COMAR 03.04.10.08 — § 8 Carryover of Tax Credits.

.08 Carryover of Tax Credits.
A.
Except as provided in
§C of this regulation
, if the credit allowed in any taxable year exceeds the State income tax for that taxable year, a taxpayer may apply the excess as a credit against the State income tax for succeeding taxable years until the earlier of:
(1)
The full amount of the excess is used;
(2)
For credits certified by the Department before July 1, 2005, the expiration of the 15th taxable year after the taxable year in which the Maryland qualified research and development expense was incurred; or
(3)
For credits certified by the Department after June 30, 2005, the expiration of the 7th taxable year after the taxable year in which the Maryland qualified research and development expense was incurred.
B.
A tax credit may not be carried back to a preceding taxable year.
C.
If the credit allowed in any taxable year exceeds the State income tax for that taxable year, a small business may claim a refund in the amount of the excess.