Code of Maryland Regulations
Title 24 - DEPARTMENT OF COMMERCE
Subtitle 05 - ECONOMIC DEVELOPMENT
Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit
Section 24.05.12.05 - Calculation of Credit for Partial or Short Taxable Year
Universal Citation: MD Code Reg 24.05.12.05
Current through Register Vol. 51, No. 6, March 22, 2024
A. The Maryland qualified research and development expenses for a partial year taxpayer are:
(1) The actual Maryland qualified research and development expenses incurred during the partial taxable year; or
(2) The total Maryland qualified research and development expenses incurred during the entire taxable year multiplied by a fraction:
(a) The numerator of which is the number of days in the calendar year included in the partial taxable year; and
(b) The denominator of which is 365.
B. The partial or short year taxpayer may claim a credit against the State income tax in the amount of 10 percent of the Maryland qualified research and development expenses paid or incurred by the taxpayer during the taxable year.
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