WILLIAM DONALD SCHAEFER, Governor

Ch. 2

IF THE CREDIT ALLOWED UNDER THIS SECTION IN ANY TAXABLE YEAR
EXCEEDS THE STATE INCOME TAX FOR THAT TAXABLE YEAR, A BUSINESS
ENTITY MAY APPLY THE EXCESS AS A CREDIT AGAINST THE STATE INCOME
TAX FOR SUCCEEDING TAXABLE YEARS UNTIL THE EARLIER OF:

(1)  THE FULL AMOUNT OF THE EXCESS IS USED; OR

(2)  THE EXPIRATION OF THE 5TH TAXABLE YEAR FROM THE
DATE ON WHICH THE BUSINESS ENTITY HIRED THE QUALIFIED EMPLOYEE TO
WHOM THE CREDIT FIRST APPLIES.

(F)  MODIFICATION INCREASING TAXABLE INCOME BASE.

IF A CREDIT IS CLAIMED UNDER THIS SECTION, THE CLAIMANT MUST
MAKE THE ADDITION REQUIRED IN § 10-206 OR § 10-306 OF THIS TITLE.

(G)  LIMITATION ON CREDIT ELIGIBILITY.

A BUSINESS ENTITY IS ENTITLED TO RECEIVE THE CREDITS ALLOWED
UNDER SUBSECTIONS (C)(2) AND (D)(1)(II)2. OF THIS SECTION, IF:

(1)  THE SECRETARY OF ECONOMIC AND EMPLOYMENT
DEVELOPMENT DETERMINES THAT THE AVAILABILITY OF THE CREDIT WILL
ENABLE THE BUSINESS ENTITY TO MAINTAIN OR IMPROVE ITS CURRENT
LEVEL OF OPERATIONS IN THE STATE; AND

(2)  THE BOARD OF PUBLIC WORKS APPROVES THE CREDIT.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
291A.

In subsection (a)(5)(i) of this section, the reference
to the "federal Jobs Training Partnership Act" is
substituted for the former words "Federal
Comprehensive Employment and Training Act", for
clarity.

In subsection (b) and the introductory language of
subsection (e) of this section, the defined term
"State income tax" and the word "only" are substituted
for the former references to "the tax imposed by [§]
288 of this article", for clarity and brevity.

In subsection (f) of this section, the reference to
the modification "required in § 10-206 or § 10-306 of
this title" is substituted for the former requirement
that "an appropriate modification must be made in the
taxable year ... to the extent of the credit claimed",
for clarity and brevity.

Defined terms: "Individual" § 10-101
"Person" § 1-101 "Property" § 1-101
"State income tax" § 10-101
"Taxable year" § 10-101 "Wages" § 10-101

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