Article: 50556
Overview
If the Massachusetts Life Sciences Center (MLSC) authorized you to claim the Refundable Life Science Credit, you can report and apply this credit to your Massachusetts individual income tax return using Schedule RLSC.
This credit is part of the Commonwealth’s initiative to support qualified life sciences companies in creating jobs and driving innovation.
Who Qualifies for the Credit?
You may claim the Refundable Life Science Credit if:
- You have been certified and awarded the credit by the Massachusetts Life Sciences Center (MLSC).
- You received a credit allocation for the applicable tax year.
- You are reporting the credit either directly as an individual or as a member/partner/shareholder of a qualifying pass-through entity.
Note: This credit is refundable, meaning you may receive a refund even if the credit exceeds your tax liability.
Key Notes
- You must have a valid certificate issued by MLSC to claim this credit.
- Attachments or proof of award may be required by the Department of Revenue if your return is reviewed.
- This credit does not carry forward; any excess is refunded.
How to Report
- Navigate to the State Taxes section on the left-hand side of the screen.
- Click the link: I’d like to see the forms I’ve filled out or search for a form.
- In the dropdown menu, select Massachusetts.
- Click on the Credits tab.
- Select Schedule RLSC – Refundable Life Science Credit to open the screen.
- Enter all applicable information.
- Click Save once complete.
Additional Resources
For detailed instructions on your Massachusetts return, refer to the official tax guide.