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ROBERT L. EHRLICH, JR., Governor Ch. 98
1. the numerator of which is the maximum specified under
subparagraph (i) of this paragraph; and
2. the denominator of which is the total of all credits applied
for by all applicants under subsection (b)(1) of this section in the calendar year.
(3) (i) Except as provided in paragraph (4) of this subsection, the total
amount of credits approved by the Department under subsection (b)(2) of this section
may not exceed [$3,000,000] $6,000,000 for any calendar year.
(ii) Subject to paragraph (4) of this subsection, if the total amount
of credits applied for by all individuals and corporations under subsection (b)(2) of this
section exceeds the maximum specified under subparagraph (i) of this paragraph, the
Department shall approve a credit under subsection (b)(2) of this section for each
applicant in an amount equal to the product of multiplying the credit applied for by
the applicant times a fraction:
1. the numerator of which is the maximum specified under
subparagraph (i) of this paragraph; and
2. the denominator of which is the total of all credits applied
for by all applicants under subsection (b)(2) of this section in the calendar year.
(4) (i) For any calendar year, if the maximum specified under
paragraph (2)(i) of this subsection exceeds the total amount of credits applied for by
all individuals and corporations under subsection (b)(1) of this section, the maximum
specified under paragraph (3)(i) of this subsection shall be increased for that calendar
year by an amount equal to the amount by which the maximum specified under
paragraph (2)(i) of this subsection exceeds the total amount of credits applied for by
all individuals and corporations under subsection (b)(1) of this section.
(ii) For any calendar year, if the maximum specified under
paragraph (3)(i) of this subsection exceeds the total amount of credits applied for by
all individuals and corporations under subsection (b)(2) of this section, the maximum
specified under paragraph (2)(i) of this subsection shall be increased for that calendar
year by an amount equal to the amount by which the maximum specified under
paragraph (3)(i) of this subsection exceeds the total amount of credits applied for by
all individuals and corporations under subsection (b)(2) of this section.
(5) By December 15 of the calendar year following the end of the taxable
year in which the Maryland qualified research and development expenses were
incurred, the Department shall certify to the individual or corporation the amount of
the research and development tax credits approved by the Department for the
individual or corporation under subsection (b)(1) and (2) of this section.
(6) To claim the approved credits allowed under this section, an
individual or corporation shall:
(i) file an amended income tax return for the taxable year in which
the Maryland qualified research and development expense was incurred; and
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