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(a)(1) A qualified business entity may claim an income tax credit in the amount determined under this section.
(2) A qualified business entity shall submit to the Comptroller, with the tax return on which the credit is claimed, certification from the Department that the business entity has met the requirements of this subtitle and is eligible for the credit.
(b)(1) Except as provided in paragraph (2) of this subsection, the credit earned under this section for an aerospace, electronics, or defense contract tax credit project is $250 multiplied by the number of qualified employees employed by the qualified business entity during the credit year.
(2) The credit earned by a qualified business entity for an aerospace, electronics, or defense contract tax credit project under this subtitle may not exceed $2,500,000 for any credit year.
(c)(1) The credit earned under subsection (b) of this section shall be taken over a 1-year period.
(2) If the credit allowed under this subtitle in any taxable year exceeds the total income tax otherwise payable by the qualified business entity for that taxable year, the qualified business entity may claim a refund in the amount of the excess.
The efficacy, including the commercial reasonableness, of an attribution procedure is determined by the court. In making this determination, the following rules apply:
(1) An attribution procedure established by law is effective for transactions within the coverage of the statute or rule.
(2) Except as otherwise provided in paragraph (1) of this section, commercial reasonableness and effectiveness is determined in light of the purposes of the procedure and the commercial circumstances at the time the parties agreed to or adopted the procedure.
(3) An attribution procedure may use any security device or method that is commercially reasonable under the circumstances.
Cite this article: FindLaw.com - Maryland Code, Economic Development § 6-703 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-6-703/
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