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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionMaryland
Jurisdiction type: State
Fiscal year ending In2018
Program nameAerospace, Electronics, or Defense Contract Tax Credit
Program purpose: Technology (aviation)
Statutory authority: Annotated Code of Maryland, Tax General, Title 10, Subtitle 7 Section 10-737
Abating jurisdiction(s): State of Maryland
Applicable taxesState Business Income Tax
Method of abatement: Tax Credit
Provisions for recapture: The credit must be recaptured if during either of the 2 years after the credit year the number of qualified positions falls below a rolling average over the past 2 years of 10,000. If the credit is required to be recaptured, the credit is recomputed and reduced on a proportionate basis, based on the reduction of the rolling average number of qualified employees over the past 2 years. The recomputed credit is then subtracted from the amount of credit previously allowed. If, during any of the 2 years after the credit year, the rolling average of qualified positions falls below 9,000 for the past 2 years, all the credits shall be recaptured.
Gross revenue loss: $7,500,000
Reimbursement / offset: $0
Net revenue loss: $7,500,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.marylandtaxes.gov/reports/acfr.php