If a business is certified to claim the Research and Development Tax Credit as a “Small Business,” the credit is calculated in basically the same manner, but Part K-II is used.
A “Small Business” is defined as a for-profit corporation, limited liability company, partnership or sole-proprietorship with net book value assets totaling at the beginning or the end of the tax year for which the Maryland qualified research and development expenses are incurred, as reported on the balance sheet, less than $5,000,000.
