Maryland Form 504cr - Business Income Tax Credits For Fiduciaries - 2013 Page 9
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232013
MARYLAND
FIDUCIARY’S BUSINESS INCOME
FORM
TAX CREDITS INSTRUCTIONS
504CR
The Comptroller of Maryland now requires taxpayers to claim all
If you are a fiduciary distributing the One Maryland Economic
business income tax credits on an electronically-filed
Development Tax Credit, refer to the instructions in Part P
return. However, because the Maryland Fiduciary Income
before completing the Maryland Form 504 Schedule K-1 for
Tax Return, Form 504, is not yet available electronically,
your beneficiaries. There are additional reporting requirements
Maryland Form 504CR – Fiduciary’s Business Income Tax
unique to the One Maryland Credit.
Credits has been created to permit fiduciary taxpayers
PTE member Any credit from a PTE filing a fiscal year return is
to claim any business tax credits for which they may be
considered to be received by the fiduciary on the last day of the
eligible.
PTE’s fiscal year. The PTE member should claim the credit on the
If you are not a Fiduciary taxpayer, required to file Form
fiduciary’s tax return for the same year as the PTE’s fiscal year
504, you may not use Form 504CR -- you must file your
end. Even though the K-1 listing the credit may reflect the tax
Maryland return electronically to claim the business
year for the beginning of the fiscal year, the credit is still claimed
income credits available from Form 500CR.
in the year in which the PTE’s fiscal year ends.
GENERAL INSTRUCTIONS
Special Note for PTE Members: If you are a PTE member
receiving a distributive share of credits, the required certification
Purpose Maryland Form 504CR is used to claim the following
will have a different Taxpayer Identification Number from what
business tax credits against the fiduciary income tax.
you have listed on your return for yourself as the fiduciary.
Please be sure to check the box as you begin to enter Form
Tax Credit
Part
504CR information into your return. It is important that you
Bio-Heating Oil Tax Credit**
R
provide the PTE’s Federal Employer Identification Number (FEIN)
to ensure your credit is not disallowed. Check the box on page 1
Biotechnology Investment Incentive Tax Credit**
L
of Form 504CR to indicate that credits are from a PTE and enter
Businesses That Create New Jobs Tax Credit
F
the PTE’s FEIN. Include the Maryland Form 510 Schedule K-1
from the PTEs showing your share of the credit and any credits
Cellulosic Ethanol Technology Research & Develop-
S
passing through to you.
ment Tax Credit**
Note: Some state agencies will only provide certification to the
Clean Energy Incentive Tax Credit**
N
parent of a corporation, which in turn passes the information
down to its subsidiaries. It is important to identify FEINs and
Community Investment Tax Credit**
E
business names in this situation to avoid processing delays.
Commuter Tax Credit
M
If credits are received from more than one entity, include a list
Electric Vehicle Recharging Equipment Tax Credit **
V
of the other entities with names, FEINs, type of credit and the
amount of credit for each entity providing credit information.
Employer-Provided Long-Term Care Insurance Tax
I
Credit
Exception: Credits received from PTEs If you have received
distributive share of tax credits reported on a Form 510 Schedule
Enterprise Zone Tax Credit**
A
K-1, you do not need to complete the calculations for the credit.
Film Production Activity Tax Credit**
U
The amount which you enter in each section should be carried
over to the appropriate fields in the Summary, Parts W, X or Y.
First-Year Leasing Costs Tax Credit for Qualified
J-II
Small Businesses**
Other Information If a FEIN is to be used and has not been
secured, enter “APPLIED FOR” followed by the date of application.
Health Enterprise Zone Hiring Tax Credit**
B
If you have not applied for a FEIN, please do so immediately.
Job Creation Tax Credit**
D
Long-Term Employment of Qualified Ex-Felons Tax
PART A - ENTERPRISE ZONE TAX CREDIT
G
Credit
General Requirements Businesses located in an enterprise zone
Maryland Disability Employment Tax Credit
C
may be eligible for tax credits based upon wages paid to qualifying
employees. For businesses located in a focus area (an area within
Maryland Employer Security Costs Tax Credit**
J-I
an enterprise zone that is especially in need) the credit amounts
Maryland-Mined Coal Tax Credit**
O
are higher.
Maryland Wineries and Vineyards Tax Credit**
T
Businesses that own, operate, develop, construct or rehabilitate
property intended for use primarily as single- or multi-family
One Maryland Economic Development Tax Credit**
P
residential property are not eligible for the enterprise zone tax
Oyster Recycling Tax Credit**
Q
credit.
Research and Development Tax Credits**
K
Qualifying employees are those employees who:
1.
Are new employees or employees rehired after being laid
**Required Certification must be included with Form 504CR.
off for more than one year;
If the fiduciary is entitled to claim a business tax credit, or has
2.
Were employed at least 35 hours per week by the business
received a Maryland Schedule K-1 from a Pass-through Entity or
for at least six months before or during the business entity’s
another Fiduciary taxpayer, which establishes a basis for claiming
tax year for which a credit is claimed;
a business tax credit on Maryland Fiduciary Income Tax Form 504,
then the Fiduciary taxpayer will claim the amount of tax credit
3.
Spent at least one-half of their working hours in the
from line of Part Z of Form 504CR.
enterprise zone on activities of the business resulting
directly from its location in the enterprise zone;
If the Fiduciary taxpayer is eligible for a business income tax credit,
but is not reporting its taxable income on federal Form 1041, then
4.
Earn 150% or more of the federal minimum wage; and
the taxpayer must file the appropriate tax return electronically
5.
Were hired by the business after the later of the date on
to claim a business income tax credit. In this situation, the
which the enterprise zone was designated or the date on
taxpayer should refer to Business Income Tax Credit Form 500CR
which the business entity located in the enterprise zone.
Instructions at
1
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