§ 10-733.1. Tax credit for the purchase of cybersecurity technology or a cybersecurity service ...
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2022
Effective: July 1, 2022
MD Code, Tax - General, § 10-733.1
§ 10-733.1. Tax credit for the purchase of cybersecurity technology or a cybersecurity service from one or more qualified sellers
(4) “Cybersecurity technology” means products or goods intended to detect or prevent activity intended to result in unauthorized access to, exfiltration of, manipulation of, or impairment to the integrity, confidentiality, or availability of an information system or information stored on or transiting an information system.
(b)(1) Subject to paragraphs (2) and (3) of this subsection, a qualified buyer may claim a credit against the State income tax in an amount equal to 50% of the cost incurred during the taxable year to purchase cybersecurity technology or a cybersecurity service from one or more qualified sellers.
(c)(1) The Department, in consultation with the Maryland Technology Development Corporation, may establish a panel composed of experts in the areas of cybersecurity technology and cybersecurity service.
(d)(1)(i) A qualified buyer eligible for the credit under this section may apply to the Department for a credit certificate that states the amount of the credit the qualified buyer may claim under subsection (b) of this section.
(e)(1) The Department may revoke its certification of a credit under this section if any representation made in connection with the application for the certification is determined by the Department to have been false.
(f) In accordance with § 2.5-109 of the Economic Development Article, the Department shall submit a report on the credit certificates awarded under this section for the calendar year.
Credits
Added by Acts 2018, c. 578, § 1, eff. June 1, 2018. Amended by Acts 2022, c. 116, § 1, eff. July 1, 2022.
MD Code, Tax - General, § 10-733.1, MD TAX GENERAL § 10-733.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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