Md. Code Regs. 24.05.19.09

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

Section 24.05.19.09 - Short Taxable Years

A. Eligible Costs. A taxpayer may only claim the credit for allowed costs incurred during its taxable year. If the taxpayer has a short taxable year, only the allowed costs incurred during the short taxable year are allowed on the short year return.

B. If the taxpayer incurs allowed costs in 2 taxable years during a calendar year, one of which is a short taxable year, the taxpayer may only claim a credit on the short taxable year return in an amount equal to the total credits certified by the Department multiplied by a fraction:

(1) The numerator of which is the allowed qualified capital costs incurred during the short taxable year; and

(2) The denominator of which is the allowed qualified capital costs incurred during the entire calendar year.

Md. Code Regs. 24.05.19.09

Effective date: 41:2 Md. R. 92, eff.2/3/2014