Maryland Form 504cr - Business Income Tax Credits For Fiduciaries - 2013 Page 19
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232013
FIDUCIARY’S BUSINESS INCOME
MARYLAND
FORM
TAX CREDITS INSTRUCTIONS
504CR
of tax available for application of the tax credit.
business entity as a project credit for this tax year. The project
credit that may be claimed in Part P-II is limited up to the amount
On line 26, calculate the credit against non-project income by
of your Maryland State tax liability on the project taxable income.
entering the lesser of lines 23, 24, or 25.
Enter on line 16 the amount of the Maryland State tax liability
Enter the tentative refund amount on line 27, Part P-III. This
attributable to income from the project (line 7b).
amount is calculated by subtracting line 26 from line 23. If the
Enter on line 17, the lesser of line 15 or line 16. This amount is
result is 0 or less, enter 0.
the “Credit against tax on income from the project.”
The tentative refund is the amount, if any, by which any unused
Section B - Start-up Costs Tax Credit
excess project credit amount exceeds the State tax liability.
On line 18, enter the sum of the amount of the start-up credits
The refundable portion is limited to the amount of Maryland income
allowed in the initial tax year, prior carryover tax years, and any
tax withheld during this tax year from the wages of qualified
refunds (these are the amounts claimed as refunds for the start-up
employees (line 5).
credit during the tax years when this credit becomes a refundable
On line 28, Part P-III, re-enter the amount of Maryland income tax
credit).
required to be withheld from the qualified employees. This is the
On line 19, subtract line 18 from line 12 and enter the result. If
amount that you entered on line 5, Part P-I.
the result is 0 or less, enter 0.
Enter the refund from project costs allowable this year. Calculate
The amount calculated on line 19 is the excess amount available
this amount by subtracting line 26 from line 28 (if less than 0,
to be claimed by the qualified business entity as a start-up credit.
you will use 0) and enter that result or line 27, whichever is less.
On line 20, enter the lesser of line 13 or line 19. The start-up credit
Section B - Start-up Costs
is equal to the lesser of the amount on line 19 or line 13 (qualified
The refundable portion of the startup credit is calculated after the
employees multiplied by $10,000).
nonrefundable portion of this credit is claimed.
On line 21, subtract line 17 from line 6 and enter the result. If the
Subtract line 22 from line 20 and enter the result on line 30, Part
result is 0 or less, enter 0.
P-III. If the result is 0 or less, enter 0. This is the tentative refund
On line 22, enter the lesser of line 20 or line 21.
amount for start-up costs.
The start-up credit that may be claimed in Part P-II is limited to the
On line 31, Part P-III, re-enter the amount of Maryland income tax
qualified business entity’s Maryland State tax liability. If a project
required to be withheld from the qualified employees. This is the
credit was claimed in Part P-II, then the amount of the start-up
amount that you entered on line 5, Part P-I.
credit on line 22 is limited to the remaining Maryland State tax
The tentative refund is the amount of the remaining excess start-
liability after taking the nonrefundable project credit (line 21).
up credit. The refundable portion of the start-up credit is limited to
PART P-III - REFUNDABLE ONE MARYLAND ECONOMIC
the amount of Maryland income tax withheld during this tax year
DEVELOPMENT TAX CREDIT
from the wages of qualified employees (line 5).
Generally, at any time after the 4th tax year but before the
Enter the refund from start-up costs allowable this year. Calculate
expiration of the 15th tax year after the project was placed in
this amount by entering the lesser of line 30 or line 31.
service or the business locates to a qualified distressed county, the
PART P-IV - SUMMARY
business may apply the excess to the entity’s total Maryland State
Complete the summary of credit amounts claimed for the project
income tax liability and may request a refund of any excess credit.
credits and start-up credit for the One Maryland Economic
If the majority of the qualified positions are paid at least 250% of
Development Tax Credit.
the federal minimum wage, then the refundable years will begin
Enter on line 35 the nonrefundable portions of the project and start-
after the 2nd tax year rather than the 4th tax year.
up costs credits from lines 33 and 34. This is the total nonrefundable
Section A - Project Costs
One Maryland Economic Development Tax Credit.
The refundable portion of the project credit for the tax year is
This amount should also be entered on line 16, Part W. Add lines 36
calculated after the nonrefundable portions of the credit are
and 37 and enter this amount on line 38. This is the total refundable
claimed.
One Maryland Economic Development Tax Credit.
The refundable portion is calculated by subtracting the amount
This amount should also be entered on line 1, Part Y.
allowed as the nonrefundable portion of this credit (line 17, Part
Note: A copy of the final credit certification from the Department
P-II) claimed for this tax year from the remaining available project
of Business and Economic Development must be included.
credit amount (line 15, Part P-II).
SPECIAL INSTRUCTIONS-I FOR QUALIFIED BUSINESS
Subtract line 17, Part P-II, from line 15, Part P-II, and enter result
ENTITIES THAT ARE FIDUCIARIES AND WHO ELECT TO
on line 23, Part P-III. If the result is 0 or less, enter 0.
DISTRIBUTE THE ONE MARYLAND TAX CREDIT TO THEIR
This amount is the remaining excess eligible project costs for the
BENEFICIARIES
eligible economic development project. This project credit amount
Fiduciaries who elect to distribute the One Maryland Tax Credit to
is applied against the remaining, available State tax liability.
beneficiaries must provide the following information on Form 504CR
This section is used to calculate the portion of the nonrefundable
if they are eligible for the One Maryland Economic Development
tax credit that is allowed against the State tax on non-project
Tax Credit:
taxable income during the refundable tax years of the One Maryland
1.
Maryland taxable income;
Economic Development Tax Credit.
2.
Maryland taxable income from the project;
On line 24, re-enter the amount of the tax on non-project income
that you had previously entered on line 8b, Part P-I.
3.
Non-project taxable income;
Subtract line 17 and line 22 from line 6 and enter the result on line
4.
Number of qualified employees;
25, Part P-III. If the result is 0 or less, enter 0. This is the amount
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