Form 500cr - Maryland Business Income Tax Credits - 2012 Page 16
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172012
FORM
MARYLAND BUSINESS INCOME
500CR
TAX CREDITS INSTRUCTIONS
for each individual recharging system or the state income tax for
claimed.
the taxable year. Any unused credit amount for the taxable year
No credits may be earned for any tax year beginning on or after
may not be carried forward to any other taxable year.
January 1, 2017.
To claim the credit, an individual or corporation shall apply with the
For more information, contact:
Maryland Energy Administration (MEA) for initial credit certificate
Maryland Department of Business and Economic Development
for the number of individual recharging systems. No credit may
401 E. Pratt St.
be earned for any tax year beginning on or after January 1, 2014.
Baltimore, MD 21202
For additional information, contact:
410-767-4980
Maryland Energy Administration
60 West Street, Suite 300
PART T - JOB CREATION AND RECOVERY TAX CREDIT
Annapolis, MD 21401
410-260-7655
General Requirements: The Job Creation & Recovery Tax Credit
has expired. This credit was available to employers who hired
NOTE: A copy of the certification(s) by Maryland Energy
qualified employees on or after March 25, 2010 but before January
Administration must be included with form 500CR.
1, 2011. The credit was available for those employees hired and
for the first 12 months of employment. See 2011 instructions for
PART W - BUSINESS TAX CREDIT SUMMARY
more information.
This part is to summarize all available tax credits reported on this
form. If the total credits available in a particular tax year exceed
This credit may still be available on the 2012 Form 500CR for
the tax developed for that year, the excess may not be refunded.
members of pass-through entities(PTE) with a fiscal year beginning
An addition to income is required for credits from Parts A, C, G,
in 2011 and ending in 2012, if there was an amount of the original
K and S.
credit due to the qualified employees first 12 months of employment
expiring in the PTE’s 2011 fiscal year.
PART X - EXCESS CREDIT CARRYOVER CALCULATION
If a taxpayer with a 2012 Tax Year has received the PTE’s Fiscal
Most credits may not exceed the Maryland income tax liability, but
Year 2011 Maryland K-1 during Tax Year 2012, the PTE member
may be carried forward for a specified number of successive tax
may claim the distributive or pro rata share of the credit that is
years or until fully applied. It is your responsibility to maintain a
reported on the Maryland Schedule K-1.
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
This credit will only be allowed to the PTE member, if the PTE
forward. To assist you, the following table provides the number of
had completed and filed the Maryland Form 500CR, submitted the
years for which each credit may be carried forward.
required certifications, and had no existing liability to Maryland
and this amount had not been previously claimed.
PART Y - REFUNDABLE BUSINESS INCOME TAX CREDITS
Part Y is used to report the refundable portion of the One Maryland
PART U - FILM PRODUCTION EMPLOYMENT TAX CREDIT
Economic Development Tax Credit from Part P, the Biotechnology
A qualified film production entity may claim a credit against the state
Investment Incentive Tax Credit from Part L, the Clean Energy
income tax for film production activities in the state in an amount
Incentive Tax Credit from Part N, the Job Creation and Recovery
equal to the amount stated in the final tax credit certificate approved
Tax Credit from Part T and the Film Production Employment Credit
by the Department of Business and Economic Development (DBED).
from Part U.
If the tax credit allowed exceeds the total tax otherwise payable
by the qualified film production entity for that taxable year, the
qualified film production entity may claim a refund in the amount
of the excess.
To claim the credit, before beginning a film production activity, a
qualified film production entity shall apply with DBED for an Initial
credit certificate for the estimated production costs The credit
claimed cannot exceed the amount stated In the final certificate.
No credit may be earned for any fiscal year beginning on or after
July 1, 2014.
For additional information, contact:
Jack Gerbes, Director
Maryland Film Office
Maryland Department of Business and Economic Development
401 E Pratt Street, 14th Floor
Baltimore, MD 21202
410-767-6343
NOTE: A copy of the certification by DBED must be included with
form 500CR.
PART V - ELECTRIC VEHICLE RECHARGING EQUIPMENT
TAX CREDIT
An individual or corporation may claim a credit against the state
income tax in an amount equal to 20 percent of the cost of any
qualified electric vehicle recharging equipment placed in service by
the taxpayer during the tax year. The credit may not exceed $400
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