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Ch. 515
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2000 LAWS OF MARYLAND
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(B)(1) OF THIS SECTION FOR EACH APPLICANT IN AN AMOUNT EQUAL TO THE
PRODUCT OF MULTIPLYING THE CREDIT APPLIED FOR BY THE APPLICANT TIMES A
FRACTION:
1. THE NUMERATOR OF WHICH IS THE MAXIMUM SPECIFIED
UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH; AND
2. THE DENOMINATOR OF WHICH IS THE TOTAL OF ALL
CREDITS APPLIED FOR BY ALL APPLICANTS UNDER SUBSECTION (B)(1) OF THIS
SECTION IN THE CALENDAR YEAR
(3) (I) THE TOTAL AMOUNT OF CREDITS APPROVED BY THE
DEPARTMENT UNDER SUBSECTION (B)(2) OF THIS SECTION MAY NOT EXCEED
$10,000,000 $3,000,000 FOR ANY CALENDAR YEAR
(II) IF THE TOTAL AMOUNT OF CREDITS APPLIED FOR BY ALL
INDIVIDUALS AND CORPORATIONS UNDER SUBSECTION (B)(2) OF THIS SECTION
EXCEEDS THE MAXIMUM SPECIFIED UNDER SUBPARAGRAPH (I) OF THIS
PARAGRAPH, THE DEPARTMENT SHALL APPROVE A CREDIT UNDER SUBSECTION
(B)(2) OF THIS SECTION FOR EACH APPLICANT IN AN AMOUNT EQUAL TO THE
PRODUCT OF MULTIPLYING THE CREDIT APPLIED FOR BY THE APPLICANT TIMES A
FRACTION:
1. THE NUMERATOR OF WHICH IS THE MAXIMUM SPECIFIED
UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH; AND
2. THE DENOMINATOR OF WHICH IS THE TOTAL OF ALL
CREDITS APPLIED FOR BY ALL APPLICANTS UNDER SUBSECTION (B)(2) OF THIS
SECTION IN THE CALENDAR YEAR.
(4) BY DECEMBER 15 OF THE CALENDAR YEAR FOLLOWING THE END OF
THE TAXABLE YEAR IN WHICH THE MARYLAND QUALIFIED RESEARCH AND
DEVELOPMENT EXPENSES WERE INCURRED, THE DEPARTMENT SHALL CERTIFY TO
THE INDIVIDUAL OR CORPORATION THE AMOUNT OF THE RESEARCH AND
DEVELOPMENT TAX CREDITS APPROVED BY THE DEPARTMENT FOR THE INDIVIDUAL
OR CORPORATION UNDER SUBSECTION (B)(1) AND (2) OF THIS SECTION.
(5) TO CLAIM THE APPROVED CREDITS ALLOWED UNDER THIS SECTION,
AN INDIVIDUAL OR CORPORATION SHALL:
(I) FILE AN AMENDED INCOME TAX RETURN FOR THE TAXABLE
YEAR IN WHICH THE MARYLAND QUALIFIED RESEARCH AND DEVELOPMENT
EXPENSE WAS INCURRED; AND
(II) ATTACH A COPY OF THE DEPARTMENTS CERTIFICATION OF
THE APPROVED CREDIT AMOUNT TO THE AMENDED INCOME TAX RETURN.
(D) IF THE CREDIT ALLOWED UNDER THIS SECTION IN ANY TAXABLE YEAR
EXCEEDS THE STATE INCOME TAX FOR THAT TAXABLE YEAR, AN INDIVIDUAL OR
CORPORATION MAY APPLY THE EXCESS AS A CREDIT AGAINST THE STATE INCOME
TAX FOR SUCCEEDING TAXABLE YEARS UNTIL THE EARLIER OF:
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- 2764 -
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