Schedule C (Form 1120ME), Tax Credits for Corporations – Maine

Schedule C (Form 1120ME), Tax Credits for Corporations, is the Maine Revenue Services schedule enclosed with Form 1120ME on which a corporation lists its nonrefundable and refundable tax credits for 2025 and figures the credits that carry to Form 1120ME, line 7c.

The schedule has two groups of credits. Nonrefundable credits are entered on lines 1a through 1q and totaled on line 1r. They include the seed capital investment tax credit, the research expense tax credit, the Pine Tree Development Zone regular tax credit, the minimum tax credit, the wellness program credit and the certified visual media production credit, among others. Line 1s brings in the total tax from Form 1120ME, line 6c, and line 1t takes the smaller of line 1r or line 1s as the allowable nonrefundable credits.

Refundable credits go on lines 2a through 2e: the credit for rehabilitation of historic properties, the new markets capital investment credit, the credit for affordable housing, the refundable Dirigo business incentives tax credit and other refundable credits. Line 2f totals them. The sum of line 1t and line 2f is entered on Form 1120ME, line 7c.

Page 2 holds the 2025 Worksheet for Minimum Tax Credit, which supports line 1g and figures the carryover to 2026. The schedule is part of the Form 1120ME package and is not filed on its own.

Corporations that file Maine Form 1120ME and claim one or more of the credits printed on this schedule enclose it with that return. The form says to enclose it with your Form 1120ME, and it asks for the name as shown on Form 1120ME and the federal EIN.

• Claimants of nonrefundable credits: use lines 1a through 1q for the credits listed there, including carryforwards such as the Maine capital investment credit carryforward on line 1e.
• Claimants of refundable credits: use lines 2a through 2e.
• Corporations with a minimum tax credit: complete the worksheet on page 2 and attach it. Line 1 of the worksheet starts from the carryover figured on line 4 of the 2024 Worksheet for Minimum Tax Credit.
• Credits not named on the form: lines 1q and 2e are for other nonrefundable and other refundable credits, and the form refers you to the instructions for them.

The form prints no exclusions and says nothing about who may sign for a corporation. Signature rules belong to Form 1120ME.

Schedule C (Form 1120ME) is completed and submitted with Form 1120ME, so it has no separate due date: it is due whenever the return it is enclosed with is due. This edition is for 2025, as printed on the form. Check the Form 1120ME instructions for the return's due date.

Two timing points come from the form itself. The minimum tax credit worksheet starts from the carryover from 2024, so have the 2024 worksheet at hand. It also figures the carryover to 2026 on its line 4.

Schedule C (Form 1120ME) is sent with Form 1120ME, either electronically or on paper, and it has no address or portal of its own.

• Electronically: Maine Revenue Services says tax return forms and supporting documents must be filed electronically (see Electronic Services on its website) or submitted on paper.
• On paper: enclose the completed schedule, with any worksheets, in the package for Form 1120ME. The form tells you to attach worksheets and to get them at maine.gov/revenue/tax-return-forms. Use the mailing address in the Form 1120ME instructions, since this schedule prints none.
• Do not send electronic media. Maine Revenue Services will not process disks, USB flash drives or any other electronic media, and destroys them.

The credit totals from this schedule are carried to Form 1120ME, line 7c, so complete the schedule before finishing that line. FillingPDF lets you fill out and download the PDF; submission follows the channels above.