The recent passage of Senate Bill 296 will create an additional incentive for investment by the Maryland business community in cleared employees and Sensitive Compartmented Information Facilities (SCIFs). Beginning in 2013, individuals and corporations can claim a Maryland income tax credit (a dollar-for-dollar reduction in the amount of Maryland income taxes owed) for costs incurred to obtain federal security clearances for employees and to construct or renovate SCIFs. This tax savings will reduce the overall cost of the federal security clearance process and will make it more affordable to construct or renovate SCIFs located in Maryland.
How much is the Credit?
For qualified expenses related to federal security clearance measures, an individual or corporation can claim a credit against Maryland income tax up to $100,000.00 per taxable year. Qualified expenses include the following...
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