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Ch. 98
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2005 LAWS OF MARYLAND
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(1) for the taxable year that ends in calendar year 2000, the taxpayer
may apply for a prorated credit for research and development expenses paid or
incurred in the taxable year for that part of the taxable year that falls in calendar
year 2000; and
(2) for the taxable year that begins in calendar year [2004] 2010, the
taxpayer may apply for only a prorated credit for research and development expenses
paid or incurred in the taxable year for that part of the taxable year that falls in
calendar year [2004] 2010.
SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 2000. It shall remain effective for a period of [6] 12 years and, at the end
of June 30, [2006] 2012, with no further action required by the General Assembly, this
Act shall be abrogated and of no further force and effect.
Chapter 516 of the Acts of 2000
SECTION 2. AND BE IT FURTHER ENACTED, That:
(a) Except as otherwise provided in this section, this Act shall be applicable to
all taxable years beginning after December 31, 1999 but before January 1, [2005]
2011.
(b) If a taxpayer's taxable year for income tax purposes is not the calendar
year:
(1) for the taxable year that ends in calendar year 2000, the taxpayer
may apply for a prorated credit for research and development expenses paid or
incurred in the taxable year for that part of the taxable year that falls in calendar
year 2000; and
(2) for the taxable year that begins in calendar year [2004] 2010, the
taxpayer may apply for only a prorated credit for research and development expenses
paid or incurred in the taxable year for that part of the taxable year that falls in
calendar year [2004] 2010.
SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2000. It shall remain effective for a period of [6] 12 years and, at the end of
June 30, [2006] 2012, with no further action required by the General Assembly, this
Act shall be abrogated and of no further force and effect.
SECTION 2. AND BE IT FURTHER ENACTED. That the changes to §
10-721(d) of the Tax - General Article as enacted by Section 1 of this Act shall be
applicable to tax credits approved for all taxable years beginning after December 31,
2004.
SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 2005.
Approved April 26, 2005.
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- 842 -
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