Maryland Form 504cr - Business Income Tax Credits For Fiduciaries - 2013 Page 16
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232013
FIDUCIARY’S BUSINESS INCOME
MARYLAND
FORM
TAX CREDITS INSTRUCTIONS
504CR
On line 4, Part L, enter the lesser of line 2 or line 3.
employees.
On line 5, Part L, enter any applicable recapture amount. See
The business must pay a portion of the cost of travel between the
more information below about recapture amounts.
employee’s home and the workplace. Qualified commuter benefits
include the cost of transit instruments (tickets, passes, vouchers,
On line 6, Part L, subtract line 5 from line 4. If the amount is less
than zero, enter a negative amount.
fare cards, smartcards and tokens) used to transport an employee
of the business to or from home and the workplace. The portion of
Enter the amount from line 6, Part L, on line 2, Part Y.
the cost an employer pays to provide a “Guaranteed Ride Home”
Note: If you are claiming a credit for more than one investment,
program or for a parking “Cash-Out” program for their employees
another separate Part L must be completed for each investment.
also are qualified commuter benefits.
Total the amount from line 6, from each separate Part L. Using
Travel must be on a qualified mass transit vehicle or system, or
only one summary section, combine the total on line 2, Part Y. To
in a vanpool. The vanpool vehicle must seat at least 8 adults and
claim the total credit, you must complete a second Part L at the
be used primarily to transport employees between home and the
time you file your electronic income tax return.
workplace.
Required Statement and Recapture of Credit The statement
of affidavit must include the Taxpayer Identification Number and
The credit is the lesser of 50% of the cost of providing commuter
name of the investor, signature of the investor under penalties of
benefits or $50 per month for each employee.
perjury (or its authorized representative), and date.
Specific Instructions
The statement of affidavit must stipulate that if, within 2 years
On line 1, Part M, enter the amount of qualified commuter benefits
after the close of the tax year for which the credit is claimed, (1)
paid on behalf of employees.
the investor sells, transfers or disposes of the ownership interest
in the QMBC, for which this tax credit was certified, or, (2) the
On line 2, Part M, enter 50% of the amount entered on line 1.
QMBC ceases operating as an active business with its headquarters
and base of operations in Maryland, the investor must notify the
On line 3, Part M, enter the number of employees for which
Comptroller by reporting the applicable recapture amount on the
commuter benefits were paid.
investor’s Maryland tax return for the tax year in which the event
causing the recapture occurred.
On line 4, Part M, calculate the number of months covered by the
The applicable recapture amount is calculated by multiplying the
employees (employee months) listed on line 3 by $50.
total amount of the credit claimed (or in the case of a sale, transfer
or other disposition of the ownership interest, the portion of the
On line 5, Part M, enter the lesser of line 2 or line 4. This is the
credit attributable to the ownership interest disposed of), by one
credit amount.
of the following percentages:
Enter the amount from line 5, Part M, to line 13, Part W.
• 100%, if the event requiring recapture of the credit occurs
during the tax year for which the tax credit is claimed;
The amount of this credit is limited to the Maryland State tax on
• 67%, if the event requiring recapture of the credit occurs
the return and is not carried forward to another tax year.
during the first year after the close of the tax year for which
the tax credit is claimed; or,
For more information contact:
• 33%, if the event requiring recapture of the credit occurs
Mass Transit Administration, Marketing Division
more than 1 year but not more than 2 years after the close of
6 St. Paul Street, 2nd Floor
the tax year for which the tax credit is claimed. The amount
Baltimore, MD 21202-1614
of recapture is entered onto line 5, Part L.
410-767-8755
An investor’s credit also may be subject to a recapture if the
certificate is rescinded by DBED due to the investor failing
to provide the required notice to DBED of having made the
investment, or if DBED revokes the final certificate due to false
PART N - CLEAN ENERGY INCENTIVE TAX CREDIT
representations made in connection with application for the
This credit is allowed if a Maryland facility is originally placed in
certification. See Code of Maryland Regulations 24.05.03 for
service or initially began co-firing, during the period of 1/1/2006
rescission and revocation procedures.
through 12/31/2015 and produces electricity during the tax year
Pass-through entities If the credit is earned by an investor
primarily using qualified energy resources derived from:
that is a PTE, the members of the PTE may claim the distributive
• Wind
or pro rata shares of the credit amount subject to the $250,000
• Open and Closed Loop Biomass
limitation. A PTE that earned the Biotechnology Investment
Incentive Tax Credit must electronically file the Maryland Form
• Geothermal
510, Form 500CR and all other required attachments for members
• Solar
to be permitted to claim the credit. See Form 510 instructions.
• Small Irrigation
For a fiduciary member of the PTE to be allowed the credit, the
• Municipal Solid Waste
member must complete Form 504CR and include the following:
• Qualified Hydropower
copies of the final certification from DBED and statement of
The credit is 0.85 cents for each kilowatt hour of electricity
affidavit; and Maryland Form Schedules K-1 showing the allocated
produced at a Maryland facility using qualified energy resources
share of credit amount.
during the five-year period specified in the initial credit certificate.
If the facility produces electricity from qualified energy resources
co-fired with coal, the credit is 0.5 cents for each kilowatt hour of
PART M - COMMUTER TAX CREDIT
electricity produced during the five-year period, specified in the
A credit is allowed for businesses that conduct or operate a trade
initial credit certificate.
or business in Maryland and provide commuter benefits for their
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