Section 10-310 – Additional Modifications
In addition to the modifications under §§ 10-305 through 10-309 of this subtitle, to determine Maryland modified income the federal taxable income of a corporation shall be adjusted as provided for an individual under § 10-210.1 of this title.
Section 10-217 – Standard Deduction
(a) (1) (i) Except as otherwise provided in this subsection, an individual may elect to use the standard deduction to compute Maryland taxable income whether or not the individual itemizes deductions on the individual’s federal income tax return in determining federal taxable income. (ii) If an individual elects to use the standard deduction on the federal income tax return, […]
Section 10-401 – Allocation of Income — for Nonresident
In computing the adjustments under §§ 10-206 and 10-210 of this title, a nonresident shall allocate to the State income, losses, or adjustments derived in connection with a business that is carried on both in and out of the State and of which the nonresident is a partner, shareholder of an S corporation, or proprietor, […]
Section 10-218 – Itemized Deductions — in General
(a) Only an individual who itemizes deductions on the individual’s federal income tax return may elect to itemize deductions on the individual’s income tax return. (b) An individual who elects to itemize deductions is allowed as a deduction the sum of the individual’s federal itemized deductions: (1) limited and reduced as required under the Internal Revenue Code; (2) further […]
Section 10-402 – Allocation of Income — for Corporation
(a) In this section, “worldwide headquartered company” means a corporation included in a group of corporations including a parent corporation that: (1) filed a Form 10–Q with the Securities and Exchange Commission for the quarterly period ending June 30, 2017; (2) has its principal executive office in the State; and (3) (i) employs at all times between July 1, 2017, […]
Section 10-219 – Itemized Deductions — Limitation for Nonresident
(a) A nonresident may claim and shall include only the part attributable to Maryland, as determined under this section, of: (1) the subtractions from federal adjusted gross income under § 10-208 of this subtitle; (2) the deduction for exemptions under § 10-211 or § 10-212 of this subtitle; and (3) (i) the standard deduction under § 10-217 of this subtitle; […]
Section 10-403 – Allocation of Interest Received by Financial Institution From Subsidiary
(a) (1) In this section the following words have the meanings indicated. (2) (i) “Financial institution” means: 1. a credit company; 2. except as provided in subparagraph (ii)1 of this paragraph, a finance company; 3. an international banking facility; 4. a loan company; 5. a mortgage company; 6. a safe-deposit company; and 7. a savings and loan association. (ii) “Financial institution” does not include: 1. a finance company […]
Section 10-220 – Itemized Deductions — Limitation for Part-Year Resident
(a) An individual who is a resident of the State for only a part of the taxable year may claim and shall include only the part attributable to Maryland, as determined under this section, of: (1) the additions to federal adjusted gross income under § 10-204 of this subtitle; (2) the subtractions from federal adjusted gross income under […]
Section 10-222 – Tax Preference Items
(a) In this section, “tax preference items” mean the items that: (1) total more than $10,000 for an individual return or $20,000 for a joint return; (2) are defined under § 57 of the Internal Revenue Code; (3) are modified and apportioned under § 59 of the Internal Revenue Code; and (4) are further modified by excluding: (i) the oil percentage […]
Section 10-204 – Additions to Federal Adjusted Gross Income — Addbacks of Federal Adjustments
(a) To the extent excluded from federal adjusted gross income, the amounts under this section are added to the federal adjusted gross income of a resident to determine Maryland adjusted gross income. (b) The addition under subsection (a) of this section includes interest or dividends, less related expenses, attributable to an obligation or security of: (1) another state; […]