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VETOES
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S.B. 454
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(III) IS TERMINATED FOR CAUSE.
(4) A BUSINESS ENTITY MAY NOT CLAIM THE CREDIT UNDER THIS
SECTION IF THE BUSINESS ENTITY IS CLAIMING A TAX CREDIT FOR THE SAME
EMPLOYEE UNDER ARTICLE 88A, § 54 OF THE CODE OR § 21-309 OF THE EDUCATION
ARTICLE.
(5) (I) IF A BUSINESS ENTITY IS ENTITLED TO A TAX CREDIT FOR AN
EMPLOYEE WHO IS EMPLOYED FOR LESS THAN 1 YEAR BECAUSE THE EMPLOYEE
VOLUNTARILY TERMINATES EMPLOYMENT WITH THE EMPLOYER TO TAKE ANOTHER
JOB, THE BUSINESS ENTITY MAY CLAIM A TAX CREDIT OF 30% OF UP TO THE FIRST
$6,000 OF THE WAGES PAID TO THE EMPLOYEE DURING THE COURSE OF
EMPLOYMENT.
(II) IF A BUSINESS ENTITY IS ENTITLED TO A TAX CREDIT FOR AN
EMPLOYEE WHO IS EMPLOYED FOR LESS THAN 1 YEAR FOR A REASON OTHER THAN
THAT DESCRIBED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH, THE AMOUNT OF THE
CREDIT SHALL BE REDUCED BY THE PROPORTION OF A YEAR THAT THE EMPLOYEE
DID NOT WORK.
(D) IF THE CREDIT ALLOWED UNDER THIS SECTION IN ANY TAXABLE YEAR
EXCEEDS THE TOTAL TAX OTHERWISE PAYABLE BY THE BUSINESS ENTITY FOR THAT
TAXABLE YEAR, A BUSINESS ENTITY MAY APPLY THE EXCESS AS A CREDIT FOR
SUCCEEDING TAXABLE YEARS UNTIL THE EARLIER OF:
(1) THE FULL AMOUNT OF THE EXCESS IS USED; OR
(2) THE EXPIRATION OF THE FIFTH TAXABLE YEAR AFTER THE
TAXABLE YEAR FN WHICH THE WAGES FOR WHICH THE CREDIT IS CLAIMED ARE
PAID.
(E) IF A CREDIT IS CLAIMED UNDER THIS SECTION, THE CLAIMANT MUST
MAKE THE ADDITION REQUIRED IN § 10-205 OR § 10-306 OF THE TAX - GENERAL
ARTICLE.
2-405. 11-705.
(A) THE DEPARTMENT, FN CONSULTATION WITH THE BOARD, SHALL ADOPT
REGULATIONS NECESSARY TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE.
(B) THE COMPTROLLER SHALL ADOPT REGULATIONS TO PROVIDE FOR THE
COMPUTATION AND CARRYOVER OF THE CREDIT UNDER § 10-704.10 OF THE TAX -
GENERAL ARTICLE.
Article - Tax - General
10-704.10.
(A) AN INDIVIDUAL OR CORPORATION MAY CLAIM A CREDIT AGAINST THE
INCOME TAX FOR WAGES PAID TO A QUALIFIED EX-FELON EMPLOYEE AS PROVIDED
UNDER § 2-404 OF THE CORRECTIONAL SERVICES § 11-704 OF THE LABOR AND
EMPLOYMENT ARTICLE.
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- 4612 -
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