Md. Code Regs. 03.04.10.05

Current through Register Vol. 51, No. 22, November 1, 2024

Section 03.04.10.05 - Application for Credit

A. Application. By September 15 of the calendar year following the end of the taxable year in which the Maryland qualified research and development expenses were incurred, a business entity shall submit to the Department a completed application for certification on the form prescribed by the Department. The business entity shall provide the following information:

(1) The business entity's name and address;

(2) The business entity's federal identification number;

(3) The beginning and ending dates of the business entity's fiscal year, or, if a partial year, then the fraction of a year for which the credit is being claimed;

(4) The North American Industrial Classification System (NAICS) code number for the business entity;

(5) The amount of the research and development expenses eligible for the federal research and development credit for the current and each of the previous 4 tax years and the corresponding average for the previous 4 tax years;

(6) The amount of Maryland qualified research and development expenses for the current tax year, the previous 4 tax years, and the corresponding average for the previous 4 tax years;

(7) The basic credit being applied for in the current tax year, before allocation and certification by the Department;

(8) The growth credit being applied for in the current tax year;

(9) The Maryland base percentage;

(10) The Maryland base amount or Maryland adjusted base amount; and

(11) Any other information required by the Department.

B. The Department may require that the information required by this regulation be verified by an independent auditor retained by the business entity.

Md. Code Regs. 03.04.10.05