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 24.05.12.14 - Short Taxable Years
Universal Citation: MD Code Reg 24.05.12.14
Current through Register Vol. 51, No. 6, March 22, 2024
A. Eligible Expenses. A taxpayer may only claim the credit for Maryland qualified research and development expenses incurred during its taxable year. If the business entity has a short taxable year, only the Maryland qualified research and development expenses incurred during the short taxable year are allowed on the short year return.
B. If the business entity incurs Maryland qualified research and development expenses in 2 taxable years during a calendar year, one of which is a short taxable year, the taxpayer may only claim a credit on the short taxable year return in an amount equal to the total credits certified by the Department multiplied by a fraction:
(1) The numerator of which is the Maryland qualified research and development expenses incurred during the short taxable year; and
(2) The denominator of which is the Maryland qualified research and development expenses incurred during the entire calendar year.
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