Md. Code Regs. 24.05.20.11

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

Section 24.05.20.11 - Information Required from Entity

A. To be eligible to receive the tax credit, a firm shall notify the Department in writing of its intention to use the tax credit before hiring the qualified employees necessary for establishing or expanding a facility.

B. To obtain preliminary certification, the qualified business entity shall provide the Department with a completed application for preliminary certification.

C. To obtain certification, the qualified business entity shall provide the Department with a completed application for certification.

D. By April 1 of each year after the credit year, the qualified business entity shall provide the Department with the following information:

(1) Employment information regarding the tax year for which the credit is being claimed, the number of qualified positions created and filled by qualified employees during the tax year, whether the qualified positions still existed and were still filled by qualified employees at the end of the tax year, and whether the qualified business entity has complied with all the requirements of the Act; and

(2) Any other employment information requested by the Department.

E. At the end of the retention period for a given credit year, an independent certified public accountant selected by the qualified business entity shall provide the Department and the appropriate taxing authority with a written statement stating either:

(1) That no refund of the tax credit is due to the State; or

(2) If a refund is due, the original amount of tax credit earned, the amount taken, and the amount to be refunded to the State.

Md. Code Regs. 24.05.20.11

Regulation .11 amended effective December 25, 2000 (27:25 Md. R. 2285)
Regulation .11D amended effective April 11, 2005 (32:7 Md. R. 686)