Code of Maryland Regulations
Title 03 - COMPTROLLER OF THE TREASURY
Subtitle 04 - INCOME TAX
Chapter 03.04.10 - Maryland Research Development Tax Credit
Section 03.04.10.06 - Certification of Credit
Current through Register Vol. 51, No. 6, March 22, 2024
A. The Department shall certify to the taxpayer the amount of the basic and growth research and development tax credits approved by the Department for the taxpayer. The Department shall issue this certification 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.
B. If the total amount of the credits applied for by all business entities under Regulation .05 of this chapter exceeds the maximum credit amounts available under Regulation .04 of this chapter, then the Department shall approve a credit for each applicant in an amount equal to the product of multiplying the credit applied for by the applicant times a fraction: