Maryland Form 504cr - Business Income Tax Credits For Fiduciaries - 2013 Page 12
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232013
FIDUCIARY’S BUSINESS INCOME
MARYLAND
FORM
TAX CREDITS INSTRUCTIONS
504CR
number of qualified employees in their second year of employment
of five years after the credit was earned, whichever comes first.
in the “Second Year” box.
Recapture Provision If, at any time during the three tax years
On line 2, Part C-I, enter the credit equal to 30% of the first $6,000
after the year the credit was earned, the average number of
of wages paid to each first year qualified employee.
qualified positions falls more than 5% below the average number
of qualified positions during the year in which the credit was
On line 3, Part C-I, enter the credit equal to 20% of the first
earned, a portion of the credit will be recaptured for the tax year
$6,000 of wages paid to each second year qualified employee.
in which this occurs.
On line 4, Part C-I, enter the sum of lines 2 and 3.
The amount to be recaptured is the amount originally claimed
Part C-II - Credit for Child Care and Transportation
multiplied by the percentage reduction in the number of qualified
Expenses
employees. The credit to be recaptured is reported on line 26,
Part W.
An additional credit is allowed for expenses incurred by the
employer for approved day care services for a child or children
Certification must be included with the Form 504CR when claiming
of a qualified employee, or for transportation expenses that are
this credit.
incurred to enable a qualified employee to travel to and from work.
For certification or for information on the standards that businesses
A credit of up to $600 is allowed for the first year of employment
must meet to qualify, contact:
and up to $500 for the second year. To verify if a child care center
Maryland Department of Business and Economic Development
qualifies as an approved provider, contact the Department of
Office of Finance Programs, Tax Incentives
Human Resources, Child Care Administrator for the county or city
401 E. Pratt St.
in which the child care center is located.
Baltimore, MD 21202
On line 5, Part C-II, enter the number of qualified employees in
410-767-6438 or 410-767-4980
their first year of employment in the “First Year” box. Enter the
number of qualified employees in their second year of employment
Specific Requirements
in the “Second Year” box.
Part D-I - Credit for employees of a qualified business. A
On line 6, Part C-II, enter the credit equal to a combined total
credit is allowed for each newly created qualified filled position.
of $600 in child care and transportation expenses per each first
The credit is the lesser of $1,000 multiplied by the number of filled
year qualified employee with a disability.
qualified positions during the credit year or 2.5% of the wages
On line 7, Part C-II, enter the credit equal to a combined total of
paid for these positions for the credit year.
$500 in child care and transportation expenses per each second
Part D-I reflects the calculation of the credit for employees of
year qualified employee with a disability.
a qualified business that is not located in a Revitalization Area.
On line 8, Part C-II, enter the sum of lines 6 and 7.
Enter the number of qualified positions for the current year on
Part C - Summary
line 1, Part D-I.
On line 9 Part C, enter the sum of lines 4 and 8.
Multiply line 1 by $1,000 and enter the result on line 2, Part D-I.
Also the amount on line 9, Part C, becomes an addition
Enter on line 3, Part D-I, 2.5% of the wages paid for each of the
modification. Whenever this credit is claimed against the income
qualified positions on line 1.
tax, an addition modification must be made in the amount of the
On line 4, Part D-I, enter the lesser of line 2 or line 3.
credit claimed.
Part D-II - Credit for employees working in a Facility
This credit is not refundable and is applied only against the
Located in a Revitalization Area. A credit is allowed for each
Maryland State tax. To the extent the credit is earned in any year
newly-created qualified filled position located in a Revitalization
and it exceeds the State income tax, the business is entitled to
Area. The credit is the lesser of $1,500 multiplied by the number
an excess carryover of the credit until it is used, or the expiration
of filled qualified positions or 5% of the wages paid for these
of five years, whichever comes first.
positions.
Part D-II reflects the calculation of the credit for employees of a
PART D - JOB CREATION TAX CREDIT
qualified business working in a facility located in a Revitalization
Area.
General Requirements Certain businesses that create new
qualified positions in Maryland may be eligible for tax credits
Enter the number of qualified positions working in a Revitalization
based on the number of qualified positions created or wages paid
Area for the current year on line 5, of Part D- II.
for these positions.
Multiply line 5 by $1,500 and enter the result on line 6, Part D-II.
The business facility must be certified as having created at least
Enter on line 7, Part D-II, 5% of the wages paid for each of the
60 qualified positions, 30 high-paying qualified positions, or 25
qualified positions on line 5.
qualified positions if the business facility established or expanded
is in a State Priority Funding Area.
On line 8, Part D-II, enter the lesser of line 6 or line 7.
A qualified position is a full-time position which pays at least
Part D - Summary
150% of the federal minimum wage, is located in Maryland, is
The total credit will be taken over a two-year period. One-half of
newly created as a result of the establishment or expansion of
the credit will be allowed each year. The amount allowed for any
a business facility in a single location in the state and is filled.
credit year cannot exceed $1,000,000.
Qualified business entities are those certified as such by the
Enter the total credits calculated for the current year by taking the
Maryland Department of Business and Economic Development.
sum of line 4 and line 8 and entering the result on line 9, Part D.
A qualified employee is an employee filling a qualified position.
On line 10, Part D, enter the lesser of line 9 or $1,000,000.
This credit is not refundable and is applied only against the
Maryland State tax. To the extent the credit is earned in any year
Calculate the current year credits available by multiplying the
and it exceeds the State income tax, the business is entitled to
amount on line 10 by 50% and entering the result on line 11,
an excess carryover of the credit until it is used, or the expiration
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