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ROBERT L. EHRLICH, JR., Governor Ch. 98
CHAPTER 98
(Senate Bill 217)
AN ACT concerning
Research and Development Tax Credit
FOR the purpose of altering the maximum amount of credits that the Department of
Business and Economic Development may approve for any calendar year for
each component of the Maryland Research and Development Tax Credit;
decreasing the number of succeeding years during which an individual or
corporation may carry forward the Maryland Research and Development Tax
Credit and apply the excess as a credit against the State income tax; extending
the time period during which the research and development tax credit may be
taken by qualified business entities; requiring the Department to make a
certain report by a certain date each year; providing for the application of
certain provisions of this Act; and generally relating to the research and
development tax credit program.
BY repealing and reenacting, with amendments,
Article - Tax - General
Section 10-721
Annotated Code of Maryland
(2004 Replacement Volume)
BY repealing and reenacting, with amendments,
Chapter 515 of the Acts of the General Assembly of 2000
Section 2 and 4
BY repealing and reenacting, with amendments,
Chapter 516 of the Acts of the General Assembly of 2000
Section 2 and 4
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
10-721.
(a) (1) In this section the following words have the meanings indicated.
(2) "Department" means the Department of Business and Economic
Development.
(3) "Maryland base amount" means the base amount as defined in § 41(c)
of the Internal Revenue Code that is attributable to Maryland, determined by:
(i) substituting "Maryland qualified research and development
expense" for "qualified research expense";
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