Form 500cr - Maryland Business Income Tax Credits - 2012 Page 4
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17FORM
MARYLAND BUSINESS INCOME TAX
Page 4
500CR
CREDITS
ATTACH TO YOUR 500, 502, 504, 505, 510, or
2012
MW508
PART M - COMMUTER TAX CREDIT
1. Amount of commuter benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2. Enter 50% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
3. Number of employees for which commuter benefits were paid . . . . . . . . . . . . . . . . . . . . . . . 3
4. Multiply the number of employee-months by $50 . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
5. Enter the lesser of line 2 or line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
PART N - CLEAN ENERGY INCENTIVE TAX CREDIT ** Must Attach Required Certification
Enter in the box(es) below the number of kilowatt hours of electricity that was:
1. Not co-fired with coal . Multiply this number by .85 cents (.0085) . . . . . . . . . . . . . .
1
2. Co-fired with coal . Multiply this number by .5 cents (.005) . . . . . . . . . . . . . . . . . .
2
3. Total (Add lines 1 and 2.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4. Enter one-fifth of the amount stated on the initial credit certificate . . . . . . . . . . . . . . . . . . . .
4
5. Enter the lesser of line 3 or line 4. Enter this amount in Part Y, line 3 . . . . . . . . . . . . . . . . . .
5
PART O - MARYLAND-MINED COAL TAX CREDIT ** Must Attach Required Certification
1. Number of tons of Maryland-mined coal purchased in the current tax year . . . . . . . . . . . . . . .
1
2. Multiply line 1 by $3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
PART P - ONE MARYLAND ECONOMIC DEVELOPMENT TAX CREDIT **Must Attach Required Certification
Part P - I
CALCULATION OF TAXABLE INCOME, WITHHOLDING, QUALIFIED EMPLOYEES AND TAX LIABILITY
Column 1
Column 2
All qualified persons, but NOT
PTE members only (enter your
PTE members
pro rata share from PTE)
Section A
1. Enter your Maryland taxable income (see instructions for Part P-I) . . . . . . . . . .
1
2. Enter your share of Maryland taxable income from the project . . . . . . . . . . .
2
3. Non-project Maryland taxable income (subtract line 2 from line 1;
if less than 0, enter 0.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4a. Enter the number of qualified employees (Do Not Prorate) . . . . . . . . . . . . . .
4a
4b. Have you maintained at least 25 qualified employees for at least 5 years? (Y/N)
Yes
No
Yes
No
4c. Tax year in which the project was put in service:
Note: If line 4a is less than 25, and the answer to Question is “N”,
STOP HERE. You may not claim this tax credit.
Note: If line 4a is less than 10, STOP HERE.
You may not claim this tax credit.
.
.
4d. Prorate factor (enter line 4a divided by 25; if greater than 1, enter 1.000000) 4d
5. Enter the amount of Maryland income tax required to be withheld
from qualified employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
If PTE, do not complete Section B. Continue to Section C.
Section B
6. Total tax liability:
line 14 of Form 500;
line 22 less any amounts from lines 23 through 25 of Form 502;
line 32c less any amounts from lines 33 through 35 of Form 505;
line 23 less any amount from line 32 of Form 504 for a resident fiduciary; or
line 25 less any amount from line 32 of Form 504 for a nonresident fiduciary.
If less than 0, enter 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
PTE member: multiply the highest tax rate calculated on your return
by the income on line 1.
7a. Tax on income from the project (see instructions for Part P-I) . . . . . . . . . . .
7a
7b. Multiply line 7a by line 4d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7b
8a. Tax on non-project income
(subtract line 7a from line 6; if less than 0, enter 0.) . . . . . . . . . . . . . . . . . . .
8a
8b. Multiply line 8a by line 4d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8b
Section C
9. Total eligible project costs ($500,000 minimum) . . . . . . . . . . . . . . . . . . . .
9
10. Enter the lesser of line 9 or $5,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
11. Total eligible start-up costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
12. Enter the lesser of line 11 or $500,000. . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
13. Multiply line 4a by $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
If you are a PTE, stop here. Do not complete Parts II through IV.
COM/RAD 007
12-49
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