(II) 1. IF AN ELIGIBLE ECONOMIC DEVELOPMENT PROJECT IS A
TOTALLY SEPARATE FACILITY, NET INCOME ATTRIBUTABLE TO THE PROJECT SHALL
BE DETERMINED UNDER THE SEPARATE ACCOUNTING METHOD REFLECTING ONLY
THE GROSS INCOME, DEDUCTIONS, EXPENSES, GAINS, AND LOSSES THAT ARE
DIRECTLY ATTRIBUTABLE TO THE FACILITY AND OVERHEAD EXPENSES
APPORTIONED TO THE FACILITY.

2. IF THE ELIGIBLE ECONOMIC DEVELOPMENT PROJECT IS
AN EXPANSION TO A PREVIOUSLY EXISTING FACILITY:

A. NET INCOME ATTRIBUTABLE TO THE ENTIRE FACILITY
SHALL BE DETERMINED UNDER THE SEPARATE ACCOUNTING METHOD REFLECTING
ONLY THE GROSS INCOME, DEDUCTIONS, EXPENSES, GAINS, AND LOSSES THAT ARE
DIRECTLY ATTRIBUTABLE TO THE FACILITY AND OVERHEAD EXPENSES
APPORTIONED TO THE FACILITY; AND

B. THE NET INCOME ATTRIBUTABLE TO THE ELIGIBLE
ECONOMIC DEVELOPMENT PROJECT SHALL BE DETERMINED BY APPORTIONING THE
SEPARATE ACCOUNTING NET INCOME OF THE ENTIRE FACILITY TO THE ELIGIBLE
ECONOMIC DEVELOPMENT PROJECT BY A FORMULA APPROVED BY THE
COMPTROLLER OR THE DEPARTMENT OF ASSESSMENTS AND TAXATION.

3. IF A QUALIFIED BUSINESS ENTITY CAN SHOW TO THE
SATISFACTION OF THE COMPTROLLER OR THE DEPARTMENT OF ASSESSMENTS AND
TAXATION THAT THE NATURE OF THE OPERATIONS AND ACTIVITIES OF THE
QUALIFIED BUSINESS ENTITY ARE SUCH THAT IT IS NOT PRACTICAL TO USE THE
SEPARATE ACCOUNTING METHOD TO DETERMINE THE NET INCOME FROM THE
FACILITY AT WHICH THE ELIGIBLE ECONOMIC DEVELOPMENT PROJECT IS LOCATED,
THE QUALIFIED BUSINESS ENTITY SHALL DETERMINE NET INCOME FROM THE
ELIGIBLE ECONOMIC DEVELOPMENT PROJECT USING AN ALTERNATIVE METHOD
APPROVED BY THE QUALIFIED COMPTROLLER OR THE DEPARTMENT OF
ASSESSMENTS AND TAXATION.

(4) (I) IF THE PROJECT COSTS FOR THE ELIGIBLE ECONOMIC
DEVELOPMENT PROJECT LESS THE AMOUNT OF THE CREDIT ALLOWED WITH
RESPECT TO THE PROJECT FOR PRIOR TAXABLE YEARS EXCEEDS THE STATE INCOME
TAX ON THE BUSINESS ENTITY'S INCOME GENERATED BY OR ARISING OUT OF THE
PROJECT FOR THAT TAXABLE YEAR, A QUALIFIED BUSINESS ENTITY ELIGIBLE FOR
THE CREDIT UNDER THIS SUBSECTION MAY CLAIM ANY EXCESS AS A CREDIT FOR
THE PAYMENT OF WITHHOLDING TAXES THAT THE QUALIFIED BUSINESS ENTITY IS
REQUIRED TO PAY TO THE COMPTROLLER UNDER § 10-906(A) OF THIS TITLE, IN THE
MANNER PROVIDED UNDER SUBSECTION (C) OF THIS SECTION.

(II) ANY CREDIT UNUSED UNDER EITHER THIS SUBSECTION OR
SUBSECTION (C) OF THIS SECTION MAY BE APPLIED AS A CREDIT FOR UP TO 14
TAXABLE YEARS AFTER THE FIRST TAXABLE YEAR IN WHICH THE CREDIT IS
CLAIMED WITH RESPECT TO THE ELIGIBLE ECONOMIC DEVELOPMENT PROJECT OR
UNTIL FULLY USED.