Maryland Form 504cr - Business Income Tax Credits For Fiduciaries - 2013 Page 22
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232013
FIDUCIARY’S BUSINESS INCOME
MARYLAND
FORM
TAX CREDITS INSTRUCTIONS
504CR
through 22 of Part W, with the following exceptions:
PART Y - REFUNDABLE BUSINESS INCOME TAX CREDITS
• No entry is to be made on lines 2, 12, 14 and 21 because
Part Y is used to report the refundable portion of business income
the credits to which they relate are refundable credits and
tax credits:
will be claimed on Part Y.
On line 1, enter the One Maryland Economic Development Tax
• No entry is to be made on line 8 – the Work-Based Learning
Credit from line 38, Part P-IV.
Tax Credit has expired and the line is reserved for a future
On line 2, enter the Biotechnology Investment Incentive Tax Credit
tax credit.
from line 6, Part L.
Enter on line 23, the total of the credits listed on lines 1 through 22.
On line 3, enter the Clean Energy Incentive Tax Credit from line
Enter on line 24 the carryover of excess credits unable to be used
5, Part N.
on last year’s return. This amount comes from line 7, Part X, from
On line 4, enter the Health Enterprise Zone Hiring Tax Credit from
2012 Form 500CR.
line 6, Part B.
Add lines 23 and 24 and enter the result on line 25. This is the
On line 5, enter the Film Production Activity Tax Credit from line
tentative tax credit.
1, Part U.
On line 26, enter the amount of recaptured tax credits (See
On line 6, enter the Small Business Research and Development Tax
instructions for Parts D and F).
Credit from line 6, Part K-II.
Subtract line 26 from line 25 and enter the result on line 27.
On line 7, enter the total of all of the business income tax credits
On line 28, Part W, enter the State tax from your return. Resident
from lines 1 through 6.
fiduciaries will enter line 23 (less amount from line 32) and
If line 7 is less than 0, enter the result on the appropriate return
nonresident fiduciaries will enter line 25 (less amount from line
as a negative number.
32). If the amount if less than 0, enter 0.
Continue to Part Z.
On line 29, enter the lesser of line 27 or 28.
An addition to income is required for credits from Parts A, C, G,
PART Z – CORPORATION AND PASS-THROUGH
J-I, K-I, K-II and S. These additions are comprised of lines 1, 3,
ENTITY(PTE) REFUNDABLE TAX CREDIT SUMMARY
7, 10a, 11 and 19 from Part W; and line 6 from Part Y. The totals
On line 1, enter the sum of line 29 of Part W and line 7 of Part
of these amounts are included on line 3a of Form 504.
Y in block provided and on line 34 of Form 504. If less than 0,
enter as a negative number.
PART X - EXCESS CREDIT CARRYOVER CALCULATION
Most credits may not exceed the Maryland income tax liability, but
may be carried forward for a specified number of successive tax
years or until fully applied. It is your responsibility to maintain a
record of credits for which you qualify, credits that have been taken
in prior years, and the amount of each credit that may be carried
forward. To assist you, we have provided a table with the number
of years for which each credit may be carried forward.
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