.06 Certification of Credit.

A. The Department shall certify to the taxpayer the amount of the basic and growth research and development tax credits approved by the Department for the taxpayer. The Department shall issue this certification by December 15 of the calendar year following the end of the taxable year in which the Maryland qualified research and development expenses were incurred.

B. If the total amount of the credits applied for by all business entities under Regulation .05 of this chapter exceeds the maximum credit amounts available under Regulation .04 of this chapter, then the Department shall approve a credit for each applicant in an amount equal to the product of multiplying the credit applied for by the applicant times a fraction:

(1) The numerator of which is the maximum specified under Regulation .04 of this chapter; and

(2) The denominator of which is the total of all credits applied for by all applicants under Regulation .05 of this chapter in the calendar year.