1. A. If the credit allowed in any taxable year exceeds a taxpayer's State income tax for that taxable year, the taxpayer may apply the excess as a credit against the State income tax for succeeding taxable years until the earlier of:

   1. (1) The full amount of the excess is used; or
   2. (2) The expiration of the 15th taxable year after the taxable year in which the Maryland qualified research and development expense was incurred.
2. B. A tax credit may not be carried back to a preceding taxable year.

Authority: Economic Development Article, §2-108; Tax General Article, §§2-103 and 10-726; Annotated Code of Maryland

Effective date: April 6, 2009 (36:7 Md. R. 527)