PARRIS N. GLENDENING, Governor

Ch. 84

(3) (III) THE QUALIFYING BUSINESS ENTITY SHALL OWE THE
DIFFERENCE AS TAXES PAYABLE TO THE STATE ON OR BEFORE THE END OF THE
SUCCEEDING TAXABLE YEAR FOR THE TAXABLE YEAR IN WHICH THE NUMBER OF
QUALIFIED POSITIONS FALLS MORE THAN 5% BELOW THE AVERAGE NUMBER OF
QUALIFIED POSITIONS DURING THE CREDIT YEAR.

(2) (I) DURING THE 3 TAXABLE YEARS SUCCEEDING THE CREDIT
YEAR, THE QUALIFIED BUSINESS ENTITY SHALL SUPPLY INFORMATION REQUIRED
BY THE DEPARTMENT IN REGULATION TO VERIFY THAT THE BUSINESS ENTITY IS
NOT SUBJECT TO PARAGRAPH (1) OF THIS SUBSECTION.

(II) THE DEPARTMENT MAY REQUIRE ANY INFORMATION
REQUIRED UNDER THIS PARAGRAPH TO BE VERIFIED BY AN INDEPENDENT
AUDITOR SELECTED BY THE BUSINESS ENTITY.

(G) (F) ANY INFORMATION PROVIDED TO THE COMPTROLLER OR THE
APPROPRIATE AGENCY BY A QUALIFIED BUSINESS ENTITY IN CONNECTION WITH
ELIGIBILITY FOR A CREDIT ALLOWED UNDER THIS SECTION SHALL BE SHARED BY
THE COMPTROLLER OR THE APPROPRIATE AGENCY WITH THE DEPARTMENT OF
BUSINESS AND ECONOMIC DEVELOPMENT AND SHALL BE SUBJECT TO THE
CONFIDENTIALITY REQUIREMENTS ESTABLISHED BY STATUTES OR REGULATIONS
APPLICABLE TO THE COMPTROLLER OR THE APPROPRIATE AGENCY.

(H) THE COMPTROLLER IN COOPERATION WITH THE DEPARTMENT SHALL
ADMINISTER THE CREDIT UNDER THIS SECTION.

(G) (1) SUBJECT TO THE PROVISIONS OF THIS SUBSECTION. THE
SECRETARY SHALL ADOPT REGULATIONS TO CARRY OUT THE PROVISIONS OF THIS
SUBTITLE.

(2) THE COMPTROLLER SHALL ADOPT REGULATIONS TO PROVIDE FOR
THE COMPUTATION. CARRYOVER. AND RECAPTURE OF THE CREDIT UNDER §
10 704.4 OF THE TAX - GENERAL ARTICLE.

(3) THE DEPARTMENT OF ASSESSMENTS AND TAXATION SHALL ADOPT
REGULATIONS TO PROVIDE FOR THE COMPUTATION, CARRYOVER, AND
RECAPTURE OF THE CREDIT UNDER §§ 8-214 AND 8-411 OF THE TAX - GENERAL
ARTICLE.

(4) THE MARYLAND INSURANCE COMMISSIONER SHALL ADOPT
REGULATIONS TO PROVIDE FOR THE COMPUTATION, CARRYOVER, AND
RECAPTURE OF THE CREDIT UNDER ARTICLE 48A, § 6-114 OF THE INSURANCE
ARTICLE.

(I) (II) THE DEPARTMENT SHALL REPORT TO THE GOVERNOR AND,
SUBJECT TO § 2-1312 OF THE STATE GOVERNMENT ARTICLE, TO THE GENERAL
ASSEMBLY BY NOVEMBER 1 OF EACH YEAR ON THE BUSINESS ENTITIES CERTIFIED
AS ELIGIBLE FOR TAX CREDITS APPROVED IN THE PRECEDING FISCAL YEAR.

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