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(a) If, during either of the 2 years after the credit year, the number of qualified positions of the qualified business entity falls below a rolling average over the past 2 years of 10,000, the credit shall be recaptured as follows:
(1) the credit shall be recomputed and reduced on a proportionate basis, based on the reduction of the rolling average number of qualified employees over the past 2 years;
(2) the recomputed credit shall be subtracted from the amount of credit previously allowed; and
(3) the qualified business entity shall pay the difference calculated in item (2) of this subsection as taxes payable to the State for that taxable year.
(b) If, during any of the 2 years after the credit year, the rolling average number of qualified positions falls below 9,000 for the past 2 years, all credits earned shall be recaptured.
(c)(1) For the 3 taxable years after the credit year, a qualified business entity shall provide any information required by the Department to verify that the qualified business entity is not subject to the provisions of subsection (a) or subsection (b) of this section.
(2) The Department may require that any information provided under this subsection be verified by an independent certified public accountant that the qualified business entity and the Department select.
Cite this article: FindLaw.com - Maryland Code, Economic Development § 6-704 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-6-704.html
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