taxable year.
[PL 1999, c. 708, §46 (AMD).]
2. Tax credits for beneficiaries of estates and trusts. Each beneficiary of an estate or trust is allowed a credit against the tax imposed by this Part in an amount equal to the beneficiary's pro rata share of the tax credits described in this chapter. A beneficiary's pro rata share must equal the beneficiary's share of federal distributable net income of the estate or trust. If the estate or trust has no federal distributable net income for the taxable year, the share of each beneficiary in the applicable tax credits is in proportion to that beneficiary's share of the estate or trust income for that year, under local law or the terms of the instrument, which is required to be distributed currently, and any other amounts of income distributed in that year. Any balance of the applicable credits is allocated to the estate or trust.
[PL 1999, c. 521, Pt. B, §8 (NEW); PL 1999, c. 521, Pt. B, §11 (AFF).]
SECTION HISTORY
PL 1991, c. 546, §34 (NEW). PL 1997, c. 746, §20 (AMD). PL 1997, c. 746, §24 (AFF). PL 1999, c. 521, §B8 (RPR). PL 1999, c. 521, §B11 (AFF). PL 1999, c. 708, §46 (AMD).
Structure Maine Revised Statutes
36 §5213. New jobs credit (REPEALED)
36 §5213-A. Sales tax fairness credit
36 §5214. Legislative findings and purpose (REPEALED)
36 §5214-A. Credit to beneficiary for accumulation distribution
36 §5215. Jobs and investment tax credit
36 §5216-A. Credit for investment in the Maine Natural Resource Capital Company (REPEALED)
36 §5216-B. Seed capital investment tax credit
36 §5216-C. Contributions to family development account reserve funds (REPEALED)
36 §5216-D. Maine Fishery Infrastructure Investment Tax Credit Program (REPEALED)
36 §5217. Employer-assisted day care
36 §5217-A. Income tax paid to other taxing jurisdiction
36 §5217-B. Employer-provided long-term care benefits (REPEALED)
36 §5217-C. Employer-provided long-term care benefits on and after January 1, 2000
36 §5217-D. Credit for educational opportunity
36 §5217-E. Student Loan Repayment Tax Credit
36 §5218. Income tax credit for child care expenses
36 §5218-A. Income tax credit for adult dependent care expenses
36 §5219. Income tax credit for installation of renewable energy systems (REPEALED)
36 §5219-A. Retirement and disability credit (REPEALED)
36 §5219-B. Conformity credit (REPEALED)
36 §5219-C. Forest management planning income credits (REPEALED)
36 §5219-D. Solid waste reduction investment tax credit (REPEALED)
36 §5219-E. Investment tax credit (REPEALED)
36 §5219-F. Reclaimed wood waste and cedar waste credit (REPEALED)
36 §5219-H. Application of credits against taxes
36 §5219-I. Nursing home care credit (REPEALED)
36 §5219-J. Catastrophic health expense credit (REPEALED)
36 §5219-K. Research expense tax credit
36 §5219-L. Super credit for substantially increased research and development
36 §5219-M. High-technology investment tax credit
36 §5219-N. Low-income tax credit (REPEALED)
36 §5219-O. Credit for dependent health benefits paid
36 §5219-P. Clean fuel vehicle economic and infrastructure development (REPEALED)
36 §5219-Q. Quality child care investment credit
36 §5219-S. Earned income credit
36 §5219-U. Educational attainment investment tax credit (REPEALED)
36 §5219-V. Recruitment credit (REPEALED)
36 §5219-W. Pine Tree Development Zone tax credit
36 §5219-X. Biofuel commercial production and commercial use
36 §5219-Y. Certified visual media production credit
36 §5219-Z. Tax credit for pollution-reducing boilers (REPEALED)
36 §5219-AA. Community wind power generator credit (REPEALED)
36 §5219-BB. Credit for rehabilitation of historic properties after 2007
36 §5219-CC. Community wind power generator credit (REPEALED)
36 §5219-FF. Credit for wellness programs
36 §5219-GG. Maine capital investment credit
36 §5219-HH. New markets capital investment credit
36 §5219-II. Property tax fairness credit
36 §5219-JJ. Maine capital investment credit for 2013 (REALLOCATED FROM TITLE 36, SECTION 5219-II)
36 §5219-KK. Property tax fairness credit for tax years beginning on or after January 1, 2014
36 §5219-LL. Primary care access credit (REALLOCATED FROM TITLE 36, SECTION 5219-KK)
36 §5219-MM. Maine capital investment credit for 2014
36 §5219-NN. Maine capital investment credit for 2015 and after
36 §5219-OO. Credit for disability income protection plans in the workplace
36 §5219-PP. Credit for certain homestead modifications
36 §5219-QQ. Credit for major business headquarters expansions
36 §5219-RR. Tax credit for Maine shipbuilding facility investment
36 §5219-SS. Dependent exemption tax credit
36 §5219-UU. Employer credit for family and medical leave
36 §5219-VV. Credit for major food processing and manufacturing facility expansion
36 §5219-WW. Credit for affordable housing
36 §5219-XX. Renewable chemicals tax credit
36 §5219-YY. Credit for paper manufacturing facility investment
36 §5219-ZZ. Access to justice credit (REALLOCATED FROM TITLE 36, SECTION 5219-YY)