Form 500cr - Maryland Business Income Tax Credits - 2012 Page 12
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172012
FORM
MARYLAND BUSINESS INCOME
500CR
TAX CREDITS INSTRUCTIONS
Required Statement and Recapture of Credit The statement
Mass Transit Administration, Marketing Division
of affidavit must include the taxpayer identification number and
6 St. Paul Street, 3rd Floor
Baltimore, MD 21202-1614
name of the investor; signature of the investor under penalties of
perjury (or its authorized representative); and date. The statement
410-767-8755
of affidavit must stipulate that if, within 2 years after the close of
the tax year for which the credit is claimed, (1) the investor sells,
PART N - CLEAN ENERGY INCENTIVE TAX CREDIT
transfers or disposes of the ownership interest in the qualified
Maryland biotechnology company, for which this tax credit was
This credit is allowed if a Maryland facility is originally placed
certified, or (2) the qualified Maryland biotechnology company
in service, or that initially began co-firing, during the period of
ceases operating as an active business with its headquarters and
1/1/2006 through 12/31/2015 and produces electricity during the
base of operations in Maryland, the investor shall give notice to
tax year primarily using qualified energy resources derived from:
the Comptroller by reporting the applicable recapture amount on
• Wind
the investor’s Maryland tax return for the tax year in which the
• Open and Closed Loop Biomass
event causing the recapture occurred.
• Geothermal
The applicable recapture amount is calculated by multiplying
• Solar
the total amount of the credit claimed (or in the case of a sale,
• Small Irrigation
transfer or other disposition of the ownership interest, the portion
of the credit attributable to the ownership interest disposed of),
• Municipal Solid Waste
by one of the following percentages: 100%, if the event requiring
• Qualified Hydropower
recapture of the credit occurs during the taxable year for which
The credit is 0.85 cents for each kilowatt hour of electricity
the tax credit is claimed; 67%, if the event requiring recapture
produced at a Maryland facility using qualified energy resources
of the credit occurs during the first year after the close of the
during the five-year period specified in the initial credit certificate.
taxable year for which the tax credit is claimed; or 33%, if the
If the facility produces electricity from qualified energy resources
event requiring recapture of the credit occurs more than 1 year
co-fired with coal, the credit is 0.5 cents for each kilowatt hour of
but not more than 2 years after the close of the taxable year
electricity produced during the five-year period, specified in the
for which the tax credit is claimed. The amount of recapture is
initial credit certificate.
entered onto line 5, part L.
You must obtain an initial credit certificate from Maryland Energy
In addition, an investor’s credit may be subject to a recapture if
Administration before claiming this Clean Energy Incentive Tax
the certificate is rescinded by DBED due to the investor failing
Credit.
to provide the required notice to DBED of having made the
investment, or if DBED revokes the final certificate due to false
The credit claimed each year can not exceed one-fifth of the
representations made in connection with application for the
maximum amount stated in the initial credit certificate. If the
certification. See Code of Maryland Regulations 24.05.03 for
credit amount exceeds the tax due, then a refund for the excess
rescission and revocation procedures.
amount may be claimed.
Pass-through entities If the credit is earned by an investor
For information concerning qualifications for the credit, contact the
that is a PTE, the members of the PTE may claim the pro rata or
Maryland Energy Administration
distributive shares of the credit amount subject to the $250,000
60 West St., Suite 300
limitation. A PTE that earned the Biotechnology Investment
Annapolis, MD 21401
Incentive Tax Credit must file the Maryland Form 510, Form 500CR
410-260-7655
and all other required attachments in order for the members
to be permitted to claim the credit. See Form 510 instructions.
Note: A copy of the certification by the Maryland Energy
In order for a member of the PTE to be allowed the credit, the
Administration must be included with Form 500CR.
member must attach to the filed Maryland return the following: a
completed Form 500CR; copies of the final certification from DBED
PART O - MARYLAND-MINED COAL TAX CREDIT
and statement of affidavit; and Schedule K-1 or other statement
A credit is allowed for a qualified cogenerator, small power producer
showing the allocated share of credit amount.
or an electricity supplier (as defined under §1-101 of the Public
Utilities Article) for the purchase of Maryland-mined coal. An
PART M - COMMUTER TAX CREDIT
electricity supplier may not have been a public utility before July 1,
A credit is allowed for businesses that conduct or operate a trade
1999. A cogenerator or an electricity supplier must not be subject
or business in Maryland and provide commuter benefits for their
to the public service company franchise tax.
employees.
The credit is $3 for each ton of Maryland-mined coal purchased
The business must pay a portion of the cost of travel between the
in the current tax year.
employee’s home and the workplace. Qualified commuter benefits
The amount of this credit must be certified by the State Department
include the cost of transit instruments (tickets, passes, vouchers,
of Assessments and Taxation.
fare cards, smartcards and tokens) used to transport an employee
of the business to or from home and the workplace. The portion of
For further information contact:
the cost an employer pays to provide a “Guaranteed Ride Home”
State Department of Assessments and Taxation
program or for a parking “Cash-Out” program for their employees
301 W. Preston Street
also are qualified commuter benefits.
Baltimore, MD 21201-2395
Travel must be on a qualified mass transit vehicle or system, or
410-767-1940
in a vanpool. The vanpool vehicle must seat at least 8 adults and
taxcredits@dat.state.md.us
be used primarily to transport employees between home and the
Note: A copy of the certification by the State Department of
workplace.
Assessments and Taxation must be included with Form 500CR.
The credit is the lesser of 50% of the cost of providing commuter
benefits or $50 per month for each employee.
For more information contact:
12-49
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