PARRIS N. GLENDENING, Governor                                  Ch. 84

DEVELOPMENT AND SHALL BE SUBJECT TO THE CONFIDENTIALITY REQUIREMENTS
ESTABLISHED BY STATUTES OR REGULATIONS APPLICABLE TO THE COMPTROLLER OR
THE APPROPRIATE AGENCY.

(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, § 632(E) OF THE CODE.

(H) 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 IN THE PRECEDING FISCAL YEAR

5-1103.

(A) SUBJECT TO THE PROVISIONS OF THIS SECTION, THE PROVISIONS OF THIS
SUBTITLE AND THE TAX CREDIT AUTHORIZED UNDER THIS SUBTITLE SHALL
TERMINATE AS OF JANUARY 1, 2002

(B) (1) THE TAX CREDITS AUTHORIZED UNDER THIS SUBTITLE:

(I) MAY BE CLAIMED ONLY FOR QUALIFIED POSITIONS AT A NEWLY
ESTABLISHED OR EXPANDED FACILITY THAT COMMENCES OPERATIONS BEFORE
JANUARY! 2001; AND

(II) MAY NOT BE EARNED FOR ANY CREDIT YEAR BEGINNING ON OR
AFTER JANUARY 1, 2002.

(2) SUBJECT TO THE LIMITATIONS UNDER THIS SUBTITLE, FOR TAXABLE
YEARS BEGINNING ON OR AFTER JANUARY 1 2002 TAX CREDITS EARNED IN CREDIT
YEARS BEGINNING BEFORE JANUARY 1, 2002 MAY BE ALLOWED RATABLY OVER A 2-YEAR
PERIOD, MAY BE CARRIED FORWARD, AND ARE SUBJECT TO RECAPTURE AS PROVIDED IN
§ 5-1102 OF THIS SUBTITLE

Article 48A - Insurance Code
632.

(E) AN INSURER MAY CLAIM A CREDIT AGAINST THE PREMIUM TAX FOR WAGES
PAID TO QUALIFIED EMPLOYEES AS PROVIDED UNDER ARTICLE 83A, § 5-1102 OF THE
CODE.

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