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Ch. 597
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LAWS OF MARYLAND
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1948
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2. IS NOT HIRED TO REPLACE AN INDIVIDUAL
WHO WAS EMPLOYED BY THE BUSINESS ENTITY IN THAT OR ANY PRECEDING
TAXABLE YEAR; HOWEVER, IF THE QUALIFIED EMPLOYEE WAS HIRED TO
REPLACE ANOTHER QUALIFIED EMPLOYEE FOR WHOM THE BUSINESS ENTITY
RECEIVED A CREDIT UNDER PARAGRAPHS (1)(I) OR (2)(II) IN THE
IMMEDIATELY PRECEDING TAXABLE YEAR, THEN THE BUSINESS ENTITY MAY
TREAT THE NEW QUALIFIED EMPLOYEE AS THE REPLACEMENT FOR THE OTHER
QUALIFIED EMPLOYEE TO DETERMINE ANY CREDIT THAT MAY BE AVAILABLE
TO THE BUSINESS ENTITY UNDER PARAGRAPHS (2)(II) OR (2)(III)1.;
AND
(II) UP TO $1,000 OF THE WAGES PAID IN THE
TAXABLE YEAR FOR WHICH THE CREDIT IS CLAIMED TO EACH QUALIFIED
EMPLOYEE WHO IS AN ECONOMICALLY DISADVANTAGED INDIVIDUAL, IF THE
BUSINESS ENTITY RECEIVED A CREDIT UNDER PARAGRAPH (1)(I) FOR THE
QUALIFIED EMPLOYEE IN THE IMMEDIATELY PRECEDING TAXABLE YEAR; AND
(III) UP TO $500 OF THE WAGES PAID IN THE
TAXABLE YEAR FOR WHICH THE CREDIT IS CLAIMED TO EACH QUALIFIED
EMPLOYEE WHO IS NOT HIRED TO REPLACE AN INDIVIDUAL WHO WAS
EMPLOYED BY THE BUSINESS ENTITY IN THAT OR ANY PRECEDING TAXABLE
YEAR AND WHO:
1. IS AN ECONOMICALLY DISADVANTAGED
INDIVIDUAL, IF THE BUSINESS ENTITY RECEIVED A CREDIT UNDER
PARAGRAPHS (1)(I) AND (2)(II) FOR THE QUALIFIED EMPLOYEE IN THE 2
IMMEDIATELY PRECEDING TAXABLE YEARS; OR
2. IS NOT AN ECONOMICALLY DISADVANTAGED
INDIVIDUAL, IF THE QUALIFIED EMPLOYEE BECAME A QUALIFIED EMPLOYEE
DURING THE TAXABLE YEAR TO WHICH THE CREDIT APPLIES.
(c) If the tax credits available under this section in any
taxable year exceed the tax imposed by § 288 of this article for
that taxable year, [such] THE excess may be applied by the
business entity as a credit against the tax imposed by § 288 of
this article for the next succeeding taxable year or until:
(1) All [such] THE excess is fully applied; or
(2) The expiration of the fifth taxable year from the
date the qualified employee to which such credit first applies
was hired by the business entity, whichever occurs first.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 31, 1983.
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