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Martin O'Malley, Governor
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Ch. 90
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10-721.
(a) (1) In this section the following words have the meanings indicated.
(2) "Department" means the Department of Business and Economic
Development.
(3) "Maryland base amount" means the base amount as defined in §
41(c) of the Internal Revenue Code that is attributable to Maryland, determined by:
(i) substituting "Maryland qualified research and development
expense" for "qualified research expense";
(ii) substituting "Maryland qualified research and development"
for "qualified research"; and
(iii) using, instead of the "fixed base percentage":
1. the percentage that the Maryland qualified research
and development expense for the 4 taxable years immediately preceding the taxable
year in which the expense is incurred is of the gross receipts for those years; or
2. for a taxpayer who has fewer than 4 but at least 1
prior taxable year, the percentage as determined under item 1 of this item, determined
using the number of immediately preceding taxable years that the taxpayer has.
(4) "Maryland gross receipts" means gross receipts that are reasonably
attributable to the conduct of a trade or business in this State, determined under
methods prescribed by the Comptroller based on standards similar to the standards
under § 10-402 of this title.
(5) "Maryland qualified research and development" means qualified
research as defined in § 41(d) of the Internal Revenue Code that is conducted in this
State.
(6) "Maryland qualified research and development expenses" means
qualified research expenses as defined in § 41(b) of the Internal Revenue Code
incurred for Maryland qualified research and development.
(b) Subject to the limitations of this section, an individual or a corporation
may claim credits against the State income tax in an amount equal to:
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- 965 -
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