§ 10-726. Cellulosic ethanol technology tax credit
West's Annotated Code of MarylandTax-GeneralEffective: October 1, 2015
Effective: October 1, 2015
MD Code, Tax - General, § 10-726
§ 10-726. Cellulosic ethanol technology tax credit
(b) Subject to the limitations of this section, an individual or corporation may claim a credit against the State income tax in an amount equal to 10% of the qualified research and development expenses paid or incurred by the individual or corporation during the taxable year.
(c)(1) By September 15 of the calendar year following the end of the taxable year in which the qualified research and development expenses were paid or incurred, an individual or corporation shall submit an application to the Department for the credit allowed under this section.
(ii) If the total amount of credits applied for by all individuals and corporations under this section exceeds the maximum specified under subparagraph (i) of this paragraph, the Department shall approve a credit under this section for each applicant in an amount equal to the product of multiplying the credit applied for by the applicant times a fraction:
(3) By December 15 of the calendar year following the end of the taxable year in which the qualified research and development expenses were paid or incurred, the Department shall certify to the individual or corporation the amount of the research and development tax credit approved by the Department for the individual or corporation under this section.
(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:
(e)(1) In determining the amount of the credit under this section:
(f)(1) The Department and the Comptroller jointly shall adopt regulations to prescribe standards for determining when research or development is considered conducted in the State for purposes of determining the credit under this section.
Credits
Added by Acts 2008, c. 139, § 1, eff. July 1, 2008. Amended by Acts 2015, c. 22, § 5; Acts 2016, c. 8, § 5.
MD Code, Tax - General, § 10-726, MD TAX GENERAL § 10-726
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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