The Honorable Casper R. Taylor, Jr.
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed House Bill 920 - Maryland Research and Development Tax Credit - Maximum Approved Credit.

This bill increases the maximum amount that the Department of Business and Economic Development can approve in a calendar year for each component of the State research and development tax credit. It allows the unused portion of either component or credit to be transferred to the other credit if the cap for the first credit has been reached.

Senate Bill 456, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 920.

Parris N. Glendening