Form 500cr - Maryland Business Income Tax Credits - 2012 Page 11
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172012
FORM
MARYLAND BUSINESS INCOME
500CR
TAX CREDITS INSTRUCTIONS
For further information, contact:
PART L - BIOTECHNOLOGY INVESTMENT INCENTIVE TAX
CREDIT
Maryland Department of Labor, Licensing and Regulation
Division of Employment and Training
General Requirements A credit is available for an investment in a
1100 N. Eutaw Street
qualified Maryland biotechnology company. To qualify, a company
Baltimore, MD 21201
can be any entity of any form (except a sole proprietorship)
410-767-2047
that is duly organized and existing under the laws of any
jurisdiction for the purpose of conducting business for profit,
PART H - WORK-BASED LEARNING PROGRAM CREDIT
and must be primarily engaged in the research, development,
A credit is allowed for wages paid to each student employee under
or commercialization of innovative and proprietary technology
an approved paid work-based learning program. The credit is 15%
that comprises, interacts with, or analyzes biological material
of the wages paid to each student not to exceed a cumulative
including biomolecules (DNA, RNA, or protein), cells, tissues or
amount of $1,500 per student for the duration of the program.
organs. The biotechnology company must have its headquarters
and base of operations in Maryland; have fewer than 50 full-time
For further information on qualified students and the requirements,
employees; have been in active business no longer than 10 years
employers must meet to qualify, contact:
(or 12 years if the Maryland Department of Business and Economic
Maryland State Department of Education
Development (DBED) determines that the company requires
Division of Career Technology and Adult Learning
additional time to complete the process of regulatory approval);
200 W. Baltimore St.
have been certified as a biotechnology company by DBED; and
Baltimore, MD 21201
must not have any securities publicly traded on any exchange.
410-767-0182
For fiscal year 2012 and 2013 only, the biotechnology company
wbltaxcredit@msd.state.md.us
may be in active business for up to 15 years.
This credit is allowed for wages paid after 12/31/2008.
The investor can be an individual or any entity (except a retirement
plan), and must make an investment of at least $25,000 in a
NOTE: A copy of the certification from the Maryland State
qualified Maryland biotechnology company (but not own more
Department of Education must be included with Form 500CR.
than 25% of the equity interests in the company after making the
investment); must be required to file an income tax return in any
PART I - EMPLOYER-PROVIDED LONG-TERM CARE
jurisdiction; and must apply for and receive final certification from
INSURANCE TAX CREDIT
DBED in order to claim the Biotechnology Investment Incentive
A credit is allowed for premiums paid by employers to provide long-
Tax Credit. The amount of the credit is 50% of the investment
term care insurance to their employees as part of their benefits
in the qualified Maryland biotechnology company, not to exceed
package. The employer may claim a credit of 5% of the premiums
$250,000. The investment must be the contribution of money
paid during the tax year or $100 for each Maryland employee
in cash or cash equivalents expressed in United States dollars,
covered by long-term care insurance provided, whichever is less,
at risk of loss, to a qualified Maryland biotechnology company
but cannot be more than $5,000.
in exchange for stock, a partnership or membership interest, or
other ownership interest in the equity of the company title to which
PART J - RESERVED FOR FUTURE USE
ownership shall vest in the qualified investor. The investment
cannot include debt. See §10-725 of the Tax-General Article and
PART K - RESEARCH AND DEVELOPMENT TAX CREDIT
Code of Maryland Regulations 24.05.03.
Businesses that incur qualified research and development
For questions on application and certification processes or for
expenses in Maryland may be entitled to tax credits. The total
additional information on this credit program, contact:
of research and development credits for all businesses may not
Maryland Department of Business and Economic Development
exceed $6,000,000 per year.
Division of Business Development, Tax Incentive Group
There are two credits. The Basic Credit is 3% of the qualified
401 E. Pratt St.
Maryland research and development expenses paid during the
Baltimore, MD 21202
tax year, up to a base amount. The Growth Credit is 10% of the
410-767-6438 or 410-767-4980
Maryland research and development expenses paid during the
tax year that exceed the base amount.
Specific Requirements: The investor may claim the tax credit for
Certification must be obtained from the Maryland Department of
the amount provided in the final certificate. If the credit amount
Business and Economic Development (DBED) before the credit can
exceeds the tax due, then a refund for the excess amount may be
be claimed. The credit must be taken for the tax year in which
claimed. The credit cannot be claimed until the date of issuance of
the expenses were incurred. Therefore, an amended return may
the final certificate. It must be claimed on the Maryland income tax
need to be filed. A copy of the certification from DBED must be
return for the tax year in which the investor makes the investment
included with the return.
in the qualified Maryland biotechnology company.
Whenever this credit is claimed against the income tax, an addition
Both the final certificate received from DBED and a statement of
modification must be made for the tax year in which the research
affidavit (see below) as prepared by the investor are required to be
and development expenses were paid.
attached to the 500CR in order for the Biotechnology Investment
Incentive Tax Credit to be allowed. Complete Form 500CR using
The credits are applicable to tax years beginning after
the information provided in the final certificate and enter the
December 31, 1999 but before January 1, 2020.
amount calculated from line 6 to line 2 of Part Y.
For certification and further information contact:
NOTE: If you are claiming a credit for more than one investment,
Maryland Department of Business and Economic Development
a separate Form 500CR must be completed for each investment.
Division of Business Development Tax Incentives Group
Total the amount from each Form 500CR, Part L, line 6. Using
401 E. Pratt St.
only one summary section, record the total on Form 500CR, Part
Baltimore, MD 21202
Y, line 2. To claim the credit, you must attach each separate Form
410-767-6438 or 410-767-4980
500CR to your income tax return.
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