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 24.05.12.11 - Carryover of Tax Credit
Universal Citation: MD Code Reg 24.05.12.11
Current through Register Vol. 51, No. 6, March 22, 2024
A. If the credit allowed in any taxable year exceeds a taxpayer's State income tax for that taxable year, the taxpayer may apply the excess as a credit against the State income tax for succeeding taxable years until the earlier of:
(1) The full amount of the excess is used; or
(2) The expiration of the 15th taxable year after the taxable year in which the Maryland qualified research and development expense was incurred.
B. A tax credit may not be carried back to a preceding taxable year.
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