Carry Over of Unused Credit

Official source

Alternatively, at the option of the taxpayer, a taxpayer entitled to claim a credit under M.G.L. c. 62, § 6M or M.G.L. c. 63, § 38EE for a taxable year may carry over and apply against the taxpayer’s tax liability for any 1 or more of the succeeding 5 taxable years, the portion, as reduced from year to year, of the credit which exceeds the tax for the taxable year. If the taxpayer elects to carry over a credit balance, then the credit refund provisions allowed by 830 CMR 62.6M.1(7) shall not apply.

loading…

Carry Over of Unused Credit

Official source

Alternatively, at the option of the taxpayer, a taxpayer entitled to claim a credit under M.G.L. c. 62, § 6M or M.G.L. c. 63, § 38EE for a taxable year may carry over and apply against the taxpayer’s tax liability for any 1 or more of the succeeding 5 taxable years, the portion, as reduced from year to year, of the credit which exceeds the tax for the taxable year. If the taxpayer elects to carry over a credit balance, then the credit refund provisions allowed by 830 CMR 62.6M.1(7) shall not apply.