Md. Code Regs. 24.05.06.02

Current through Register Vol. 51, No. 24, December 2, 2024

Section 24.05.06.02 - Calculation of Amount of Credit

A. For a taxable year beginning after December 31, 2012, but before January 1, 2017, a business entity may claim credits against the State income tax for:

(1) Allowed security clearance administrative expenses, not to exceed $200,000;

(2) Expenses incurred for rental payments owed during the first year of a rental agreement for spaces leased in the State for a small business that performs security-based contracting, not to exceed $200,000; and

(3) Subject to §B of this regulation, approved construction and equipment costs incurred to construct or renovate a single SCIF in an amount equal to the lesser of 50 percent of the costs or $200,000.

B. The total amount of construction and equipment costs incurred to construct or renovate multiple SCIFs for which a business entity is eligible to claim as a credit against the State income tax is $500,000.

Md. Code Regs. 24.05.06.02

Effective date: 40:25 Md. R. 2071, eff.12/23/2013