# Economic Development (GEC)

## Title 10. Statewide Development Resources and Revenue Authorities

### Subtitle 4A. Invest Maryland Program

#### Section 10-4A-12

(a)

  (1) Subject to the restriction in paragraph (2) of this subsection, a purchaser may claim the premium tax credit on a premium tax return filed after December 31, 2014, for a taxable year that begins on or after January 1, 2014.

  (2) In each calendar year from 2015 through 2019, a purchaser may claim up to 20% of the premium tax credit allocated to that purchaser.

(b)

  (1) The credit to be applied against insurance premium tax liability in any 1 year may not exceed the insurance premium tax liability of the purchaser for that taxable year.

  (2) Any unused credit against insurance premium tax liability may be:

    (i) carried forward indefinitely until the premium tax credits are used; and

    (ii) used by the purchaser without restriction during any calendar year after 2019.

  (3) On 30 days' advance notice to the Corporation, premium tax credits allocated to a purchaser under this subtitle may be transferred without further restriction to any other entity that:

    (i) meets the definition of a purchaser;

    (ii) is in good standing with the Maryland Insurance Administration; and

    (iii) agrees to assume all of the transferor's obligations under the Program.

(c) A purchaser claiming a credit against insurance premium tax liability earned through an investment under the Program is not required to pay any additional tax as a result of claiming the credit.

(d) A purchaser is not required to reduce the amount of premium tax included by the purchaser in connection with rate-making for any insurance contract written in the State because of a reduction in the purchaser's insurance premium tax derived from the credit granted under this subtitle.

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Md. Code Ann., Econ. Dev. (as displayed at mgaleg.maryland.gov, October 16, 2026)