A. For a taxable year beginning after December 31, 2012, but before January 1, 2017, a business entity may claim credits against the State income tax for:
- (1) Allowed security clearance administrative expenses, not to exceed $200,000;
- (2) Expenses incurred for rental payments owed during the first year of a rental agreement for spaces leased in the State for a small business that performs security-based contracting, not to exceed $200,000; and
- (3) Subject to §B of this regulation, approved construction and equipment costs incurred to construct or renovate a single SCIF in an amount equal to the lesser of 50 percent of the costs or $200,000.
- B. The total amount of construction and equipment costs incurred to construct or renovate multiple SCIFs for which a business entity is eligible to claim as a credit against the State income tax is $500,000.
Authority: Tax-General Article, §§2-103 and 10-732; Economic Development Article, §2-108; Annotated Code of Maryland
Effective date: December 23, 2013 (40:25 Md. R. 2071)