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Session Laws, 2000
Volume 797, Page 2762   View pdf image
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Ch. 515 2000 LAWS OF MARYLAND
the Department may approve for any calendar year to a certain amount;
requiring the Department to approve a prorated credit for each applicant if the
total amount applied for exceeds the maximum that may be approved; providing
that certain unused credits may be carried forward to certain taxable years;
requiring a certain addition modification if a certain credit is claimed; requiring
the Comptroller to adopt certain regulations; requiring the Department of
Business and Economic Development and the Comptroller jointly to adopt
certain regulations; defining certain terms; requiring the submission of a
certain report by a certain date; providing for the application and termination of
this Act; and generally relating to certain credits against the State income tax
based on certain expenses paid or incurred for certain research and development
conducted in the State. BY adding to Article - Tax - General
Section 10-205(i) and 10-718
Annotated Code of Maryland (1997 Replacement Volume and 1999 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows: Article - Tax - General 10-205. (I) THE ADDITION UNDER SUBSECTION (A) OF THIS SECTION INCLUDES THE
AMOUNT OF A CREDIT CLAIMED UNDER § 10-718 OF THIS TITLE FOR MARYLAND
QUALIFIED RESEARCH AND DEVELOPMENT EXPENSES. 10-718. (A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED. (2) "DEPARTMENT" MEANS THE DEPARTMENT OF BUSINESS AND
ECONOMIC DEVELOPMENT. (3) "MARYLAND BASE AMOUNT" MEANS THE BASE AMOUNT AS DEFINED
IN § 41(C) OF THE INTERNAL REVENUE CODE THAT IS ATTRIBUTABLE TO MARYLAND,
DETERMINED BY: (I) SUBSTITUTING "MARYLAND QUALIFIED RESEARCH AND
DEVELOPMENT EXPENSE" FOR "QUALIFIED RESEARCH EXPENSE"; (II) SUBSTITUTING "MARYLAND QUALIFIED RESEARCH AND
DEVELOPMENT" FOR "QUALIFIED RESEARCH"; AND (III) USING, INSTEAD OF THE "FIXED BASE PERCENTAGE":
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Session Laws, 2000
Volume 797, Page 2762   View pdf image
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