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SB800-HB493: Changes to Biotechnology Investment Incentive Tax Credit

Senate Bill 800 - House Bill 493 (Chapter 605, Acts of 2009)

These Acts were cross-filed bills and are identical. The Acts amend the Biotechnology Investment Incentive Tax Credit, found in 10-725 of the Tax-General Article. These Acts first clarify that a qualified investor includes both an individual and entity. Second, these Acts provide that a tax credit under this section must be claimed for the taxable year in which the investment in a qualified Maryland biotechnology company is made. Following this change, the Acts delete obsolete language from the statute regarding when the investor could redeem a final credit certificate.

The Acts change the language of the recapture found in 10-725(f) to conform with the timing of the credit. The language is changed from the taxable year in which the credit is approved to the taxable year for which the credit is claimed.

Finally, the Acts make a change to enacted Chapter 518 of the Acts of 2008. The Acts provide that Chapter 518 remains effective as of July 1, 2008, but removes the language that the Chapter applies to all taxable years after December 31, 2008. The Acts provide that for Chapter 518, a tax credit for an investment under 10-725 of the Tax-General Article as amended by these Acts shall be claimed for the taxable year in which the investments were made.

This Act takes effect July 1, 2009.



 
Links for 2009
Tax Law and Regulations
State Regulations
Legislative Summaries
  HB1399
  SB698-HB883
  SB44
  SB174-HB171
  SB909
  HB193
  HB1171
  SB554
  SB552
  SB604
  SB800-HB493
  HB101
  SB156
  SB621
  HB810
 
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