Section 10-306.1 – Determination of Income for Corporations
(a) (1) In this section the following words have the meanings indicated. (2) “Aggregate effective tax rate” means the sum of the effective rates of tax imposed by this State, other states or possessions of the United States, and foreign nations that have entered into comprehensive tax treaties with the United States government, where a related member receiving […]
Section 10-306.2 – Captive Real Estate Investment Trusts
(a) In this section: (1) “captive REIT” means a corporation, trust, or association: (i) that is considered a real estate investment trust for the taxable year under § 856 of the Internal Revenue Code; (ii) that is not regularly traded on an established securities market; and (iii) more than 50% of the voting power or value of the beneficial interests […]
Section 10-307 – Subtractions From Federal Taxable Income
(a) To the extent included in federal taxable income, the amounts under this section are subtracted from the federal taxable income of a corporation to determine Maryland modified income. (b) The subtraction under subsection (a) of this section includes the amount included in the income of a domestic corporation claiming a foreign tax credit as dividends under […]
Section 10-308 – Additional Subtractions
(a) In addition to the modification under § 10–307 of this subtitle, the amounts under this section are subtracted from the federal taxable income of a corporation to determine Maryland modified income. (b) The subtraction under subsection (a) of this section includes the amounts allowed to be subtracted for an individual under: (1) § 10–208(d) of this title […]
Section 10-309 – Electricity and Gas Companies
(a) In addition to the modifications under §§ 10-307 and 10-308 of this subtitle, the amounts under this section are subtracted from federal taxable income to determine Maryland modified income of a public service company engaged in an electric or gas business if the public service company was subject to the public service company franchise tax […]
Section 10-213 – Honorable Louis L. Goldstein Volunteer Police, Fire, Rescue, and Emergency Medical Services Personnel Subtraction Modification Program
The subtraction modifications for volunteer police, fire, rescue, and emergency medical services personnel under § 10-208(i-1) and (l) of this subtitle shall be known as the Honorable Louis L. Goldstein Volunteer Police, Fire, Rescue, and Emergency Medical Services Personnel Subtraction Modification Program.
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 […]