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Ch. 90
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Martin O'Malley, Governor
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(iv) any other factors that the Department determines are
relevant for the determination.
(g) (1) On or before January 10 of each year, the Department shall report
to the Governor and, subject to § 2-1246 of the State Government Article, to the
General Assembly, on the credits approved under this section.
(2) The report required under paragraph (1) of this subsection shall
include for each individual or corporation approved to receive a credit under
subsection (b)(1) and (2) of this section in the prior calendar year:
(i) the individual's or corporation's name and address; and
(ii) the amount of the credit approved.
(3) The report required under paragraph (1) of this subsection shall
include the name of the individual or corporation and the aggregate amount of credits
approved in all calendar years for each individual or corporation under subsection
(b)(1) and (2) of this section.
(4) The report required under paragraph (1) of this subsection shall
summarize for the credits approved under subsection (b)(1) of this section and for the
credits approved under subsection (b)(2) of this section:
(i) the total number of applicants for credits under this section
in each calendar year;
(ii) the number of applications for which a tax credit was
approved in each calendar year; and
(iii) the total credits authorized under this section for all
calendar years under this section.
(H) IF THE PROVISIONS OF § 41 OF THE INTERNAL REVENUE CODE
GOVERNING THE FEDERAL RESEARCH AND DEVELOPMENT TAX CREDIT ARE
REPEALED OR TERMINATE, THE PROVISIONS OF THIS SECTION CONTINUE TO
OPERATE AS IF THE PROVISIONS OF § 41 OF THE INTERNAL REVENUE CODE
REMAIN IN EFFECT, AND THE MARYLAND RESEARCH AND DEVELOPMENT TAX
CREDIT UNDER THIS SECTION SHALL CONTINUE TO BE AVAILABLE.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2007.
Approved by the Governor, April 10, 2007.
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- 969 -
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