Md. Code Regs. 24.05.06.03

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

Section 24.05.06.03 - Application and Approval of Credit

A. Application for Tax Credit. To claim eligibility for a tax credit and to be certified as eligible for a tax credit, a business entity shall submit to the Department, by not later than September 15 of the calendar year following the end of the taxable year in which the costs were incurred, an application on a form approved by the Department.

B. Each application shall include the following:

(1) The legal name of the business entity;

(2) The street address of the principal place of business of the business entity, the business entity's mailing address, the business entity's email address, and the business entity's telephone number;

(3) The name, business mailing address, telephone number, and email address of an individual with authority to act on behalf of the business entity;

(4) The federal employer identification number of the business entity or, if the business entity is an individual or sole proprietorship, the federal taxpayer identification number of the individual or proprietor;

(5) Verification of the accreditation of the SCIF or SCIFs by the appropriate federal agency;

(6) An account, which may be in the form of a spreadsheet, showing in detail and with specificity the eligible costs incurred by the business entity; and

(7) Any other information required or requested by the Department.

C. By December 15 of the calendar year following the end of the taxable year in which the costs were incurred, the Department shall certify to the business entity the amount of tax credits approved by the Department for the business entity.

Md. Code Regs. 24.05.06.03

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