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ROBERT L. EHRLICH, JR., Governor Ch. 129
[(c)] (E) (D) If the credit allowed under this section IN ANY TAXABLE YEAR
exceeds the State income tax[, any unused credit may be carried forward and applied
for succeeding taxable years until the earlier of:
(1) the full amount of the credit is used; or
(2) the expiration of the 10th taxable year after the taxable year in
which the credit arose] OTHERWISE PAYABLE BY THE INDIVIDUAL OR CORPORATION
FOR THAT TAXABLE YEAR, THE INDIVIDUAL OR CORPORATION MAY CLAIM A REFUND
IN THE AMOUNT OF THE EXCESS.
(F) (E) (1) ON JANUARY 1, 2007, AND EACH YEAR THEREAFTER, THE
ADMINISTRATION SHALL PROVIDE TO THE COMPTROLLER A LIST OF ALL TAXPAYERS
IN THE PRIOR TAX YEAR THAT HAVE BEEN ISSUED AN INITIAL CREDIT CERTIFICATE
AND SHALL SPECIFY FOR EACH TAXPAYER THE EARLIEST TAX YEAR FOR WHICH THE
CREDIT MAY BE CLAIMED AND THE MAXIMUM AMOUNT OF CREDIT ALLOWED.
(2) (I) ON OR BEFORE OCTOBER 1, 3699 2007 AND EACH YEAR
THEREAFTER, THE COMPTROLLER AND THE ADMINISTRATION JOINTLY SHALL
SUBMIT TO THE GOVERNOR AND, SUBJECT TO § 2-1246 OF THE STATE GOVERNMENT
ARTICLE, TO THE GENERAL ASSEMBLY A WRITTEN REPORT REGARDING:
1. THE NUMBER OF CERTIFICATIONS AND TAXPAYERS
CLAIMING THE CREDIT UNDER THIS SECTION;
2. THE NAME AND PHYSICAL LOCATION OF EACH TAXPAYER
ISSUED AN INITIAL CREDIT CERTIFICATE;
3. THE MAXIMUM CREDIT AMOUNT APPROVED FOR EACH
TAXPAYER;
4. THE GEOGRAPHICAL DISTRIBUTION OF THE CREDITS
CLAIMED; AND
5. ANY OTHER AVAILABLE INFORMATION THE
ADMINISTRATION DETERMINES TO BE MEANINGFUL AND APPROPRIATE.
(II) THE COMPTROLLER SHALL ENSURE THAT THE INFORMATION
IS PRESENTED AND CLASSIFIED IN A MANNER CONSISTENT WITH THE
CONFIDENTIALITY OF TAX RETURN INFORMATION.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2006.
Approved April 25, 2006.
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- 783 -
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