Instructions For Form 500cr - Business Income Tax Credits - 2013 Page 12
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152013
BUSINESS INCOME TAX
MARYLAND
FORM
CREDITS INSTRUCTIONS
500CR
One Maryland Economic Development Tax Credit.
All amounts (except for line 13) entered in Section C of Part P-I,
should reflect the PTE member’s share of items as reported on the
This amount should also be entered on line 1, Part Y.
Maryland Form 510 Schedule K-1.
Note: A copy of the final credit certification from the Department
For Parts P-II, P-III, and P-IV, the PTE member should follow the
of Business and Economic Development must be included.
preceding instructions for the respective parts.
SPECIAL INSTRUCTIONS-I FOR QUALIFIED BUSINESS
Note: The member must inlcude a copy of the PTE’s final credit
ENTITIES THAT ARE PASS-THROUGH ENTITIES (PTEs)
certification to claim the credit.
A qualified business entity that is a PTE (partnership, LLC, S
corporation, or business trust) must complete the Form 500CR
PART Q – OYSTER SHELL RECYCLING TAX CREDIT
section of the electronic PTE income tax return, Form 510.
An individual or corporation may claim a credit against the State
PTEs must provide the following information on Form 500CR if they
income tax in an amount equal to $1 for each bushel of oyster
are eligible for the One Maryland Economic Development Tax Credit:
shells recycled during the tax year. The credit may not exceed
1.
Maryland taxable income;
$750 per taxpayer.
2.
Maryland taxable income from the project;
Any unused credit amount for the tax year may not be carried
3.
Non-project taxable income;
forward to any other tax year.
4.
Number of qualified employees;
To claim the credit, an individual or corporation must submit
certification from the Department of Natural Resources, which
5.
If the number of employees is fewer than 25 employees, a PTE
verifies the amount of oyster shells recycled during the year.
must state whether of not the qualified business entity had 25
filled qualified positions for at least five years from the time
This credit is claimed on line 1, Part Q, and also is entered on line
they have been eligible for the credit;
17, Part W, Business Tax Credit Summary.
6.
The tax year the project was put into service;
No credit may be earned for any tax year beginning on or
after January 1, 2018.
7.
Amount of Maryland income tax required to be withheld from
these qualified employees;
For additional information, contact:
8.
Total eligible project costs;
Maryland Department of Natural Resources
Tawes State Office Building
9.
$5,000,000 maximum;
580 Taylor Avenue
10. Total eligible start-up costs;
Annapolis, MD 21401
410-260-8300
11. $500,000 maximum.
meainfo@energy.state.md.us
Therefore, a PTE must complete Sections A and C of Part P-I. The
distributive or pro rata portion of these items must be furnished to
each member of the PTE on the member’s respective Maryland Form
PART R - BIO-HEATING OIL TAX CREDIT
510 Schedule K-1. The PTE also must indicate on the Schedule K-1
An individual or corporation may claim a credit against the State
whether or not the PTE is a qualified business entity which would
income tax in an amount equal to 3¢ per gallon of bio-heating oil
be entitled to pass on a refundable credit or whether the credit
purchased for space or water heating. The credit may not exceed
is nonrefundable only. The PTE must provide a copy of the final
$500 per taxpayer.
certification to each member.
Any unused credit amount for the tax year may not be carried
SPECIAL INSTRUCTIONS-II FOR MEMBERS OF QUALIFIED
forward to any other tax year.
BUSINESS ENTITIES THAT ARE PASS-THROUGH ENTITIES
To claim the credit, an individual or corporation shall apply to the
Based on the Maryland Form 510 Schedule K-1, a member then
Maryland Energy Administration (MEA) for an initial credit certificate
may file the applicable Maryland income tax return, completing the
for the number of gallons of bio-heating oil purchased for space or
Form 500CR section of their electronic Maryland income tax return,
water heating This credit is claimed on line 1, Part R, and also is
to claim the One Maryland Economic Development Tax Credit. The
entered on line 18, Part W, Business Income Tax Summary.
member should complete Part P of Form 500CR in its entirety to
compute the credit amounts and claim any of the credits allowed
No credit may be earned for any tax year beginning on or
for the tax year.
after January 1, 2018.
For the sections in Part P-I, the member would complete Column
For additional information, contact:
2 only.
Maryland Energy Administration
The PTE member (the member of the qualified business entity)
60 West St., Suite 300
must limit the amounts claimed for the project credit and start-up
Annapolis, MD 21401
credit to the distributive or pro rata portion of the PTE’s taxable
410-260-7655
income as reported on Maryland Form 510 Schedule K-1.
meainfo@energy.state.md.us
The PTE member computes the tax on the member’s share of
Note: A copy of the certification by the Maryland Energy
the PTE’s Maryland taxable income (line 1) using the highest rate
Administration must be included.
actually used on the member’s return and enter the result on line
6. The PTE member then will enter on line 7a that portion of line
PART S - CELLULOSIC ETHANOL TECHNOLOGY RESEARCH
6 which is attributable to the member’s share of project taxable
AND DEVELOPMENT TAX CREDIT
income. The tax on non-project income on line 8a is calculated by
taking the tax calculated on line 7a, prorating it further on line 7b,
An individual or corporation may claim a credit against the State
and then subtracting line 7a from line 6; if the amount on line 8a is
income tax in an amount equal to 10% of the qualified research and
less than 0, enter 0. Line 8a also is further prorated by the factor
development (R&D) expenses paid or incurred by the individual or
on line 4b, to arrive at line 8b.
corporation during the tax year. By September 15 of the calendar
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