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Research and Development Tax Credit (R&D)
Nov 15, 2020 - Nov 15, 2020
Businesses that have qualified R&D expenditures in Maryland may qualify for two state income tax credits, the Basic R&D Tax Credit and the Growth R&D Tax Credit. The tax credit remains in effect until June 30, 2022, subject to extension by the General Assembly
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Basic R&D Tax Credit: Three percent (3%) of eligible R&D expenses that do not exceed the Maryland Base Amount. If the total credits applied for exceed $5.5 million, the business's Basic tax credit is prorated.
Growth R&D Tax Credit: Ten percent (10%) of eligible R&D expenses in excess of the Maryland Base Amount. If the total credits applied for exceed $6.5 million, the business's Growth R&D tax credit is prorated.
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