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Statutes Text

Article - Economic Development




§6–703.    IN EFFECT

    // EFFECTIVE UNTIL JUNE 30, 2021 PER CHAPTER 320 OF 2016 //

    (a)    (1)    A qualified business entity may claim an income tax credit in the amount determined under this section.

        (2)    A qualified business entity shall submit to the Comptroller, with the tax return on which the credit is claimed, certification from the Department that the business entity has met the requirements of this subtitle and is eligible for the credit.

    (b)    (1)    Except as provided in paragraph (2) of this subsection, the credit earned under this section for an aerospace, electronics, or defense contract tax credit project is $250 multiplied by the number of qualified employees employed by the qualified business entity during the credit year.

        (2)    The credit earned by a qualified business entity for an aerospace, electronics, or defense contract tax credit project under this subtitle may not exceed $2,500,000 for any credit year.

    (c)    (1)    The credit earned under subsection (b) of this section shall be taken over a 1–year period.

        (2)    If the credit allowed under this subtitle in any taxable year exceeds the total income tax otherwise payable by the qualified business entity for that taxable year, the qualified business entity may claim a refund in the amount of the excess.