- A. If the credit allowed in any taxable year exceeds the State income tax for that taxable year, the business entity may apply the excess as a credit against the State income tax for succeeding taxable years until the full amount of the excess is used.
- B. A tax credit may not be carried back to a preceding taxable year.
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)