Maryland Business Income Tax Credits

Business Income Tax Credits
2023 500CRW Business Income Tax Credits
MARYLAND
FORM

500CRW

2023

WAIVER REQUEST
FOR ELECTRONIC
FILING OF FORM
500CR

This form must be Attached to form 500CR

OR FISCAL YEAR BEGINNING	

2023, ENDING	

Print Using Blue or Black Ink Only

Check here for Identity Theft
Federal Employer Identification Number (9 digits) or Social Security Number

Name

Current Mailing Address Line 1 (Street No. and Street Name or PO Box)

Current Mailing Address Line 2 (Apt No., Suite No., Floor No.)

City or Town	

State	

ZIP Code + 4

Foreign Country Name	

Foreign Province/State/County	

Foreign Postal Code

Reason for waiver request (check only one):
A.

Do not have access to a computer.

B.

Software does not support electronic filing of Form 500CR.

C.

Other (explain)________________________________________________________________________________
____________________________________________________________________________________________

Signature	

Date

Instructions
Use this form to request a waiver from filing the Form 500CR
electronically. You must include a reason for the waiver
request. If a reason is not checked or an explanation given as
to why you cannot file electronically, the Form 500CR will not
be processed.
The waiver request should be included with the Form
500CR in the filing of your return.

COM/RAD-007-1

MARYLAND
FORM

500CR
OR FISCAL YEAR BEGINNING	

Name as shown on Form

2023

BUSINESS INCOME
TAX CREDITS

Page 1

ATTACH TO FORM 500, 502, 505,
510, OR 511.

2023, ENDING	

FEIN

SEE INSTRUCTIONS Note: **Indicates Certification Must Be Included
Check this box if any of the 500CR credits are derived from another entity, see instructions
for details.

FEIN

Check this box if the filing entity meets the corporate diversity criteria, see instructions for
details.
PART A - ENTERPRISE ZONE TAX CREDIT ** Must Include Required Certification
PART A-I	
CREDIT FOR ECONOMICALLY DISADVANTAGED EMPLOYEES NOT LOCATED IN A FOCUS AREA
  1. Number of qualified employees.	 First year
Second year	
Third year
  2. Credit for first year (limited to $3,000 of wages paid to each employee). . . . . . . . . . . . . . . . .  2.
  3. Credit for second year (limited to $2,000 of wages paid to each employee). . . . . . . . . . . . . . .  3.
  4. Credit for third year (limited to $1,000 of wages paid to each employee). . . . . . . . . . . . . . . . .  4.
  5. Total (Add lines 2, 3 and 4.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
PART A-II	
CREDIT FOR OTHER QUALIFIED EMPLOYEES NOT LOCATED IN A FOCUS AREA
  6. Number of qualified employees eligible for credit not included in PART A-I. . . . . . . . . . . . . . . .  6.
  7. Credit (limited to $1,000 of wages paid to each employee). . . . . . . . . . . . . . . . . . . . . . . . . . .  7.
PART A-III
CREDIT FOR ECONOMICALLY DISADVANTAGED EMPLOYEES LOCATED IN A FOCUS AREA
8. Number of focus area employees. First year
Second year
Third year

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Credit for first year (limited to $4,500 of wages paid to each employee). . . . . . . . . . . . . . . . .  9.
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Credit for second year (limited to $3,000 of wages paid to each employee). . . . . . . . . . . . . . .  10.
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Credit for third year (limited to $1,500 of wages paid to each employee). . . . . . . . . . . . . . . . .  11.
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Total (Add lines 9, 10 and 11.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.
A-IV	
CREDIT FOR OTHER QUALIFIED EMPLOYEES LOCATED IN A FOCUS AREA
Number of focus area employees eligible for credit not included in PART A-III. . . . . . . . . . . . . 13.
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Credit (limited to $1,500 of wages paid to each employee). . . . . . . . . . . . . . . . . . . . . . . . . . .  14.
A - SUMMARY
Check here
if claiming credit for business located in a RISE Zone.
00
15. Total Enterprise Zone Tax Credit for the current tax year (Add lines 5, 7, 12 and 14.). . . . . . . . . 15.
PART B - SMALL BUSINESS RELIEF TAX CREDIT ** Must Include Required Certification
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1. Credit (certified by the Maryland Department of Commerce) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
PART C - MARYLAND DISABILITY EMPLOYMENT TAX CREDIT FOR EMPLOYEES ** Must Include Required Certification
9.
10.
11.
12.
PART
13.
14.
PART

PART
1.
2.
3.
4.
PART
5.
6.

C-I	
CREDIT FOR EMPLOYEES WITH A DISABILITY
Number of qualified employees
First year	
Second year
Credit for first year (30% of first $15,000 of wages paid to each employee). . . . . . . . . . . . . . .  2.
Credit for second year (30% of first $15,000 of wages paid to each employee) . . . . . . . . . . . .  3.
Total (Add lines 2 and 3.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  4.
C-II	
CREDIT FOR CHILD CARE AND TRANSPORTATION EXPENSES
Number of qualified employees.	 First year
Second year
Credit for first year (limited to a combined total of $1,500 in child care and transportation
expenses per qualified employee with a disability) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6.
7. Credit for second year (limited to a combined total of $1,500 in child care and
transportation expenses per qualified employee with a disability) . . . . . . . . . . . . . . . . . . . . .  7.
8. Total (Add lines 6 and 7.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  8.
PART C - SUMMARY
9. Total Maryland Disability Employment Tax Credit for the current tax year (Add lines 4 and 8.) . .  9.
PART D - JOB CREATION TAX CREDIT ** Must Include Required Certification
1. Credit (certified by the Maryland Department of Commerce). . . . . . . . . . . . . . . . . . . . . . . . . . 1.

COM/RAD-007

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MARYLAND
FORM

500CR
Name as shown on Form

2023

BUSINESS INCOME
TAX CREDITS

Page 2

ATTACH TO FORM 500, 502, 505,
510, OR 511.

FEIN

PART E - COMMUNITY INVESTMENT TAX CREDIT ** Must Include Required Certification
1.
Amount of approved contributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
2.
Enter 50% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2.
3.
Enter the amount from line 2 or $250,000, whichever is less. . . . . . . . . . . . . . . . . . . . . . . . .  3.
PART F - BUSINESSES THAT CREATE NEW JOBS TAX CREDIT
1.
Property tax credit (certified by the State Department of Assessments and Taxation) . . . . . . .  1.
2.
Enhanced property tax credit (certified by the State Department of Assessments and Taxation). 2.
3.
Total (Add lines 1 and 2.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3.
PART G - CATALYTIC REVITALIZATION PROJECTS AND HISTORIC REVITALIZATION TAX CREDIT
** Must Include Required Certification
1.
Credit (certified by Maryland Department of Commerce). . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
PART H -INNOVATION AND CYBERSECURITY INCENTIVE TAX CREDITS ** Must Include Required Certification
NOTE: If you are claiming more than one investment, see instructions for PART H-I.
PART H-I CREDIT FOR INVESTORS IN INNOVATION
1.
Amount of approved investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
2. Enter 33% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2.
NOTE:	See Special Instructions for Maryland Technology Companies located in Allegany County, Dorchester
County, Garrett County, Somerset County , or a Regional Institution Strategic Enterprise zone.

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3.
Maximum Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3.
NOTE:	See Special Instructions for Maryland Technology Companies located in Allegany County, Dorchester
County, Garrett County, Somerset Count, or a Regional Institution Strategic Enterprise zone.
4.
Tentative refund (enter the amount from line 2 or line 3, whichever is less). . . . . . . . . . . . . . .  4.
5.
Enter any amount of recapture. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5.
6.
Total credit for investors in innovation. (Subtract line 5 from line 4 and enter this amount
here and in PART CCC, line 6. If less than zero, enter negative amount.).. . . . . . . . . . . . . . . .  6.
PART H-II- CREDIT FOR BUYERS OF CYBERSECURITY TECHNOLOGY and/or CYBERSECURITY SERVICES
7.
Credit (certified by the Maryland Department of Commerce). . . . . . . . . . . . . . . . . . . . . . . . . .  7.
8.
Enter any amount of recapture. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.
9.
Total credit for buyers of cybersecurity technology and/or cybersecurity services (subtract
line 8 from line 7 and enter this amount here and in PART AAA, line 6. If less than zero,
enter negative amount.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.
PART I - EMPLOYER-PROVIDED LONG-TERM CARE INSURANCE TAX CREDIT
1.
Enter 5% of long-term care insurance cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2.
Multiply the number of eligible employees
by $100 . . . . . . . . . . . . . . . . . . . . . . . . 2.
3.
Enter the lesser of line 1 or line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3.

00

4.
Enter the lesser of line 3 or $5,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  4.
PART J - FEDERAL SECURITY CLEARANCE COSTS TAX CREDIT ** Must Include Required
Certification
PART J-I CREDIT FOR SENSITIVE COMPARTMENTED INFORMATION FACILITY (SCIF) COSTS AND SECURITY CLEARANCE
ADMINISTRATIVE EXPENSES
1. Enter the amount of Construction and Equipment costs that have been certified by the Maryland
Department of Commerce incurred to construct or renovate SCIFs (Include certification) . . . . . . . 1.
2. Enter the amount of Security Clearance Administrative Expenses approved by the Maryland
Department of Commerce not to exceed $200,000. (Include certification) . . . . . . . . . . . . . . . . . . 2.
3. Total PART J-I Allowable Security Costs Tax Credit (Add lines 1 and 2.). . . . . . . . . . . . . . . . . . . . . 3.

00

FIRST YEAR LEASING COSTS TAX CREDIT FOR QUALIFIED SMALL BUSINESSES
(For first year leasing costs incurred between 1/1/2023 and 12/31/2023.)
Complete ONLY if you are a Small Business (See Instructions.)
1. Enter expenses approved by the Maryland Department of Commerce incurred for rental
payments owed during the first year of a rental agreement for spaces leased in the State if
taxpayer is a small business that performs security-based contracting not to exceed $200,000.
(Include certification.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.

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PART J-II

COM/RAD-007

00

MARYLAND
FORM

500CR
Name as shown on Form

2023

BUSINESS INCOME
TAX CREDITS

Page 3

ATTACH TO FORM 500, 502, 505,
510, OR 511.

FEIN

PART K - RESEARCH AND DEVELOPMENT TAX CREDITS ** Must Include Required Certification
PART K-I	
TO BE COMPLETED IF THE BUSINESS IS NOT CERTIFIED AS A “SMALL BUSINESS”
FOR THIS CREDIT
1.
Amount certified by the Maryland Department of Commerce. Enter here and on Line 10 of
Part AAA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
PART K-II	
TO BE COMPLETED IF THE BUSINESS IS CERTIFIED AS A “SMALL BUSINESS”
FOR THIS CREDIT
2. Amount certified by the Maryland Department of Commerce. Enter here and on Line 5 of
Part CCC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2.
PART L - BIOTECHNOLOGY INVESTMENT INCENTIVE TAX CREDIT ** Must Include Required Certification
NOTE: If you are claiming more than one investment see instruction for PART L.
1. Amount of approved investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
2. Multiply line 1 by the applicable percentage. (See Instructions) . . . . . . . . . . . . . . . . . . . . . . .  2.
NOTE:	See Special Instructions for Maryland Biotechnology Companies located in Allegany County,
Dorchester County, Garrett County, Somerset County, or a Regional Institution Strategic Enterprise zone.
3. Maximum Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
NOTE:	See Special Instructions for Maryland Biotechnology Companies located in Allegany County,
Dorchester County, Garrett County, Somerset County, or a Regional Institution Strategic
Enterprise zone.
4. Tentative refund (Enter the amount from line 2 or line 3, whichever is less.). . . . . . . . . . . . . .  4.
5. Enter any amount of recapture. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5.
6. Total Biotechnology Investment Incentive Tax Credit (Subtract line 5 from line 4 and enter this
amount here and in PART CCC, line 2. If less than zero, enter negative amount.). . . . . . . . . . .  6.
PART M - COMMUTER TAX CREDIT ** Must Include Required Certification
1. Amount certified by the Maryland Department of Transportation . . . . . . . . . . . . . . . . . . . . . .  1.
PART N - Reserved
1. Reserved.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. XXXXXXXXXXX
PART O - WORK OPPORTUNITY TAX CREDIT ** Must Include federal Form 3800
1. Federal work opportunity credit. Enter the amount from federal Form 3800, Part III, line 4b.. . . 1.
2. Multiply qualified first-year wages used to calculate the federal work opportunity credit paid to
Maryland employees who worked for you at least 120 hours but fewer than 400 hours
by .25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.
3. Multiply qualified first-year wages used to calculate the federal work opportunity credit paid to
Maryland employees who worked for you at least 400 hours	
by .4. . 3.
4. Multiply qualified second-year wages used to calculate the federal work opportunity credit paid
to Maryland employees certified as long-term family assistance recipients

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by .5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  4.
Work Opportunity Credit from Partnerships, S-Corps, Cooperatives, Estates, and Trusts
00
attributable to wages paid to Maryland employees.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
00
6. Maryland Work Opportunity Tax Credit. Add lines 2, 3, 4, and 5 and multiply by .5. . . . . . . . . . . 6.
PART P-1 - ONE MARYLAND ECONOMIC DEVELOPMENT TAX CREDIT CERTIFIED AFTER JUNE 30, 2018
**Must Include Required Certification
Column 2
Column 1
PART P-I	
CALCULATION OF TAXABLE INCOME, WITHHOLDING,
PTE members only
All qualified persons,
(enter your pro rata
QUALIFIED EMPLOYEES AND TAX LIABILITY
but NOT PTE members
share from PTE)
Section A
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1. Enter your Maryland taxable income (See instructions for PART P-I). . . . 1.
5.

2a.	 Enter the number of qualified employees (DO NOT PRORATE.). . . . . . 2a.
The minimum number of qualified employees is 50 to qualify for the project
tax credit having the maximum amount of $5,000,000; or 25 for $2,500,000;
or 10 for $1,000,000.
2b.	 Have you maintained at least the minimum number of qualified employees
required to qualify for the project tax credit for at least 5 years? . . . . . . . . . 	
Yes
COM/RAD-007

No

Yes

No

MARYLAND
FORM

500CR

2023

BUSINESS INCOME
TAX CREDITS

Page 4

ATTACH TO FORM 500, 502, 505,
510, OR 511.

Name as shown on Form

FEIN

NOTE: If line 2a is less than the minimum number of qualified employees required to qualify for the project tax credit claimed,
and the answer to Question 2b is “No,” STOP HERE. You may not claim this tax credit.
Column 2
Column 1
NOTE: If line 2a is less than 10, STOP HERE. You may not claim this tax credit.
PTE members only
All qualified persons,
2c.	 Prorate factor (Enter line 2a divided by the minimum number of qualified
(enter your pro rata
but NOT PTE members
share from PTE)
employees required to qualify for the project tax credit claimed; if greater
.
.
than 1, enter 1.000000.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2c.
3. Enter the amount of Maryland income tax required to be withheld from
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qualified employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
If PTE, do not complete Section B. Continue to Section C.
Section B
4a.	 Total tax liability: line 14 of Form 500, the sum of lines 21 and 21a, less
any amounts from lines 22 through 24 of Form 502; or, line 32d less any
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amounts from lines 33 and 34 of Form 505. If less than 0, enter 0. . . . 4a.
PTE member: Multiply the income on line 1, Section A, by the highest
tax rate used to calculate the tax on your Maryland tax return. Enter this
amount on line 4a.
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4b.	 Multiply line 4a by line 2c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4b.
Section C
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5. Total eligible project costs ($500,000 minimum). . . . . . . . . . . . . . . . . . 5.
6. Enter the lesser of line 5 or allowable maximum project tax credit based
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on the number of qualified employees. (See instructions) . . . . . . . . . . . 6.
If you are a PTE, stop here. Do not complete Parts II through IV.
PART P-II CREDIT AGAINST TAX LIABILITY AND TAX ON INCOME OF THE QUALIFIED BUSINESS ENTITY
Complete Part P-II to calculate the portion of the credits allowable for this tax year that will reduce
your tax liability.
00
7. Enter the sum of project cost credits and refunds taken in prior tax years. . . . . . . . . . . . . . . . .  7.
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8. Subtract line 7 from line 6; if less than 0, enter 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.
9. Eligible Maryland State tax liability on income of the qualified business entity
00
(Enter the amount from line 4b.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.
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10. Credit against tax on the income of qualified business entity (Enter the lesser of line 8 or line 9.).10.
PART P-III Refundable Credit
11. Tentative refund (Credit remaining after deducting credit against tax on the income of the
00
qualified business entity.)(Subtract line 10 from line 8. If less than 0, enter 0.) . . . . . . . . . . . .  11.
12. Maryland income tax required to be withheld during this tax year from qualified employees
00
(Enter the amount from line 3.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.

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13. Refund allowable for this tax year. Enter the lesser of line 11 or line 12 . . . . . . . . . . . . . . . . . 13.
PART P-IV Summary
14. Total nonrefundable One Maryland Economic Development Tax Credit.
00
(Enter the amount from line 10.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14.
15. Total refundable One Maryland Economic Development Tax Credit.
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(Enter the amount from line 13.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.
PART P-2 - ONE MARYLAND ECONOMIC DEVELOPMENT TAX CREDIT CERTIFIED BEFORE JULY 1, 2018
Column 1
Column 2
** Must Include Required Certification
All qualified persons, but
PTE members only (enter
NOT PTE members
your pro rata share from
PART P-I CALCULATION OF TAXABLE INCOME, WITHHOLDING,
PTE)
QUALIFIED EMPLOYEES AND TAX LIABILITY
Section A
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1. Enter your Maryland taxable income (See instructions for PART P-I.). . 1.
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2. Enter your share of Maryland taxable income from the project. . . . . . . 2.
3.

Non-project Maryland taxable income (Subtract line 2 from line 1.
If less than 0, enter 0.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

COM/RAD-007

3.

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MARYLAND
FORM

500CR
Name as shown on Form

PART P-I

2023

BUSINESS INCOME
TAX CREDITS

Page 5

ATTACH TO FORM 500, 502, 505,
510, OR 511.

FEIN

Column 1
All qualified persons, but
NOT PTE members

Column 2
PTE members only
(enter your pro rata
share from PTE)

CALCULATION OF TAXABLE INCOME, WITHHOLDING,
QUALIFIED EMPLOYEES AND TAX LIABILITY
4a.	 Enter the number of qualified employees (DO NOT PRORATE.) . . . . . 4a.
4b.	 Have you maintained at least 25 qualified employees for at least 5 years? 	 Yes	
No		Yes	
No
4c.	 Tax year in which the project was put in service: . . . . . . . . . . . . . . . . 4c.
NOTE: If line 4a is less than 25, and the answer to Question 4b is “No,”
STOP HERE. You may not claim this tax credit.
NOTE: If line 4a is less than 10, STOP HERE. You may not claim this tax credit.
.
.
4d.	 Prorate factor (Enter line 4a divided by 25; if greater than 1, enter 1.000000.) . 4d.
5. Enter the amount of Maryland income tax required to be withheld
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from qualified employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5.
If PTE, do not complete Section B. Continue to Section C.
Section B
6. Total tax liability:
line 14 of Form 500,
the sum of lines 21 and 21a, less any amounts from lines 22 through 24 of
Form 502; or, line 32d less any amounts from lines 33 and 34 of Form 505.
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If less than 0, enter 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6.
PTE member: Multiply the highest tax rate calculated on your return by the income on line 1.
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7a.	 Tax on income from the project (See instructions for PART P-I.) . . . .  7a.
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7b.	 Multiply line 7a by line 4d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7b.
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8a.	 Tax on non-project income (Subtract line 7a from line 6. If less than 0, enter 0.) . 8a.
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8b.	 Multiply line 8a by line 4d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8b.
Section C
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9. Total eligible project costs ($500,000 minimum) . . . . . . . . . . . . . . .  9.
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10. Enter the lesser of line 9 or $5,000,000 . . . . . . . . . . . . . . . . . . . . . . . 10.
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11. Total eligible start-up costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.
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12. Enter the lesser of line 11 or $500,000. . . . . . . . . . . . . . . . . . . . . . . . 12.
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13. Multiply line 4a by $10,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13.
If you are a PTE, stop here. Do not complete Parts II through IV.
PART P-II	 CREDIT AGAINST TAX LIABILITY AND TAX ON INCOME FROM THE PROJECT
All qualified persons
Complete Part P-II to calculate the portion of the credits allowable for this tax year that
(except for PTEs) including
PTE members
will reduce your tax liability.
Section A Project Costs
00
14. Enter the sum of project cost credits and refunds taken in prior tax years. . . . . . . . . . . . . . . .  14.
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15. Subtract line 14 from line 10; if less than 0, enter 0.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.
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16. Maryland State tax liability on income from the project (Enter the amount from line 7b.). . . . .  16.
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17. Credit against tax on income from the project (Enter the lesser of line 15 or line 16.). . . . . . . .  17.
Section B Start-up Costs
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18. Enter the sum of start-up cost credits and refunds taken in prior tax years. . . . . . . . . . . . . . . 18.
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19. Subtract line 18 from line 12. If less than 0, enter 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  19.
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20. Enter the lesser of line 13 or line 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.
21. Remaining Maryland State tax liability after deducting credits taken for project costs in
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Section A (Subtract line 17 from line 6. If less than 0, enter 0.) . . . . . . . . . . . . . . . . . . . . . . .  21.
22. Nonrefundable portion of the start-up credit. This amount cannot exceed any
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remaining tax liability. (Enter the lesser of line 20 or line 21.). . . . . . . . . . . . . . . . . . . . . . . . . 22.
PART P-III 	 Refundable Credit
Section A Project costs
23. Credit remaining after deducting credit against tax on income from the project
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(Subtract line 17 from line 15. If less than 0, enter 0.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.
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24. Tax on non-project income (Enter the amount from line 8b.) . . . . . . . . . . . . . . . . . . . . . . . . .  24.
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FORM

500CR
Name as shown on Form

2023

BUSINESS INCOME
TAX CREDITS

Page 6

ATTACH TO FORM 500, 502, 505,
510, OR 511.

FEIN

25.

Tax available for application of credit
(Subtract line 17 and line 22 from line 6. If less than 0, enter 0.). . . . . . . . . . . . . . . . . . . . . . 25.
26. Credit against tax on non-project income (Enter the lesser of lines 23, 24 or line 25.) . . . . . . . 26.
27. Tentative refund (Subtract line 26 from line 23. If less than 0, enter 0.) . . . . . . . . . . . . . . . . .  27.
28. Maryland income tax required to be withheld during this tax year from qualified employees
(Enter the amount from line 5.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.
29. Refund allowable for this tax year. Subtract line 26 from line 28 (If less than 0, enter 0.)
and enter this amount or line 27, whichever is less.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.
Section B Start-up costs
30. Tentative refund (Subtract line 22 from line 20. If less than 0, enter 0.) . . . . . . . . . . . . . . . . . 30.
31. Maryland income tax required to be withheld during this tax year from qualified employees
(from line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  31.
32. Refund allowable for this tax year (Enter the lesser of line 30 or line 31.) . . . . . . . . . . . . . . . . 32.
PART P-IV 	 Summary
33. Total nonrefundable credit for project costs (Enter the sum of line 17 and line 26.) . . . . . . . . . 33.
34. Total nonrefundable credit for start-up costs (Enter amount from line 22.) . . . . . . . . . . . . . . . 34.
35. Total nonrefundable One Maryland Economic Development Tax Credit. (Add lines 33 and 34.). . 35.
36. Total refundable credit for project costs. (Enter amount from line 29.) . . . . . . . . . . . . . . . . . . 36.
37. Total refundable credit for start-up costs. (Enter amount from line 32.). . . . . . . . . . . . . . . . . .  37.
38. Total refundable One Maryland Economic Development Tax Credit. (Add lines 36 and 37.).. . . . 38.
PART Q - RESERVED
1. RESERVED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. XXXXXXXXXXX
PART R - ENERGY STOR AGE SYSTEMS TAX CREDIT ** Must Include Required Certification
1. Credit (certified by the Maryland Energy Administration). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
PART S - MORE JOBS FOR MARYLANDERS TAX CREDIT ** Must Include Required Certification
1. Credit (certified by the Maryland Department of Commerce) . . . . . . . . . . . . . . . . . . . . . . . . .  1.
PART T - AUTOMATED EXTERNAL DEFIBRILLATOR TAX CREDIT
1. Enter the number of new defibrillators. (Limit 1 per qualifying restaurant. See instructions.). . . . . 1.	
2. Enter the credit amount. (Limit $500 per defibrillator. Maximum total credit $1,500.) . . . . . . . . . . 2.
PART U - FILM PRODUCTION ACTIVITY TAX CREDIT ** Must Include Required Certification
1. Credit (certified by the Maryland Department of Commerce) . . . . . . . . . . . . . . . . . . . . . . . . .  1.
PART V - ENDOW MARYLAND TAX CREDIT ** Must Include Required Certification
1. Amount of approved donation to a qualified permanent endowment fund . . . . . . . . . . . . . . . .  1.
2. Enter 25% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2.
3. Enter the amount from line 2 or $50,000, whichever is less. . . . . . . . . . . . . . . . . . . . . . . . . .  3.
PART W - THEATRICAL PRODUCTION TAX CREDIT ** Must Include Required Certification
1. Credit (certified by the Maryland Department of Commerce) . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
PART X - PRESERVATION AND CONSERVATION EASEMENTS Tax Credit ** Must Include Required Certification
1. Enter the portion of the total current-year conveyance amount . . . . . . . . . . . . . . . . . . . . . 1.
2. Enter the amount of any payment received for the easement during 2023. . . . . . . . . . . . . . . 2.
3. Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
4. Enter the lesser of line 3 or $5,000 here and on Part AAA, line 17 . . . . . . . . . . . . . . . . . . . . 4.
PART Y - APPRENTICE EMPLOYEE TAX CREDIT ** Must Include Required Certification
1. Credit (certified by the Maryland Department of Labor) . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
PART Z - QUALIFIED FARMS TAX CREDIT ** Must Include Required Certification
1. Credit (Total of Tax Credit Certificates) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
PART AA - RESERVED
1 RESERVED. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.
PART BB - ENDOWMENTS OF MARYLAND HISTORICALLY BLACK COLLEGES AND UNIVERSITIES
TAX CREDIT ** Must Include Required Certification
1. Credit (certified by Maryland Comptroller's office). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
COM/RAD-007

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MARYLAND
FORM

500CR
Name as shown on Form

2023

BUSINESS INCOME
TAX CREDITS

Page 7

ATTACH TO FORM 500, 502, 505,
510, OR 511.

FEIN

PART AAA - BUSINESS TAX CREDIT SUMMARY
1. Total Enterprise Zone Tax Credit from PART A, line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
2. Total Maryland Disability Employment Tax Credit from PART C, line 9. . . . . . . . . . . . . . . . . . 
3. Total Job Creation Tax Credit from PART D, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
4. Total Community Investment Tax Credit from PART E, line 3 . . . . . . . . . . . . . . . . . . . . . . . .
5. Total Businesses that Create New Jobs Tax Credit from PART F, line 3. . . . . . . . . . . . . . . . . . .
6. Total nonrefundable credit for buyers of cybersecurity technology and/or cybersecurity
services from PART H-II, line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7. Total Employer-Provided Long-Term Care Insurance Tax Credit from PART I, line 4 . . . . . . . . .

1.
2.
3.
4.
5.

00
00

6.
7.

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8.
9.
10.
11.
12.
13.

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Total Security Clearance Costs Tax Credit from PART J-I, line 3. . . . . . . . . . . . . . . . . . . . . . . 8.
Total First Year Leasing Cost Tax Credit for Small Businesses from PART J-II, line 1. . . . . . . . . 9.
00
Total nonrefundable Research and Development Tax Credits from PART K-I, line 1. . . . . . . . .  10.
00
Total Commuter Tax Credit from PART M, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  11.
00
Work Opportunity Tax Credit PART O, line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  12.
Total nonrefundable One Maryland Economic Development Tax Credit from PART P-IV;
00
if more than one project, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13.
00
14. Total Energy Storage Systems Tax Credit from PART R, line 1 . . . . . . . . . . . . . . . . . . . . . . .  14.
00
15. Automated External Defibrillator Tax Credit from PART T, line 2. . . . . . . . . . . . . . . . . . . . . . . 15.
00
16. Endow Maryland Tax Credit from PART V, line 3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16.
00
17. Total Preservation and Conservation Easements Tax Credit from PART X, line 4. . . . . . . . . . .  17.
00
18. Total Apprentice Employee Tax Credit from PART Y, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . .  18.
00
19. Total Qualified Farms Tax Credit from PART Z, line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  19.
20. Total Endowments of Maryland Historically Black Colleges and Universities Tax Credit
00
from PART BB, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.
00
21. Total of current year credits (Add lines 1 through 20.). . . . . . . . . . . . . . . . . . . . . . . . . . . . .  21.
00
22. Carryover of excess credits from PART BBB, line 7, of tax year 2022 Form 500CR . . . . . . . . .  22.
00
23. Tentative credit. (Add lines 21 and 22.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  23.
00
24. Enter amount of any credit recapture. (See instructions for PART D and PART F.). . . . . . . . . .  24.
25. Tentative credit after recapture. (Subtract line 24 from line 23.)
00
If less than 0, enter negative amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25.
26. Enter tax from:
line 14 of Form 500;
the sum of lines 21 and 21a, less any amounts from lines 22-24 of Form 502; or
00
line 32d less any amounts from lines 33 and 34 of Form 505. If less than 0, enter 0.. . . . . .
26.
27. Allowable credit (Enter line 25 or line 26, whichever is less.)
Also enter this amount on line:
00
15c of Form 500, 25 of Form 502, or 35 of Form 505. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
27.
NOTE: An addition to income is required for credits from Parts A, C, J-I, K-I, K-II, V and Part BB. From PART V add line 1.
From PART AAA add lines 1, 2, 8, 10 and 20. Also add PART CCC, line 5. Enter the result on line 7f of Form 500, line 5 of Form
502, or line 19 of Form 505.
PART BBB - EXCESS CREDIT CARRYOVER CALCULATION
If line 25 is less than or equal to line 26 of PART AAA, do not complete this section.
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1. Enter amount from line 26 of PART AAA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
00
2. Add lines 6, 11, 12, 13, and 14 of PART AAA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2.
00
3. Subtract line 2 from line 1. (If less than 0, enter 0.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3.
00
4. Subtract line 2 from line 25 of PART AAA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  4.
00
5. Tentative excess credit carryover (Subtract line 3 from line 4.). . . . . . . . . . . . . . . . . . . . . . .  5.
00
6. Enter any amount included in line 5 that will expire by the end of this tax year.. . . . . . . . . . .  6.
7. Subtract line 6 from line 5. (If less than 0, enter 0.) This is your credit carryover. . . . . . . . . . 
7.
PART CCC - REFUNDABLE BUSINESS INCOME TAX CREDITS
1. Total refundable One Maryland Economic Development Tax Credit
from PART P-IV; if more than one project, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . .  1.
COM/RAD-007

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MARYLAND
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500CR
Name as shown on Form

2.
3.
4.
5.
6.
7.
8.
9.

Total
Total
Total
Total
Total
Total
Total
Total

2023

BUSINESS INCOME
TAX CREDITS

Page 8

ATTACH TO FORM 500, 502, 505,
510, OR 511.

FEIN

Biotechnology Investment Incentive Tax Credit from PART L, line 6. . . . . . . . . . . . . . . . . 2.
Small Business Relief Tax Credit from PART B, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
Film Production Activity Tax Credit from PART U, line 1 . . . . . . . . . . . . . . . . . . . . . . . . . 4.
refundable Small Business Research and Development Tax Credit from PART K-II, line 2 . 5.
refundable Credit for Investors in Innovation from PART H-I, line 6 . . . . . . . . . . . . . . . . 6.
Theatrical Production Tax Credit from Part W, line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.
More Jobs for Marylanders Tax Credit from PART S, line 1. . . . . . . . . . . . . . . . . . . . . . . . .8.
Catalytic Revitalization Projects and Historic Revitalization Tax Credit from PART G, line 1. .9.

10.

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Subtotal refundable business income tax credits (Add lines 1 through 9.)
(If less than 0, enter as a negative amount)
If you are filing Form 502 or Form 505, enter this amount here and on PART CC, line 3
00
of Form 502CR. If you are filing Form 500, Form 510 or 511, continue to line 11 . . . . . . . . .
10.
11. Amount of pass-through entity tax attributable to your distributive or pro rata share paid by
00
an electing PTE.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
12. Total refundable business income tax credits (Add lines 10 and 11. If less than 0, enter as
00
a negative amount). If you are filing Form 500, Form 510 or 511, continue to PART DDD . . . . . 12.
PART DDD - CORPORATION AND PASS-THROUGH ENTITY (PTE) REFUNDABLE TAX CREDIT
00
1. Enter the amount from Form 502S, line 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
00
2. Total refundable business income tax credits from PART CCC, line 12. . . . . . . . . . . . . . . . . . .  2.
3. Total refundable business income tax credits. Add line 1 and line 2 and enter the amount
00
here and on Form 500, line 15d. (If less than 0, enter as a negative amount.). . . . . . . . . . . . .  3.
NOTE: If you are filing Form 510 or 511, enter the distributive or pro rata share of each tax credit on your members
Maryland Schedule K-1 (510/511).

COM/RAD-007