Md. Code Regs. 24.05.27.08

Current through Register Vol. 51, No. 24, December 2, 2024

Section 24.05.27.08 - Income Tax Certification Procedures

A. First Benefit Year. For each eligible project, a qualified business entity may submit an initial application no sooner than July of the fiscal year following the close of the first fully completed fiscal year that the qualified business entity is enrolled in the Program under Regulation .06F of this chapter and the business entity claims a Program benefit.

B. Subsequent Benefit Years.

(1) For each eligible project, a qualified business entity may submit an initial application no sooner than July of the fiscal year following the fiscal year referenced under §A of this regulation.

(2) A business entity shall receive a final certificate for a previous benefit year before submitting an initial application.

C. Application Window.

(1) The Department shall establish the period during the fiscal year for accepting initial applications for the purposes of determining priority under Regulation .09 of this chapter.

(2) The Department may establish more than one period during the fiscal year for accepting initial applications.

D. A qualified business entity that receives an initial certificate may submit a final application at any time.

E. Limitations.

(1) For any fiscal year, the Department may not issue initial tax credit certificates for credit amounts in the aggregate totaling more than $9,000,000 in a fiscal year.

(2) For each eligible project, a qualified business entity may not submit more than one initial application in a fiscal year except as provided in §E(3) of this regulation.

(3) A qualified business entity may submit an initial application during each period within the fiscal year established by the Department under §C(2) of this regulation.

(4) A qualified business entity shall receive a final certificate for a previous benefit year before submitting an initial application.

(5) The amount of the tax credit in the final certificate may not exceed the reserved amount from the initial certificate.

Md. Code Regs. 24.05.27.08

Regulations .08 adopted effective 49:7 Md. R.469, eff. 4/4/2022