Instructions For Maryland Form 500 - Corporation Income Tax Return

10~. Enter the total of your krsiness tax credits as

TAX CREDIT

employees.

f. MARYLAND RESEARCH AND DEVELOP-

pac%te.

from any office of

1Od.

l s allowed for 20% of qualified

19e. Add the amounts on lines Illa,lOb.lCk

LlNEll -BALANCEDFTAXDUE

l f the amount on line 9 is greater than the amount

UNE 12 - DVERPAYMENT

- AMOUNT OF OVERPAYMENT TO BE

NUMBER.The

17~.

svmbols.

-,-------

till be mailed.

elecl

41~289-7891.

LINE 16 - AMOUNT OF OVERPAYMENT TO BE

m. WORK-BASED LEARNING PROGRAM

A credit may be claimed for a percent-

REFUNDED

listed below. Complete and submit Form 500CR

C R E D I T.

with Form 500.

age of wages paid to students employed as part of

Add the amounts on lines 13 and 15 and subtract

a work-based learning program.

the total from line 12. This is the amount requested

a. ENTERPRISE ZONE TAX C R E D I T B u s i n e s s -

to be refunded to the corporation.

es located in an enterprise zone may be eligible for

n. CREDlT

FOR MARYLAND-MINED COAL. A

tax credits based upon wages paid to qualifying

credit is allowed for a qualifying electricity supplier

LINE 17 - DIRECT DEPOSIT OF REFUND

employees.

or cogenerator.

as defined under the Public Utility

Complete lines 17a, b, and c of Form 500 if you

Regulatory Policies Act of 1978, for the purchase of

b. EMPLOYMENT OPPORTUNITY

want us to deposit the refund directly into the cor-

Maryland-mined coal.

Businesses that employ persons receiving ‘Aid to

poration’s account at a bank or other financial insti-

Families With Dependent Children” (AFDC) may be

o . O N E M A R Y L A N D E C O N O M I C D E V E L O P -

tution instead of sending a check.

eligible for tax credits based upon wages paid to

MENT TAX CREDIT Businesses may claim a credit

17a. TYPE OF ACCOUNT. Check the appropriate

qualified employees, child care expenses and trans-

for the project cost and startup cost of relocating or

box to identify the type of account that will be used

portation expenses paid on behalf of the qualified

expanding a business in a distressed county in

(checking or savings). You must check one box only

Maryland.

or a refund check will be mailed.

c . MARYlAND

DISABILITY EMPLOYMENT TAX

p. COMMUTER TAX CREDIT. Businesses may

17b. ROUTlNG

routing number must

CREDIT Businesses that emplay persons with d i s -

claim a credit for the cost of providing quaking wrn-

be nine digits. l f the first two digits are not 01

abilities as certified

by the State Department of Edu-

muter bar&its

to the business entities’ emplcryees.

through 12 or 21 through 32, the direct deposit will

cation may be eligible for tax credits based upon

MARYLAND

CLEAN

ENERGY

INCENTIVE

be rejected and a check sent instead. If you are not

wages paid to the qualified employees, child care

ACT. A credit may be claimed for the cost incurred

sure of the correct routing number, contact your

expenses and transportation expenses paid on

to install solar energy property or photovoltaic prop-

finandal

institution.

behalf of the qualified

employees.

erty. A credit

is also allowed for electricity

produced

ACCOUNT NUMBER. The account number

d. ELECTRIC AND GAS UTILITY CREDITS. A

using

certain

alternative

energy

sources.

can be up to 17 characters (both numbers and let-

p u b l i c utilll may claim a credit against the State

For additional information

regarding any of

ters). lndude hyphens but omit spaces and special

income tax in an amount equal to 60% of the total

the above income tax

credits, see the instruc-

Enter the number from left to right and

property taxes paid by the publii

utility on its oper-

t i o n s p r o v i d e d o n F o r m SOOCR, Business Tax

leave any unused boxes blank.

ating real property in the State, other than operating

Credits. This form is availeble

If we are notified by the financial institution

that

land, that l s used to generate electrlcity

or steam for

the

Comptroller.

the direct deposit is not successful, a refund check

sale. A credit is also available for wages paid to

HERITAGE STRUCTURE REHABILITATION

qualified emplm

at a multi-jurisdictional ek3ctric

TAX CREDIT. A credit

company’s qualified corporate headquarters in

Please have a bank statement for the deposit

rehabillltion expenditures as certified by the Mary-

Maryland.

account available if you contact us concerning the

land Historical Trust. Complete and submit Form

direct deposit

the refund.

TELECOMMUNICATIONS

PROPERTY

TAX

502H with Form 590.

CREDIT. A credit is allowed for a public

D I S C L O S U R E

and 1W

utility that is a telecommunications

company in an

and enter the total.

Entering the bank account routing number,

amount limited to 60% of the total state, county and

account number and account type in the area pro-

municipal corporation property taxes paid on certain

vided on the Maryland inmme tax return to effect a

Maryland property.

direct deposit of the income tax refund authorizes

on line l&e, subtract line 1Oe from line 9 and enter

the result.

the Comptroller’s office

to disclose this information

MENT TAX CREDIT Businesses may claim a cred-

and the refund amount to the Maryland State Trea-

it against the state income tax for certain qualified

surer’s Oflice

who performs banking services

for the

If the amount on line 10e is greater than the

research

and

development

expenses.

Comptrollers office.

amount on line 9, subtract line 9 from line 10s and

g. LONG-TERM EMPLOYMENT OF QUALIFIED

ADDITIONAL

INFORMATION

AND

STATEMENTS

enter the result.

EX-FELONS. Businesses that employ ex-felons

REWIRED

LINE 13 - INTEREST AND/OR PENALTY

under a program certified

by the Department of

Enter all information requested in these areas on

Interest and/or penalty may t-s due as a result of

Labor, Licensing and Regulation may be eligibie

for

Page 2 of Form 500.

the underpayment of estimated tax and as a result

a credit based upon wages paid to the qualified

SIGNATURE

AND

VERIFICATION

of late filing of Form 500 and payment of the tax. If

employee.

applicable, enter each amount in the space provid-

An authorlzed

ofticer must sign and date Form

NOTE: If you claim a business tax credii

for items

ed and enter total.

500 at the bottom of Page 2 and enter his or her

a through g, an addition to income

must be included

corporate title. If a paid preparer is used, the pre-

If the estimated tax was underpaid, use Form

on line 2d.

parer must also sign the return and enter the firm

5OOUP - Underpayment of Estimated Corporation

h. JOB CREATION TAX CREDIT Certain busi-

name, address and Preparer’s Tax Identification

Income Tax to calculate any interest and/or penalty

nesses that create new qualii positions in Mary-

Number (PTlN).

due.

land may be eligible for tax credits based on the

PAYMENT

INSTRUCTIONS

N O T E : If Form 5OOUP is not submitted with the

number of qualii positions created or wages paid

return, the Maryland Revenue Administration Divi-

lndude a check or money order made payable to

for these positions.

sion will calculate the interest and penalty for failure

the Comptroller of Maryland for the full amount of

i. NEIGHBORHOOD PARTNERSHIP PROGRAM

to pay the required amount of estimated income tax

any balance due. All payments must indicate the

TAX CREDIT. Businesses that contribute $500 or

and notify

the corporation of any balance due.

Federal

Empioyer

Identification

Number,

type

tax

more to approved Neighborhood and Community

and tax year beginning and ending dates. DO NOT

If Form 500 is filed late, calculate interest on the

Assistance Programs may be eligiMe

for a tax cred-

SEND CASH. Taxpayers making payments of

amount of tax that was not paid by the original due

it equal to 50% of approved contributions with a

$20,000 or more must pay by electronic funds trans-

date. Interest is due at an annual rate of 13% or

maximum

credit

$125,000.

fer. Others may

this method. Taxpayers must

1.08% per month or part of a month that tax is paid

j. BUSINESSES THAT CREATE NEW JOBS TAX

after the due date of the return.

CREDIT. Certain businesses located in Maryland

registration

information

call

A penalty may be imposed if any tax l s n o t p a i d

that create new positions or establish or expand

MAILING lNSTPJJCTlONS

when due. Any penalty due will be calculated and

business facillles

in the state may be entitled to an

assessed after filing of Form 500.

Use the envelope provided

in the tax booklet and

income tax credit if a property tax credit is granted

place an .X” in the appropriate box in the lower lek

by Baltimore City or any county or municipal corps-

LINE 14 -TDTAL BALANCE DUE

comer to indicate the type of return endosed.

Also,

ration

Maryland.

Add the amounts on lines 11 and 13 and enter

be sure to read and follow the reminders listed on

k. WATER QUALITY IMPROVEMENT CREDIT A

the result, or l f the amount on line 13 exceeds line

the back of the envelope.

credit may be daimed for additional commercial fer-

12. enter the diierence.

The total amount due must

tilizer costs necessary to convert agricultural pro-

be paid with the filing of Form 500.

duction to a nutrient management plan.

LINE 15

I. EMPLOYER PROVIDED LONG-TERM CARE

APPLIED TD ESTlMATED

TAX FOR 2003

INSURANCE CREDIT. A credit may be claimed for

Enter the portion of overpayment to be applied to

costs incurred by an employer that provides long-

the estimated tax for the next tax year. For informa-

term care insurance as part of an employee beneffi

tion regarding estimated income tax requirements,

see

the

General

Instructions.

Instructions For Maryland Form 500 - Corporation Income Tax Return - 2002 Page 5

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