Md. Code Regs. 24.05.24.11

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

Section 24.05.24.11 - Information Required from Entity

A. To be eligible to receive a tax credit, a business entity shall notify the Department in writing of its intent to seek certification for a tax credit as set forth in Regulation .03 of this chapter.

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

C. To obtain certification, the qualified business entity shall provide the Secretary with a completed application for certification, which shall contain the following:

(1) General information about the business, including name, address, contact person, federal employment identification number, North American Industrial Classification System number, and type of entity;

(2) General information about the project, including location, business activities undertaken, and project and startup costs incurred;

(3) The effective date of the start-up or expansion;

(4) For the period before the start-up or expansion, both for any existing operations at the project site and Statewide, the number of full-time employees, the number of full-time employees earning at least 150 percent of federal minimum wage, and the payroll of the existing employees;

(5) For the project, the number of qualified positions created, the number of qualified employees hired, and the payroll of those employees;

(6) A statement allowing the Department to have access to any information provided to the Comptroller or another appropriate agency by a qualified business entity in connection with eligibility for a tax credit allowed under this chapter; and

(7) Any other information that the Secretary requires.

D. By April 1 of each year after the year in which the eligible economic development project is placed in service, 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;

(2) Information regarding the costs and expenses incurred at the eligible economic development project; and

(3) Any other information requested by the Department.

Md. Code Regs. 24.05.24.11

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