Form 500cr - Maryland Business Income Tax Credits - 2012 Page 8
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172012
FORM
MARYLAND BUSINESS INCOME
500CR
TAX CREDITS INSTRUCTIONS
GENERAL INSTRUCTIONS
federal employer identification number (FEIN). Attach the K-1 and
statements from the PTEs showing your share of the credit and
Purpose 500CR is used to claim the following business tax credits
any credits passing through and Form 500CR to the tax return
against corporation, personal or fiduciary income tax, or employer
to be filed.
withholding tax (tax-exempt organizations only).
If credits are received from more than one entity, prepare a
schedule that provides the entity name, FEIN, type of credit and
Tax Credit
Part
amount of the credit for each entity. Total the amounts for each
Bio-Heating Oil Tax Credit**
R
credit and enter on the appropriate lines of Form 500CR, Part W.
Complete Part W and Part X.
Biotechnology Investment Incentive Tax Credit**
L
Note: If a PTE has issued you a Schedule K-1 or other statement
Businesses That Create New Jobs Tax Credit
F
stating that you are entitled to claim a distributive or pro rata
portion of a One Maryland Economic Development Tax Credit,
Cellulosic Ethanol Technology Research & Develop-
S
refer to the instructions in Part P before submitting Form 500CR.
ment Tax Credit**
There are additional entries you must make on Form 500CR
Clean Energy Incentive Tax Credit**
N
to claim your share of the credit.
Community Investment Tax Credit**
E
Credits claimed by both spouses on a joint return Complete
only one Form 500CR combining the amounts for both spouses.
Commuter Tax Credit*
M
Name and Other Information Enter the name as shown on
Electric Vehicle Recharging Equipment Tax Credit **
V
Form 500, 502, 504, 505, 510 or MW508 in the designated area.
Employer-Provided Long-Term Care Insurance Tax
Enter the taxpayer identification number (social security number
I
Credit
or FEIN). If a federal employer identification number (FEIN) is to
be used and has not been secured, enter “APPLIED FOR” followed
RESERVED FOR FUTURE USE
B
by the date of application. If you have not applied for a FEIN,
Enterprise Zone Tax Credit
A
please do so immediately.
Film Production Employment Tax Credit**
U
Tax Year or Period Enter the beginning and ending dates in the
space provided at the top of Form 500CR. The form used for filing
Green Building Tax Credit**
Q
must reflect the same tax year as the annual tax return.
Job Creation Tax Credit**
D
When and Where to File Form 500CR must be attached to the
Job Creation and Recovery Tax Credit**
T
annual return (Form 500, 502, 504, 505, 510 or MW508) and filed
with the Comptroller of Maryland, Revenue Administration Division,
Long-Term Employment of Qualified Ex-Felons Tax
G
110 Carroll Street, Annapolis, Maryland 21411-0001.
Credit*
Maryland Disability Employment Tax Credit*
C
PART A - ENTERPRISE ZONE TAX CREDIT
Maryland-Mined Coal Tax Credit**
O
General Requirements Businesses located in an enterprise zone
may be eligible for tax credits based upon wages paid to qualifying
One Maryland Economic Development Tax Credit**
P
employees. For businesses located in a focus area (an area within
Research and Development Tax Credits**
K
an enterprise zone that is especially in need) the credit amounts
are higher.
RESERVED FOR FUTURE USE
J
Businesses that own, operate, develop, construct or rehabilitate
Work-Based Learning Program Credit**
H
property intended for use primarily as single- or multi-family
residential property are not eligible for the enterprise zone tax
*Tax-exempt organizations For application of these credits
credit.
against employer withholding tax, complete and attach Form 500CR
to Form MW508 (Annual Employer Withholding Reconciliation
Qualifying employees are those employees who:
Return). See Administrative Release 34.
1. are new employees or employees rehired after being laid off
**Required Certification must be attached to Form
for more than one year;
500CR.
2. were employed at least 35 hours per week by the business
Pass-through entities (PTEs) If the business is a PTE, Form
for at least six months before or during the business entity’s
500CR must be completed through line 23, Part W and submitted
tax year for which a credit is claimed;
with the PTE income tax return (Form 510). The PTE must provide
3. spent at least one-half of their working hours in the enterprise
each partner, shareholder, member or beneficiary with a statement
zone on activities of the business resulting directly from its
showing their share of the credit.
location in the enterprise zone;
Note: If you are a PTE claiming the One Maryland Economic
4. earn 150% or more of the federal minimum wage; and
Development Tax Credit, refer to the instructions in Part P
before submitting Form 500CR. There are additional reporting
5. were hired by the business after the later of the date on
requirements.
which the enterprise zone was designated or the date on
which the business entity located in the enterprise zone.
Fiscal Year Return Any credit from a PTE filing a fiscal year
return is considered received by the member(s) on the last day
In addition, an employee may not have been hired to replace an
of the PTE’s fiscal year. The credit(s) should be claimed on the
individual employed by the business in that or the three previous
member(s)’s tax return for the same year as the PTE’s fiscal year
tax years except an economically disadvantaged employee hired
end. Even though the K-1 listing the credit may reflect the tax
to replace a previously qualified economically disadvantaged
year for the beginning of the fiscal year, the credit is still claimed
employee, for whom the business received the corresponding first-
in the year in which the PTE’s fiscal year ends.
or second-year credit in the immediately preceding tax year.For
information on the location of enterprise zones and focus areas
Credits received from PTEs Check the box on page 1 of Form
and the standards which businesses must meet to qualify, contact:
500CR to indicate that credits are from a PTE and enter the PTE’s
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