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CCH Axcess Tax

State Use Only

California

Enter a "2" to indicate which assets qualify for the California Enhanced Oil Recovery Credit. The credit will be calculated as one-third of the calculated federal amount. The calculated California credit will be the "Basis Reduction" used in the calculation of California depreciation.

Kansas

For the 2012 tax year, taxpayers were able to elect to claim a deduction for property and equipment placed in service in Kansas. The deduction was based on the assets cost, computed after reduction for basis adjustments except for Section 179 expense.

In years after 2012, the State Deduction field will be used to track the deduction claimed in prior years.

Enter the Date Ceased to Qualify for the State Deduction to compute recapture. There must be an amount in the State Deduction field.

Maine

The return wide default calculation for Maine can be chosen using Depreciation and Depletion Options and Overrides > Depreciation Options > Maine capital investment credit treatment field. An entry of "1" or "2" here overrides the calculation for this asset only. The entry in State field must be "ME".

Enter "1" if the Maine capital investment credit is being claimed for this asset. When this option is used, the amount of Sec 168(k) bonus depreciation claimed on the federal return is added back as an adjustment on the Maine return.

Enter "2" if the Maine capital investment credit is NOT being claimed or the asset does not qualify for the credit. When the credit is not claimed, Maine depreciation is calculated without 168(k) bonus depreciation. This calculation is compared to the federal calculation and an adjustment is made for the difference.