Maryland Form 504cr - Business Income Tax Credits For Fiduciaries - 2013 Page 20
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232013
FIDUCIARY’S BUSINESS INCOME
MARYLAND
FORM
TAX CREDITS INSTRUCTIONS
504CR
5.
If the number of employees is fewer than 25 employees, the
certification from the Department of Natural Resources, which
employer who is a fiduciary must state whether of not the
verifies the amount of oyster shells recycled during the year.
qualified business entity had 25 filled qualified positions for
This credit is claimed on line 1, Part Q, and also is entered on line
at least five years from the time they have been eligible for
17, Part W, Business Tax Credit Summary.
the credit;
No credit may be earned for any tax year beginning on or
6.
The tax year the project was put into service;
after January 1, 2018.
7.
Amount of Maryland income tax required to be withheld from
For additional information, contact:
these qualified employees;
Maryland Department of Natural Resources
8.
Total eligible project costs;
Tawes State Office Building
9.
$5,000,000 maximum;
580 Taylor Avenue
Annapolis, MD 21401
10. Total eligible start-up costs;
410-260-8300
11. $500,000 maximum.
meainfo@energy.state.md.us
The distributive portion of these items must be furnished to each
beneficiary of the fiduciary taxpayer on the beneficiary’s respective
PART R - BIO-HEATING OIL TAX CREDIT
Maryland Form 504 Schedule K-1. The fiduciary also must indicate
on the Schedule K-1 whether or not the fiduciary is a qualified
An individual or corporation may claim a credit against the State
business entity which would be entitled to pass on a refundable
income tax in an amount equal to 3¢ per gallon of bio-heating oil
credit or whether the credit is nonrefundable only. The fiduciary
purchased for space or water heating. The credit may not exceed
taxpayer must provide a copy of the final certification to each
$500 per taxpayer.
beneficiary.
Any unused credit amount for the tax year may not be carried
SPECIAL INSTRUCTIONS-II FOR FIDUCIARY MEMBERS OF
forward to any other tax year.
QUALIFIED BUSINESS ENTITIES THAT ARE PASS-THROUGH
To claim the credit, an individual or corporation shall apply to the
ENTITIES
Maryland Energy Administration (MEA) for an initial credit certificate
for the number of gallons of bio-heating oil purchased for space or
Based on the Maryland Form 510 Schedule K-1, a fiduciary member
then may file the applicable Maryland income tax return, completing
water heating This credit is claimed on line 1, Part R, and also is
the Form 504CR, to claim the One Maryland Economic Development
entered on line 18, Part W, Business Income Tax Summary.
Tax Credit. The fiduciary member should complete Part P of Form
No credit may be earned for any tax year beginning on or
504CR in its entirety to compute the credit amounts and claim any
after January 1, 2018.
of the credits allowed for the tax year.
For additional information, contact:
For the sections in Part P-I, the member would complete Column
Maryland Energy Administration
2 only.
60 West St., Suite 300
The PTE member (the member of the qualified business entity)
Annapolis, MD 21401
must limit the amounts claimed for the project credit and start-up
410-260-7655
credit to the distributive portion of the PTE’s taxable income as
meainfo@energy.state.md.us
reported on Maryland Form 510 Schedule K-1.
Note: A copy of the certification by the Maryland Energy
The PTE member computes the tax on the member’s share of
Administration must be included.
the PTE’s Maryland taxable income (line 1) using the highest rate
actually used on the member’s return and enter the result on line
6. The PTE member then will enter on line 7a that portion of line
PART S - CELLULOSIC ETHANOL TECHNOLOGY RESEARCH
6 which is attributable to the member’s share of project taxable
AND DEVELOPMENT TAX CREDIT
income. The tax on non-project income on line 8a is calculated
An individual or corporation may claim a credit against the State
by taking the tax calculated on line 7a, prorating it further on line
income tax in an amount equal to 10% of the qualified research and
7b, and then subtracting line 7a from line 6; if the amount on line
development (R&D) expenses paid or incurred by the individual or
8a is less than 0, enter 0. Line 8a also is further prorated by the
corporation during the tax year. By September 15 of the calendar
factor on line 4b, to arrive at line 8b.
year following the end of the tax year in which the expenses were
All amounts (except for line 13) entered in Section C of Part P-I,
paid or incurred, an individual or corporation may apply to the
should reflect the PTE member’s share of items as reported on the
Department of Business and Economic Development (DBED) for
Maryland Form 510 Schedule K-1.
the credit allowed. By December 15 of the same calendar year,
DBED will certify the amount of the tax credit approved. The total
For Parts P-II, P-III, and P-IV, the PTE member should follow the
amount of credits approved by DBED for any tax year may not
preceding instructions for the respective parts.
exceed $250,000.
Note: The member must inlcude a copy of the PTE’s final credit
To claim the approved credit, an individual or corporation must
certification to claim the credit.
file an electronic amended income tax return for the tax year in
which the qualified R&D expenses were paid or incurred.
PART Q – OYSTER SHELL RECYCLING TAX CREDIT
The amount of the approved credit is entered onto line 1, Part S,
An individual or corporation may claim a credit against the State
and on line 19, Part W, Business Tax Credit Summary. Also, this
income tax in an amount equal to $1 for each bushel of oyster
amount is an addition modification on the tax return.
shells recycled during the tax year. The credit may not exceed
The individual or corporation must include a copy of the DBED
$750 per taxpayer.
certification of the approved credit amount to the amended
Any unused credit amount for the tax year may not be carried
income tax return. Any credit in excess of the State income tax
forward to any other tax year.
may be carried forward to succeeding tax years until the earlier of
the full amount of the excess is used, or the expiration of the 15th
To claim the credit, an individual or corporation must submit
12
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