Skip to Main Content
<< Back | Return to Main COMAR Search Page

8 records match your request.

FileAbstract
03.04.13.00.htm 03.04.13.00. Title 03 COMPTROLLER OF THE TREASURY Subtitle 04 INCOME TAX Chapter 13 Credit for Wages Paid to a Qualified Ex-Felon Employee Authority: Tax-General Article, §2-103 and 10-704.10, Annotated Code of Maryland; Ch. 394, Acts of 2006
03.04.13.01.htm 03.04.13.01. 01 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Business entity" means:. a) A person, including an individual, corporation, or pass-through entity as defined in Tax-General Article, §10-102.1, Annotated Code of Maryland, conducting or operating a trade or business in Maryland; orb) An organization operating in Maryland that is exempt from taxation under §501(c)3) or (4) of the Internal Revenue Code.
03.04.13.02.htm 03.04.13.02. 02 Credit Allowed.. A. A business entity that hires a qualified ex-felon employee through the pilot program may claim a credit in the amounts calculated in Regulation .03 of this chapter for wages paid to the qualified ex-felon employee.B. A business entity is not allowed the credit:. 1) For an employee who is hired to replace a laid-off employee or to replace an employee who is on strike;2) For an employee for whom the business entity simultaneously receives fed
03.04.13.03.htm 03.04.13.03. 03 Calculation of Credit.. A. A credit is allowed for each taxable year, in an amount equal to:. 1) 30 percent of up to the first $6,000 of the wages paid to a qualified ex-felon employee during the first year of employment; and2) 20 percent of up to the first $6,000 of the wages paid to a qualified ex-felon employee during the second year of employment.B. A credit is allowed for the wages paid to a qualified ex-felon employee whose employment lasted less than 1 year in an amo
03.04.13.04.htm 03.04.13.04. 04 Exempt Organizations.. An organization that is exempt from taxation under §501(c) (3) or (4) of the Internal Revenue Code may apply the credit allowed under this chapter:A. Against the income tax due on unrelated business taxable income as provided under Tax-General Article, §10-304 and 10-812, Annotated Code of Maryland; orB. Against the payment to the Comptroller of taxes that the organization:. 1) Is required to withhold from the wages of employees under Tax-General Ar
03.04.13.05.htm 03.04.13.05. 05 Claiming the Credit.. A. A business entity that is an individual or a corporation allowed the credit shall claim the credit against the State income tax by completing Form 500CR and attaching it to the applicable income tax return of the individual or corporation.B. A business entity that is a pass-through entity allowed the credit shall complete Form 500CR and attach it to the Form 510 of the pass-through entity.C. A business entity that is an organization that
03.04.13.06.htm 03.04.13.06. 06 Carryover of Excess Credit.. If the credit allowed to the business entity in any taxable year exceeds the total of tax otherwise payable for that taxable year, the business entity may apply the excess as a credit for succeeding taxable years until the earlier of:A. The full amount of the excess credit is used; or. B. The expiration of the fifth taxable year after the taxable year in which the originating credit was claimed.
03.04.13.9999.htm 03.04.13.9999. Administrative History Effective date: October 22, 2007 (34:21 Md. R. 1913). Regulation .01B amended effective April 19, 2010 (37:8 Md. R. 614). Regulation .02B amended effective April 19, 2010 (37:8 Md. R. 614).
<< Back | Return to Main COMAR Search Page