Form 500cr - Income Tax Credits - 2011 Page 5
Download a blank fillable Form 500cr - Income Tax Credits - 2011 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 500cr - Income Tax Credits - 2011 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19MARYLAND BUSINESS
FORM
500CR
INCOME TAX CREDITS
ATTACH TO YOUR 500, 502, 504, 505, 510, or MW508
2011
PART P - ONE MARYLAND ECONOMIC DEVELOPMENT TAX CREDIT **Must Attach Required Certification
Part P - I
CALCULATION OF TAXABLE INCOME, WITHHOLDING, QUALIFIED EMPLOYEES AND TAX LIABILITY
Column 1
Column 2
All qualified persons, but NOT
PTE members only (enter your
PTE members
pro rata share from PTE)
Section A
1. Enter your Maryland taxable income (see instructions for Part P-I) . . . . . . . .
1
2. Enter your share of Maryland taxable income from the project . . . . . . . . . . .
2
3. Non-project Maryland taxable income (subtract line 2 from line 1;
if less than 0, enter 0.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4a. Enter the number of qualified employees (Do Not Prorate) . . . . . . . . . . . . . 4a
4b. Have you maintained at least 25 qualified position for at least 5 years? (Y/N)
Yes
No
Yes
No
4c. Tax year in which the project was put in service:
Note: If line 4a is less than 25, and the answer to Question is “N”,
STOP HERE. You may not claim this tax credit.
Note: If line 4a is less than 10, STOP HERE.
You may not claim this tax credit.
4d. Prorate factor (enter line 4a divided by 25; if greater than 1, enter 1.000000) 4d .
.
5. Enter the amount of Maryland income tax required to be withheld
from qualified employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
If PTE, do not complete Section B. Continue to Section C.
Section B
6. Total tax liability:
line 14 of Form 500;
line 22 less any amounts from lines 23 through 25 of Form 502;
line 32c less any amounts from lines 33 through 35 of Form 505;
line 30 less any amount from line 39 of Form 504 for resident fiduciary;
line 39 of Form 504 for nonresident fiduciary;
If less than 0, enter 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
PTE member: multiply the highest tax rate calculated on your return
by the income on line 1.
7a. Tax on income from the project (see instructions for Part P-I) . . . . . . . . . . . 7a
7b. Multiply line 7a by line 4d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7b
8a. Tax on non-project income
(subtract line 7a from line 6; if less than 0, enter 0.) . . . . . . . . . . . . . . . . . . . 8a
8b. Multiply line 8a by line 4d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8b
Section C
9. Total eligible project costs ($500,000 minimum) . . . . . . . . . . . . . . . . . . . . . .
9
10. Enter the lesser of line 9 or $5,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11. Total eligible start-up costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12. Enter the lesser of line 11 or $500,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
13. Multiply line 4a by $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
If you are a PTE, stop here. Do not complete Parts II through IV.
5
COM/RAD 007
11-49
Rev 9/12
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial