Maryland Form 504cr - Business Income Tax Credits For Fiduciaries - 2013 Page 17
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232013
FIDUCIARY’S BUSINESS INCOME
MARYLAND
FORM
TAX CREDITS INSTRUCTIONS
504CR
You must obtain an initial credit certificate from Maryland Energy
must be spent on eligible project costs. At least 25 newly hired
Administration before claiming this credit.
qualified employees must be employed for at least one year
at the new or expanded facility.
Specific Instructions
This credit may also be claimed by tax-exempt nonprofit
On line 1, Part N, enter in the box provided the number of kilowatt
organizations that are qualified business entities against their
hours of electricity that was not co-fired with coal. Multiply this
unrelated business taxable income.
number by .0085. Enter the result on line 1, Part N.
If claiming a credit for multiple projects, complete a separate Part
On line 2, Part N, enter in the box provided the number of kilowatt
P for each project.
hours of electricity that was co-fired with coal. Multiply this
number by .005. Enter the result on line 2, Part N..
For information on distressed counties, qualified employees, eligible
costs, and other requirements, businesses must satisfy to qualify
Enter the total of lines 1 and 2 on line 3, Part N.
for credit, contact:
On line 4, Part N, enter one-fifth of the amount stated on the initial
credit certificate.
Maryland Department of Business and Economic Development
Office of Finance Programs, Tax Incentives Group
Enter the lesser of line 3 or line 4 on line 5, Part N. Also enter this
401 E. Pratt St.
amount on line 3, Part Y.
Baltimore, MD 21202
The credit claimed each year can not exceed one-fifth of the
410-767-6438 or 410-767-4980
maximum amount stated in the initial credit certificate. If the
credit amount exceeds the tax due, then a refund for the excess
Note: For tax years beginning after December 31, 2010, a qualified
amount may be claimed.
business entity, which has been certified for the tax credit, may
For information concerning qualifications for the credit, contact the
claim a prorated share of this credit, if: (1) the number of qualified
positions falls below 25, but does not fall below 10, and (2) the
Maryland Energy Administration
qualified business entity has maintained at least 25 qualified
60 West St., Suite 300
positions for at least five years.
Annapolis, MD 21401
410-260-7655
P A R T P - I - C A L C U L A T I O N O F T A X A B L E I N C O M E ,
meainfo@energy.state.md.us
WITHHOLDING, QUALIFIED EMPLOYEES AND TAX LIABILITY
Note: A copy of the certification by the Maryland Energy
Note: Part P-I has two columns. Column 1 is used by all qualified
Administration must be included.
fiduciaries, except PTE members. Column 2 is used by PTE members
only and should reflect a member’s distributive share of the reported
items, except lines 4a through 4d (see the instructions below for
PART O - MARYLAND-MINED COAL TAX CREDIT
Part P-I, Section A).
A credit is allowed for a qualified cogenerator, small power producer
Read the Special Instructions-I For Qualified Entities That
or an electricity supplier (as defined under §1-101 of the Public
Are Pass-Through Entities, following Part-IV Summary.
Utilities Article) for the purchase of Maryland-mined coal. An
PTE members must read the Special Instructions-II For Members
electricity supplier may not have been a public utility before July 1,
Of Qualified Business Entities That Are Pass-Through Entities
1999. A cogenerator or an electricity supplier must not be subject
BEFORE completing Part P-I.
to the public service company franchise tax. The credit is $3 for
each ton of Maryland-mined coal purchased in the current tax year.
Section A This section is used to separate the qualified business
entity’s Maryland taxable income from the project (the “project
Specific Instructions
taxable income”) from the Maryland taxable income not associated
Enter on line 1, Part O, the number of tons of Maryland-mined coal
with the project (the “non-project taxable income”). Project taxable
purchased in the current year.
income is the income generated by or arising out of the eligible
economic development project.
Multiply line 1 by $3 and enter the result on line 2, Part O, and
also on line 15, Part W.
For fiduciaries who are not PTE members, enter your Maryland
taxable net income from your return on line 1.
The credit is limited to the amount of Maryland State tax on the
return. No carryover of excess credits exists for this tax credit.
For PTE members of a qualified business entity, enter your Maryland
taxable net income from the PTE on line 1.
The amount of this credit must be certified by the State Department
of Assessments and Taxation.
On line 2, enter your share of the Maryland taxable income from the
project (“project taxable income”) of the qualified business entity.
For more information contact:
To calculate the project taxable income, proceed as follows:
State Department of Assessments and Taxation
301 W. Preston Street
1.
If the project is a totally separate facility, then project
Baltimore, MD 21201-2395
income is figured by using separate accounting, reflecting
410-767-1191
only the gross income, deductions, expenses, gains, and
taxcredits@dat.state.md.us
losses directly attributable to the facility and overhead
expenses apportioned to the facility.
Note: A copy of the certification by the State Department of
Assessments and Taxation must be included.
2.
If the project is an expansion to a previously existing facility,
then figure net income attributable to the entire facility by
using separate accounting reflecting only the gross income,
PART P - ONE MARYLAND ECONOMIC DEVELOPMENT TAX
deductions, expenses, gains, and losses directly attributable
CREDIT
to the facility and overhead expenses apportioned to the
facility and net income attributable to the project. Next,
General requirements Credits may be claimed for eligible project
figure the project income by apportioning the entire facility
costs and for eligible start-up costs incurred to establish, relocate
income to the project.
or expand a business facility in a distressed Maryland county. To
qualify for the credit for project costs, a minimum of $500,000
Or,
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