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PARRIS N. GLENDENING, Governor
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Ch. 385
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(ii) "Qualified position" does not include a position that is:
1. Created when an employment function is shifted from an
existing business facility of the business entity located in Maryland to another
business facility of the same business entity if the position does not represent a net
new job in the State;
2. Created through a change in ownership of a trade or
business;
3. Created through a consolidation, merger, or restructuring
of a business entity if the position does not represent a net new job in the State;
4. Created when an employment function is contractually
shifted from an existing business entity located in the State to another business
entity if the position does not represent a net new job in the State; or
5. Filled for a period of less than 12 months.
(b) (5) (i) Subject to the limitation under subparagraph (ii) of this
paragraph AND SUBJECT TO SUBSECTION (H) OF THIS SECTION, for any taxable year
after the 4th taxable year following the taxable year in which the project is placed in
service but before the 15th taxable year following the taxable year in which the
project is placed in service:
1. A qualified business entity other than a person subject to
taxation under Title 6 of the Insurance Article:
A. May apply any excess of eligible project costs for the
eligible economic development project over the cumulative amount used as a tax
credit under this subsection for the taxable year and all prior taxable years as a tax
credit against the State tax for the taxable year on the qualified business entity's
income other than income generated by or arising out of the project; and
B. May claim a refund in the amount, if any, by which the
unused excess exceeds the State tax for the taxable year on the qualified business
entity's income other than income generated by or arising out of the project; and
2. A qualified business entity that is subject to taxation
under Title 6 of the Insurance Article:
A. May apply any excess of eligible project costs for the
eligible economic development project over the cumulative amount used as a tax
credit under this subsection for the taxable year and all prior taxable years as a tax
credit against the premium tax imposed for the taxable year; and
B. May claim a refund in the amount, if any, by which the
unused excess exceeds the premium tax for the taxable year.
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(ii) For any taxable year, the total of the amounts used as a tax
credit and claimed as a refund as provided in this paragraph may not exceed the
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- 3025 -
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