|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 516
|
|
|
|
|
|
2000 LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 EXPENSE WAS EXPENSES WERE INCURRED, THE DEPARTMENT
SHALL CERTIFY TO THE INDIVIDUAL OR CORPORATION THE AMOUNT OF THE
RESEARCH AND DEVELOPMENT TAX CREDIT CREDITS APPROVED BY THE
DEPARTMENT FOR THE INDIVIDUAL OR CORPORATION UNDER SUBSECTION (B)(1)
AND (2) OF THIS SECTION.
(5) TO CLAIM THE APPROVED CREDIT 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 DEPARTMENT'S 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:
(1) THE FULL AMOUNT OF THE EXCESS IS USED; OR
(2) THE EXPIRATION OF THE 15TH TAXABLE YEAR AFTER THE TAXABLE
YEAR IN WHICH THE MARYLAND QUALIFIED RESEARCH AND DEVELOPMENT
EXPENSE WAS INCURRED.
(E) (1) IN DETERMINING THE AMOUNT OF THE CREDIT UNDER THIS
SECTION:
(I) ALL MEMBERS OF THE SAME CONTROLLED GROUP OF
CORPORATIONS, AS DEFINED UNDER § 41(F) OF THE INTERNAL REVENUE CODE,
SHALL BE TREATED AS A SINGLE TAXPAYER; AND
(II) THE CREDIT ALLOWABLE BY THIS SECTION TO EACH MEMBER
SHALL BE ITS PROPORTIONATE SHARES OF THE QUALIFIED RESEARCH EXPENSES
GIVING RISE TO THE CREDIT.
(2) THE COMPTROLLER SHALL ADOPT REGULATIONS PROVIDING FOR:
(I) DETERMINATION OF THE AMOUNT OF THE CREDIT UNDER
THIS SECTION IN THE CASE OF TRADES OR BUSINESSES, WHETHER OR NOT
INCORPORATED, THAT ARE UNDER COMMON CONTROL;
|
|
|
|
|
|
|
|
|
|
- 2770 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
