Maryland Form 504cr - Business Income Tax Credits For Fiduciaries - 2013 Page 13
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232013
FIDUCIARY’S BUSINESS INCOME
MARYLAND
FORM
TAX CREDITS INSTRUCTIONS
504CR
Part D.
Also enter this amount on line 6, Part W.
Enter on line 12, Part D, 50% of the amount of credits from the
This credit is not refundable and is applied only against the
prior year.
Maryland State tax. To the extent the credit is earned in any year
and it exceeds the State income tax, the individual or business
Add lines 11 and 12 to obtain the amount of Job Creation Tax
is entitled to an excess carryover of the credit until it is used,
Credits that may be claimed this year. Enter the result on line
or it expires five years after the credit was earned, whichever
13, Part D.
comes first.
No credits may be earned for any tax year beginning on or
Recapture Provision If, at any time during the three tax
after January 1, 2020.
years after the year the credit was earned, the business fails to
satisfy the thresholds to qualify for the credit, the credit must be
recaptured. The income tax credit to be recaptured is reported
PART E - COMMUNITY INVESTMENT TAX CREDIT
on line 26, Part W, and filed with the tax return for the tax year
Businesses or individuals who contribute to approved Community
in which the business failed to satisfy the applicable thresholds.
Investment Programs may be eligible for a credit against the
For more information contact:
State income tax. Contributions must be made to a nonprofit
organization approved by the Department of Housing and
State Department of Assessments and Taxation
Community Development (DHCD). The taxpayer must apply to
301 W. Preston Street
and receive approval by the DHCD for each contribution for which
Baltimore, MD 21201-2395
a credit is claimed. The credit is limited to 50% of the approved
410-767-1191
contributions (including real property) not to exceed $250,000.
taxcredits@dat.state.md.us
Note: A copy of the required approval from the DHCD must be
included with Form 504CR.
PART G - LONG-TERM EMPLOYMENT OF QUALIFIED EX-
Specific Instructions
FELONS TAX CREDIT (for employees hired from 1/1/07 through
12/31/2011)
Enter the amount of approved contributions on line 1, Part E.
A credit is allowed to businesses that hired qualified ex-felons
Enter 50% of line 1 on line 2, Part E.
under a program approved by Maryland Department of Labor,
On line 3, enter the lesser of line 2 or $250,000.
Licensing and Regulation. This credit may not be claimed if the
Maryland Disability Employment Tax Credit has been claimed for
Also, enter this amount on line 5, Part W.
that employee.
This credit is not refundable and is applied only against the
A qualified employee is a “qualified ex-felon” in accordance with
Maryland State tax. To the extent the credit is earned in any
Section 51(d)(4) of the Internal Revenue Code. A business may
year and it exceeds the State income tax, the individual or
not claim a credit for an employee who was hired to replace a laid
business is entitled to an excess carryover of the credit until
off employee or to replace an employee on strike, or for which
it is used, or it expires five years after the credit was earned,
the business simultaneously received federal or state employment
whichever comes first.
training benefits.
For more information contact:
A credit is allowed for each qualified ex-felon for a two-year period
Department of Housing and Community Development
beginning with the first year the employee was qualified.
Division of Neighborhood Revitalization
This credit expired as of December 31, 2011. The first
10 N. Calvert St., Suite 444
year credit is no longer allowed to be claimed on this form
Baltimore, MD 21202
as a current credit.
410-260-5800
The credit for each qualified employee hired is equal to 20% of
the first $6,000 of qualified wages during the qualified employee’s
second year of employment.
PART F - BUSINESSES THAT CREATE NEW JOBS TAX
The employer cannot claim the credit until employment has
CREDIT
continued for at least one full year unless the employee:
To qualify, businesses must be located in Maryland and create new
(a) Voluntarily leaves the employer;
positions or establish or expand business facilities in the state.
If a property tax credit (or an enhanced property tax credit) as
(b) Becomes disabled or death occurs; or,
defined in Section 9-230 of the Tax-Property Article is granted
(c) Is terminated for cause. The credit must be prorated for
by the Mayor and City Council of Baltimore City or the governing
the portion of the year the employee worked unless the
body of a county or municipal corporation, certain businesses may
employee voluntarily left to take another job.
be entitled to an income tax credit.
Specific Instructions
These credits are based on percentages of the property tax
liability as certified by the State Department of Assessments and
On line 1, Part G, enter the number of qualified ex-felons who
Taxation(SDAT).
are in their second year of employment in the box that is labeled,
“Second Year.”
Businesses certified by SDAT for the Businesses that Create New
Jobs Property Tax Credit will enter the amount of income tax credit
On line 2, Part G, enter 20% of the first $6,000 of wages for each
for which they have been certified on line 1, Part F.
employee referenced on line 1. Enter this amount on line 7, Part W.
Businesses certified by SDAT for the Businesses that Create New
The amount of the credit from line 2, Part G, also is an addition
Jobs Enhanced Property Tax Credit will enter the amount of income
modification. Whenever a Long-term Employment of Qualified Ex-
tax credit for which they have been certified on line 2, Part F.
Felons Tax Credit is claimed against the income tax, an addition
modification must be made in the amount of the credit claimed.
Enter the total of the certified amount by adding lines 1 and 2
and entering the result on line 3, Part F.
This credit is not refundable and is applied only against the
Maryland State tax. To the extent the credit is earned in any year
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