Md. Code Regs. 24.05.12.11

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

Section 24.05.12.11 - Carryover of Tax Credit

A. If the credit allowed in any taxable year exceeds a taxpayer's State income tax for that taxable year, the taxpayer may apply the excess as a credit against the State income tax for succeeding taxable years until the earlier of:

(1) The full amount of the excess is used; or

(2) The expiration of the 15th taxable year after the taxable year in which the Maryland qualified research and development expense was incurred.

B. A tax credit may not be carried back to a preceding taxable year.

Md. Code Regs. 24.05.12.11