S.B. 558                                                  VETOES

(II) MAY NOT BE EARNED FOR ANY CREDIT YEAR BEGINNING ON
OR AFTER JANUARY 1, 2001 2002.

(2) SUBJECT TO THE LIMITATIONS UNDER THIS SUBTITLE, FOR
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY 1, 2001 2002, TAX CREDITS
EARNED IN CREDIT YEARS BEGINNING BEFORE JANUARY 1, 2001 2002:.

(I) MAY BE ALLOWED RATABLY OVER A 3-YEAR PERIOD AS
PROVIDED IN § 5-1103 OF THIS SUBTITLE;

(II) MAY BE CARRIED FORWARD AS PROVIDED IN § 5-1103 OF THIS
SUBTITLE; AND

(III) ARE SUBJECT TO RECAPTURE AS PROVIDED IN § 5-1103 OF THIS
SUBTITLE.

5-1107.

THE DEPARTMENT SHALL REPORT TO THE GOVERNOR, THE SENATE BUDGET
AND TAXATION COMMITTEE, AND THE HOUSE COMMITTEE ON WAYS AND MEANS
BY DECEMBER 1 EACH YEAR THE BUSINESS ENTITIES CERTIFIED AS ELIGIBLE FOR
TAX CREDITS UNDER THIS SUBTITLE IN THE PRECEDING FISCAL YEAR.

Article—Tax—General

8-214.

A FINANCIAL INSTITUTION MAY CLAIM A CREDIT AGAINST THE FINANCIAL

INSTITUTION FRANCHISE TAX FOR THE ESTABLISHMENT OR EXPANSION OF A

MAJOR BUSINESS FACILITY IN THE STATE AS PROVIDED UNDER ARTICLE 83A, §
5-1103 OF THE CODE.

8-411.

A PUBLIC SERVICE COMPANY MAY CLAIM A CREDIT AGAINST THE PUBLIC
SERVICE COMPANY FRANCHISE TAX FOR THE ESTABLISHMENT OR EXPANSION OF A
MAJOR BUSINESS FACILITY IN THE STATE AS PROVIDED UNDER ARTICLE 83A, §
5-1103 OF THE CODE.

10-704.4.

AN INDIVIDUAL OR CORPORATION MAY CLAIM A CREDIT AGAINST THE STATE
INCOME TAX FOR THE ESTABLISHMENT OR EXPANSION OF A MAJOR BUSINESS
FACILITY IN THE STATE AS PROVIDED UNDER ARTICLE 83 A, § 5-1103 OF THE CODE.

Article 48A - Insurance Code

632.

(E) AN INSURANCE COMPANY MAY CLAIM A CREDIT AGAINST THE PREMIUM
TAX FOR THE ESTABLISHMENT OR EXPANSION OF A MAJOR BUSINESS FACILITY IN
THE STATE AS PROVIDED UNDER ARTICLE 83A, § 5-1103 OF THE CODE.
SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

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