|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 90
|
|
2007 Laws of Maryland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 expenses
were incurred, an individual or corporation shall submit an application to the
Department for the credits allowed under subsection (b)(1) and (2) of this section.
(2) (i) Except as provided under paragraph (4) of this subsection,
the total amount of credits approved by the Department under subsection (b)(1) of this
section may not exceed $3,000,000 for any calendar year.
(ii) Subject to paragraph (4) of this subsection, if the total
amount of credits applied for by all individuals and corporations 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 in an amount equal to the product of multiplying the credit
applied for by the applicant times a fraction:
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)(1) of this section in the calendar
year.
(3) (i) Except as provided in paragraph (4) of this subsection, 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) Subject to paragraph (4) of this subsection, 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:
1. the numerator of which is the maximum specified
under subparagraph (i) of this paragraph; and
|
|
|
|
|
|
|
|
|
|
- 966 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
