Md. Code Regs. 24.05.06.04

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

Section 24.05.06.04 - Maximum Annual Credits

A. The total amount of credits approved by the Department under Regulation .03C of this chapter may not exceed $2,000,000 for any calendar year.

B. If the total amount of credits applied for by all business entities under Regulation .03C of this chapter exceeds the maximum specified under §A of this regulation, the Department shall approve a credit under Regulation .03 of this chapter for each business entity in an amount equal to the product of multiplying the credit applied for by the business entity times a fraction:

(1) The numerator of which is the maximum specified under §A of this regulation; and

(2) The denominator of which is the total of all credits applied for by all business entities under Regulation .03 of this chapter in the calendar year.

Md. Code Regs. 24.05.06.04

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