Md. Code Regs. 24.05.24.04

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

Section 24.05.24.04 - Certification Procedures

A. Application.

(1) To obtain a preliminary certification as a qualified business entity, a business entity may apply to the Department on an application approved by the Department.

(2) To be certified as a qualified business entity, a business entity shall submit the information required in Regulation .11 of this chapter to the Department on an application approved by the Department.

B. The Department may require any information required by this chapter to be verified by a certified public accountant selected by the qualified business entity.

C. The Secretary shall determine whether or not to approve a tax credit for a business entity and shall deny approval of a tax credit if:

(1) The business entity has failed to meet the qualifications for the tax credit; or

(2) Approving the tax credit would have a significant deleterious effect on another State location, county, or region by inducing a business entity to move a substantial number of existing positions from an existing State location to a project in a qualified distressed county.

D. A qualified business entity shall obtain and submit to the appropriate State taxing agency with the tax return on which the credit is claimed, certification from the Secretary that the entity has met the tax credit requirements and is eligible for the credit.

E. A project in a county that loses its eligibility as a qualified distressed county is eligible for a tax credit if:

(1) The county qualified as a qualified distressed county on the earlier of the date on which the:

(a) Business entity notified the Department in writing that it intended to apply for a tax credit for a project in that county; or

(b) Qualified business entity provided a written application to the Department for a tax credit for a project in that county; and

(2) The qualified business entity meets the project timing requirements set forth in Regulation .08 of this chapter.

Md. Code Regs. 24.05.24.04

Regulation .04A, C amended effective April 14, 2003 (30:7 Md. R. 489)
Regulation .04E amended effective April 11, 2005 (32:7 Md. R. 686); adopted effective 45:10 Md. R. 503, eff. 5/21/2018