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PARRIS N. GLENDENING, Governor
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Ch. 516
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(B) SUBJECT TO THE LIMITATIONS OF THIS SECTION, AN INDIVIDUAL OR A
CORPORATION MAY CLAIM A CREDIT CREDITS AGAINST THE STATE INCOME TAX IN
AN AMOUNT EQUAL TO:
(1) 3% OF THE MARYLAND QUALIFIED RESEARCH AND DEVELOPMENT
EXPENSES, NOT EXCEEDING THE MARYLAND BASE AMOUNT FOR THE INDIVIDUAL
OR CORPORATION, PAID OR INCURRED BY THE INDIVIDUAL OR CORPORATION
DURING THE TAXABLE YEAR, AND
(2) 10% OF THE AMOUNT BY WHICH THE MARYLAND QUALIFIED
RESEARCH AND DEVELOPMENT EXPENSES PAID OR INCURRED BY THE INDIVIDUAL
OR CORPORATION DURING THE TAXABLE YEAR EXCEED THE MARYLAND BASE
AMOUNT FOR THE INDIVIDUAL OR CORPORATION.
(C) (1) BY SEPTEMBER 15 OF THE CALENDAR YEAR FOLLOWING THE END OF
THE TAXABLE YEAR IN WHICH THE MARYLAND QUALIFIED RESEARCH AND
DEVELOPMENT EXPENSE WAS EXPENSES WERE INCURRED, AN INDIVIDUAL OR
CORPORATION SHALL SUBMIT AN APPLICATION TO THE DEPARTMENT FOR THE
CREDIT UNDER CREDITS ALLOWED UNDER SUBSECTION (B)(1) AND (2) OF THIS
SECTION.
(2) (I) THE TOTAL AMOUNT OF CREDITS APPROVED BY THE
DEPARTMENT UNDER SUBSECTION (B)(1) OF THIS SECTION MAY NOT EXCEED
$10,000,000 $3,000,000 FOR ANY CALENDAR YEAR
(3) (II) IF THE TOTAL AMOUNT OF CREDITS APPLIED FOR BY ALL
INDIVIDUALS AND CORPORATIONS EXCEEDS $10,000,000 UNDER SUBSECTION (B)(1)
OF THIS SECTION EXCEEDS THE MAXIMUM SPECIFIED UNDER SUBPARAGRAPH (I) OF
THIS PARAGRAPH, THE DEPARTMENT SHALL APPROVE A CREDIT UNDER
SUBSECTION (B)(1) OF THIS SECTION FOR EACH APPLICANT A CREDIT IN AN AMOUNT
EQUAL TO THE PRODUCT OF MULTIPLYING THE; CREDIT APPLIED FOR BY THE
APPLICANT TIMES A FRACTION:
(I) 1. THE NUMERATOR OF WHICH IS $10,000,000 THE MAXIMUM
SPECIFIED UNDER SUBPARAGRAPH (1) OF THIS PARAGRAPH; AND
(II) 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
$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:
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- 2769 -
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