Maryland offers two research and development (R&D) tax credits to businesses with qualified research expenditures in the state. In order to take advantage of these credits, businesses must submit an application to the Department of Commerce.
Recent changes enacted by S.B. 563, effective July 1, 2018, modified the due date for the application, the certification date, and the process for claiming the credits. Businesses seeking to claim the credits should begin preparing applications now to meet the November 15, 2018, deadline for tax year 2017.
The Maryland R&D tax credits may provide a benefit to taxpayers incurring R&D expenses within the state. Businesses seeking to claim these credits should be aware of the November 15, 2018, deadline and act now to prepare the required application materials.