2. THE TOTAL AMOUNT OF STATE INCOME TAX OTHERWISE
PAYABLE BY THE BUSINESS ENTITY FOR THE TAXABLE YEAR

(II) ANY EXCESS CREDIT THAT WOULD BE ALLOWED BUT FOR THE
LIMITATIONS UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH MAY BE CARRIED
OVER AND APPLIED AS A STATE INCOME TAX CREDIT FOR SUCCEEDING TAXABLE
YEARS UNTIL THE EARLIER OF:

1. THE FULL AMOUNT OF THE EXCESS IS USED; OR

2. THE EXPIRATION OF THE FIFTH TAXABLE YEAR AFTER
THE TAXABLE YEAR IN WHICH THE CONTRIBUTION WAS MADE.

(H) (1) THE STATE INCOME TAX CREDIT ALLOWED UNDER THIS SECTION
MAY NOT BE ALLOWED UNLESS THE BUSINESS ENTITY HAS APPLIED FOR AND
RECEIVED APPROVAL UNDER THIS SUBSECTION FROM THE DEPARTMENT FOR EACH
CONTRIBUTION TO THE PROGRAM FOR WHICH THE CREDIT IS CLAIMED.

(2) EACH APPLICATION FOR APPROVAL OF A CONTRIBUTION SHALL

CONTAIN;

(I) THE NAME OF THE SCHOOL WITH A FREE IN CLASSROOM
BREAKFAST PROGRAM FOR ALL STUDENTS AT WHICH THE CONTRIBUTION IS TO BE
MADE;

(II) THE AMOUNT OF THE CONTRIBUTION; AND

(III) A CERTIFICATION BY A COUNTY BOARD OR THE SPONSORING
AGENCY AND THE DEPARTMENT AS TO THE VALUE OF ANY NONMONETARY
CONTRIBUTION INCLUDED.

(3) THE DEPARTMENT MAY NOT APPROVE AN APPLICATION FOR
APPROVAL OF A CONTRIBUTION BY A BUSINESS ENTITY IF THE DEPARTMENT
DETERMINES THAT:

(I) THE MAXIMUM AMOUNT OF CONTRIBUTIONS MADE BY THE
BUSINESS ENTITY THAT ARE ELIGIBLE FOR THE STATE INCOME TAX CREDIT FOR
THE FISCAL YEAR WILL BE EXCEEDED BY THE SUM OF:

1. THE AMOUNT OF THE PROPOSED CONTRIBUTION; AND

2. THE TOTAL AMOUNT OF CONTRIBUTIONS TO THE
PROGRAM THAT WERE PREVIOUSLY APPROVED FOR THE BUSINESS ENTITY FOR THE
FISCAL YEAR; OR

(II) THE BUSINESS ENTITY HAS OVERSTATED THE VALUE OF ANY
NONMONETARY CONTRIBUTION INCLUDED.

(4) BY JANUARY 31 OF EACH YEAR, THE DEPARTMENT SHALL REPORT TO
THE COMPTROLLER AND THE MARYLAND INSURANCE ADMINISTRATION THE
CONTRIBUTIONS THAT THE DEPARTMENT HAS APPROVED UNDER THIS SECTION IN
THE PRECEDING CALENDAR YEAR.