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Martin O'Malley, Governor
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Ch. 90
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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) (i) For any calendar year, if the maximum specified under
paragraph (2)(i) of this subsection exceeds the total amount of credits applied for by all
individuals and corporations under subsection (b)(1) of this section, the maximum
specified under paragraph (3)(i) of this subsection shall be increased for that calendar
year by an amount equal to the amount by which the maximum specified under
paragraph (2)(i) of this subsection exceeds the total amount of credits applied for by all
individuals and corporations under subsection (b)(1) of this section.
(ii) For any calendar year, if the maximum specified under
paragraph (3)(i) of this subsection exceeds the total amount of credits applied for by all
individuals and corporations under subsection (b)(2) of this section, the maximum
specified under paragraph (2)(i) of this subsection shall be increased for that calendar
year by an amount equal to the amount by which the maximum specified under
paragraph (3)(i) of this subsection exceeds the total amount of credits applied for by all
individuals and corporations under subsection (b)(2) of this section.
(5) By December 15 of the calendar year following the end of the
taxable year in which the Maryland qualified research and development expenses
were incurred, the Department shall certify to the individual or corporation the
amount of the research and development tax credits approved by the Department for
the individual or corporation under subsection (b)(1) and (2) of this section.
(6) To claim the approved 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 7th taxable year after the taxable year in
which the Maryland qualified research and development expense was incurred.
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- 967 -
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