Get Maryland R&d Tax Credit Form Fillable

Filling out the Maryland Research and Development (R&D) Tax Credit Form is an important process for businesses seeking to claim tax credits for their R&D activities. This guide will provide you with clear, step-by-step instructions on how to successfully complete this form online, ensuring you have all necessary information ready for submission.

Follow the steps to fill out the Maryland R&D Tax Credit Form online

1. Click the ‘Get Form’ button to obtain the Maryland R&D Tax Credit Form and open it in your preferred editor.
2. Provide general information about the applicant, including the business name, business address, Federal Employer Identification Number (FEIN), Unemployment Insurance (UI) number, and the North American Industry Classification System (NAICS) code.
3. Indicate the beginning and end date of the tax year for which you are applying for credits. If you are a partial or short-year taxpayer, you will also need to specify the proportion of the year for which credits are being claimed.
4. Enter the total number of employees in Maryland and the number of those engaged specifically in research and development.
5. Fill in the Maryland gross receipts for the tax year you are applying for, along with the previous four years, if applicable. Ensure to average these amounts as required.
6. List your Maryland eligible research and development expenses for the same tax years, and calculate the average accordingly.
7. Calculate the Maryland base percentage, which involves dividing your average R&D expenses by your average gross receipts.
8. Determine the Maryland base amount by multiplying the base percentage by the average Maryland gross receipts.
9. Calculate both the basic and growth R&D tax credits based on the specified criteria in the application form.
10. Fill out additional information, including the addresses of any facilities where R&D is conducted, whether any R&D expenses were incurred through third-party vendors, and confirming that all R&D is conducted in Maryland.
11. Provide information on Federal R&D expenses for the applicable tax years and attach proof of Good Standing with the Maryland State Department of Assessment and Taxation.
12. Review all information filled in to ensure accuracy, then save changes, download, print, or share the completed form as needed.

Complete your Maryland R&D Tax Credit Form online today to ensure you benefit from available tax credits.