HARRY HUGHES, Governor

1031

REHIRED NOT MORE THAN ONCE FOR THE POSITION HELD BY THE QUALIFIED
EMPLOYEE PRIOR TO LAYOFF;

(III) UP TO $750 OF THE WAGES PAID IN THE
TAXABLE YEAR FOR WHICH THE CREDIT IS CLAIMED TO EACH QUALIFIED
EMPLOYEE WHO HAS BEEN REHIRED AFTER BEING LAID OFF FOR MORE THAN
6 MONTHS BY THE BUSINESS ENTITY, IF THE BUSINESS ENTITY RECEIVED
A CREDIT UNDER PARAGRAPH (1)(II) OR PARAGRAPH (2)(II)2. FOR THE
QUALIFIED EMPLOYEE IN THE IMMEDIATELY PRECEDING TAXABLE YEAR; AND

[(iii)] (IV) 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
paragraph (l)(i) and (2)(ii) OR PARAGRAPH (2)(I) AND A CREDIT
UNDER PARAGRAPH (2)(II)1. of this subsection 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; AND

3.  HAS NOT BEEN REHIRED AFTER BEING LAID
OFF FOR MORE THAN 6 MONTHS BY THE BUSINESS ENTITY.

(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, 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 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.

(d)  Whenever a credit against income tax is claimed under
this section, an appropriate modification must be made in the
taxable year for which the wages claimed as a credit were paid,
increasing the taxable income base to the extent of the credit
claimed.

(E) A BUSINESS ENTITY IS ENTITLED TO RECEIVE THE TAX
CREDITS AVAILABLE UNDER SUBSECTIONS (B)(1)(II) AND (B)(2)(II)2.

OF THIS SECTION, IF:

(1) THE SECRETARY OF ECONOMIC AND COMMUNITY
DEVELOPMENT DETERMINES THE AVAILABILITY OF SUCH TAX CREDITS WILL
ENABLE THE BUSINESS ENTITY TO MAINTAIN OR IMPROVE ITS CURRENT
LEVEL OF OPERATIONS IN THIS STATE; AND