"Income Tax Credit- Initial Tax Credit Application Form" - Maryland

Income Tax Credit- Initial Tax Credit Application Form is a legal document that was released by the Maryland Department of Commerce - a government authority operating within Maryland.

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Download "Income Tax Credit- Initial Tax Credit Application Form" - Maryland

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MORE JOBS FOR MARYLANDERS
INCOME TAX CREDIT- INITIAL TAX CREDIT APPLICATION
APPLICATIONS WILL NOT BE ACCEPTED BEFORE JULY 1, 2018
APPLICATIONS ACCEPTED ON A FIRST COME. FIRST SERVED BASIS
APPLICANT INFORMATION
1. Business Name
2. Manufacturing Facility Address
City
State/Zip
3 (a) FEIN
3 (b) UI Number
4. Facility 6-digit NAICS Code
7(a). Number of full-time jobs at
7(b) Aggregate Payroll of
the facility immediately prior to
the full-time jobs in 7(a).
hiring the new positions listed on
the attached form.
8. Provide a list of ONLY the new positions that will qualify for the income credit in FY 2019 (July 1, 2018 to
June 30, 2019) on the attached form. This includes any position hired after the business’s Notice of Intent
date that will be filled for 12 months by June 30, 2019. Include the positions, 12-month annual wages, start
date and annual hours. The positions must meet the criteria listed below. Please confirm by checking each
box.
All positions listed are hired after the Notice of Intent to the Department of Commerce.
The business has been certified by the Department of Commerce as a Qualified Business Entity and
enrolled its project in the program prior to submitting this application.
All positions are full-time and pay at least 120% of State minimum wage ($12.12 per hour).
All positions are projected to be filled for 12 months by June 30, 2019.
All positions are located at the facility address of the project and are net new jobs to the State.
The business began hiring new qualified positions within 12 months of its Notice of Intent to
Commerce.
The business will add 5 new qualified positions (Tier 1 Counties) or 10 new qualified positions (Tier 2
Counties) within 12 months after the date of its first new hire.
9. Provide the projected number of additional jobs, and wages that will qualify for the income tax credit in
FY 2020 (between July 1, 2019 and June 30, 2020) on the attached form.
NEXT STEPS
Based on the information provided in the Initial Tax Credit Application, Commerce will issue the business an
Initial Tax Credit Certificate.
Page 1 of 3
MORE JOBS FOR MARYLANDERS
INCOME TAX CREDIT- INITIAL TAX CREDIT APPLICATION
APPLICATIONS WILL NOT BE ACCEPTED BEFORE JULY 1, 2018
APPLICATIONS ACCEPTED ON A FIRST COME. FIRST SERVED BASIS
APPLICANT INFORMATION
1. Business Name
2. Manufacturing Facility Address
City
State/Zip
3 (a) FEIN
3 (b) UI Number
4. Facility 6-digit NAICS Code
7(a). Number of full-time jobs at
7(b) Aggregate Payroll of
the facility immediately prior to
the full-time jobs in 7(a).
hiring the new positions listed on
the attached form.
8. Provide a list of ONLY the new positions that will qualify for the income credit in FY 2019 (July 1, 2018 to
June 30, 2019) on the attached form. This includes any position hired after the business’s Notice of Intent
date that will be filled for 12 months by June 30, 2019. Include the positions, 12-month annual wages, start
date and annual hours. The positions must meet the criteria listed below. Please confirm by checking each
box.
All positions listed are hired after the Notice of Intent to the Department of Commerce.
The business has been certified by the Department of Commerce as a Qualified Business Entity and
enrolled its project in the program prior to submitting this application.
All positions are full-time and pay at least 120% of State minimum wage ($12.12 per hour).
All positions are projected to be filled for 12 months by June 30, 2019.
All positions are located at the facility address of the project and are net new jobs to the State.
The business began hiring new qualified positions within 12 months of its Notice of Intent to
Commerce.
The business will add 5 new qualified positions (Tier 1 Counties) or 10 new qualified positions (Tier 2
Counties) within 12 months after the date of its first new hire.
9. Provide the projected number of additional jobs, and wages that will qualify for the income tax credit in
FY 2020 (between July 1, 2019 and June 30, 2020) on the attached form.
NEXT STEPS
Based on the information provided in the Initial Tax Credit Application, Commerce will issue the business an
Initial Tax Credit Certificate.
Page 1 of 3
• The Initial Tax Credit certificate will be based on the position and wage information provided by the
company.
• The credit is calculated as the total annual wage (not including overtime or bonuses) multiplied by
5.75% for each qualified position.
• The amount of credit calculated in the Initial Tax Credit Certificate issued by Commerce is the
maximum credit the company may qualify for in the fiscal year. If the business meets the minimum
but has fewer new qualified positions than what is projects on its Initial Tax Credit application, it will
receive a Final Tax Credit based on the positions and wages that qualify. If the business has a greater
number of new qualified position than what it projects on its Initial Tax Credit Application, it will not
receive any additional credit.
• The amount of initial tax credits is capped for all businesses in a fiscal year. The credits are issued
on a first come, first-served basis.
• The business will apply for Final Certification for those positions listed in the Initial Tax Credit
certificate that were filled for 12 months by the end of Fiscal Year 2019 (June 30, 2019).
• The Final Certificate will include the amount the business may claim on its tax return.
• The business must continue to offer ongoing job training or post-secondary education program
throughout the 10-year benefit period.
• If during the 10-year benefit period, the number of new qualified positions falls below the number
the business received credit for in the first benefit year, the project will removed from the program
and ALL BENEFITS WILL BE TERMINATED.
Collection of Personal Information: In accordance with Executive Order 01.01.1983.18, the Department of
Commerce (“Commerce”) advises you as follows: Certain personal information requested by the Department
is necessary in determining your eligibility. Failure to disclose this information may result in the denial of one
of these benefits or services. Availability of this information for public inspection is governed by the provisions
of the Maryland Public Information Act, General Provisions Article, Sections 4-101 et seq. of the Annotated
Code of Maryland. This information will be disclosed to appropriate staff of the Department and other public
officials for purposes directly connected with administration of the program for which its use is intended. Such
information is routinely shared with State, federal or local government agencies. You have the right to inspect,
amend or correct personal records in accordance with the Maryland Public Information Act.
Publicity: The applicant agrees that the Department of Commerce may issue press releases and otherwise
publicize information about the applicant’s employment levels before and after its qualification for the More
Jobs for Marylanders Incentive Program.
Page 2 of 3
THE FORM MUST BE SIGNED BY AN OWNER OR OFFICER OF THE BUSINESS ENTITY
I verify that the business is applying has been certified as a Qualified Business Entity by the Department of
Commerce and enrolled its project in the More Jobs for Marylanders Program.
The business (1) is current in all State and local tax obligations; (2) is not in default under any State or local
contract; (3) is in good standing and authorized or registered to do business in the State.
I verify that the business applying for Certification as a Qualified Business Entity did not move its existing
facility to another County in the State after June 1, 2017.
Under penalties of perjury, I declare that the information contained in this application, to the best of my
knowledge and belief, it is true, correct and complete.
______________________________
___________________________
Date
Signature of Officer of Company
______________________________
________________________________
Contact Name
Print Officer’s Name
______________________________
________________________________
Contact Email Address
Title of Officer
______________________________
Contact Phone Number
To submit an application by mail, mail the signed application and attachments to:
Mark A. Vulcan, Esq., CPA
Program Manager, Tax Incentives
Maryland Department of Commerce
th
401 East Pratt Street, 17
Floor
Baltimore, Maryland 21202
To submit an application by email, email
Mark.Vulcan@maryland.gov
or Stacy.Kubofcik@maryland.gov.
Contact Mark Vulcan at 410-767-6438 or Stacy Kubofcik at 410-767-4980 with any questions.
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