Ch. 84                                     1996 LAWS OF MARYLAND

Article - Tax - General

8-214.

A FINANCIAL INSTITUTION MAY CLAIM A CREDIT AGAINST THE FINANCIAL
INSTITUTION FRANCHISE TAX FOR WAGES PAID TO QUALIFIED EMPLOYEES AS
PROVIDED UNDER ARTICLE 83A, § 5-1102 OF THE CODE.

8-411.

A PUBLIC SERVICE COMPANY MAY CLAIM A CREDIT AGAINST THE PUBLIC SERVICE
COMPANY FRANCHISE TAX FOR WAGES PAID TO QUALIFIED EMPLOYEES AS PROVIDED
UNDER ARTICLE 83A. § 5-1102 OF THE CODE

10-704.4.

AN INDIVIDUAL OR A CORPORATION MAY CLAIM A CREDIT AGAINST THE INCOME
TAX FOR WAGES PAID TO QUALIFIED EMPLOYEES AS PROVIDED UNDER ARTICLE 83A, §
5-1102 OF THE CODE

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read as
follows:

Article 83A - Department of Business and Economic Development

5-1102.

(g) (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] § 6-114 OF THE INSURANCE ARTICLE.

Article - Insurance

6-114.

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

SECTION 3. AND BE IT FURTHER ENACTED, That the Department of Fiscal
Services, based on information provided by and in consultation with the Department of
Business and Economic Development, the Department of Budget and Fiscal Planning, the
Comptroller, the Department of Assessments and Taxation, the Insurance Commissioner, and
appropriate representatives of private employers, shall conduct a study of the efficacy and
effectiveness of the tax credit program established under Section 1 of this Act in increasing the
number of net jobs in the State The Department of Fiscal Services shall conduct an analysis
of the profile of employers having taken advantage of these credits in hiring new employees,
cost effectiveness of the subsidy in reaching State goals, and the appropriateness of the level of
the tax credits. The study shall also include an analysis of the potential effectiveness of the
program based on varying the size, duration, and structure of the subsidy. The Department
shall complete and present the results of the study to the Senate Budget and Taxation
Committee and the House Committee on Ways and Means by January 1, 2000.

SECTION 4. AND BE IT FURTHER ENACTED, That the General Assembly finds
that the widespread adoption of tax subsidies intended to move jobs from one state to another

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