Md. Code Regs. 24.05.12.07

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

Section 24.05.12.07 - Application-Required Information

A. By September 15 of the calendar year following the end of the taxable year in which the Maryland qualified research and development expenses were incurred, a business entity that paid or incurred Maryland qualified research and development expenses shall submit to the Department a completed application for certification on the form prescribed by the Department.

B. Cellulosic Ethanol Technology Research and Development Tax Credit Application. Each application shall include the following information:

(1) The business entity's legal name and address;

(2) The business entity's federal employer identification number;

(3) The beginning and ending dates of the business entity's taxable year, or, if a partial year, then the fraction of a taxable year for which the credit is being claimed;

(4) The North American Industrial Classification System (NAICS) code number for the business entity;

(5) The amount of the Maryland qualified research and development expenses eligible for the Maryland cellulosic ethanol technology research and development tax credit for the applicable taxable year;

(6) The credit amount being applied for with respect to the applicable taxable year, before allocation and certification by the Department;

(7) A description of the general nature of the cellulosic ethanol technology research or development activities of the business entity that paid or incurred Maryland qualified research and development expenses;

(8) The names, business addresses, home addresses, relevant qualifications, and business or employment relationship to the business entity of the persons that performed cellulosic ethanol technology research or development activities for or on behalf of the business entity during the applicable taxable year;

(9) A description of the nature, quantities, sources, and suppliers of the materials and supplies used or consumed during the taxable year by or in connection with the cellulosic ethanol technology research or development activities of the business entity, and of the locations where those materials and supplies were used or consumed during the applicable taxable year;

(10) A factual narrative describing the business entity and other evidence in sufficient detail to establish that the business entity actually and actively engaged in cellulosic ethanol technology research and development activities, or had or caused cellulosic ethanol technology research and development activities to be performed or conducted by third parties on behalf of the business entity, in the State during the applicable taxable year before the date of the filing of the application;

(11) A description of the sites, buildings, and facilities where research and development are conducted;

(12) Copies of all contracts, agreements, or other arrangements however styled for the performance of cellulosic ethanol technology research and development activities on behalf of the business entity by any third parties;

(13) The number of full-time and part-time employees of the business entity, or of any third person or firm performing or conducting cellulosic ethanol technology research and development activities for or on behalf of the business entity, in Maryland employed at each site, building, or facility and the titles, job descriptions, and duties of each type of employee;

(14) A detailed description of the business entity's cellulosic ethanol technology research and development activities and operations conducted, performed, or carried on by the business entity, or by any third person or firm conducting, performing, or carrying on cellulosic ethanol technology research and development activities for or on behalf of the business entity, at each site, building, or facility; and

(15) Any other information required by the Department.

C. The Department may require that the information required by §B of this regulation be verified by an independent auditor retained by the business entity at the expense of the business entity.

Md. Code Regs. 24.05.12.07