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Session Laws, 2000
Volume 797, Page 2767   View pdf image
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PARRIS N. GLENDENING, Governor
Ch. 516
or development expenses incurred by an individual or corporation; allowing a
credit against the State income tax based on certain increases in expenses paid or
incurred for certain research and development conducted in the State; providing
for calculation of the credit based on the amount by which certain research and
development expenses for a taxable year exceed a certain base amount; providing
for applications to the Department of Business and Economic Development for
approval of the credit and certification by the Department to taxpayers of
approved credit amounts; limiting the total amount of credits that 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 a credit certain credits against the State income
tax based on certain expenses paid or incurred for certain research or and
development expenses incurred by an individual or corporation 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 QUALIFIED RESEARCH AND DEVELOPMENT EXPENSES"
MEANS EXPENSES THAT: (I) ARE INCURRED FOR RESEARCH OR DEVELOPMENT THAT:
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Session Laws, 2000
Volume 797, Page 2767   View pdf image
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