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 10-223 – Collection and Compilation of Data Regarding Elements of Tax and Impact
(a) Beginning with individual tax returns for the 1986 tax year, and for all subsequent tax years, the Comptroller shall collect and compile information from income tax returns regarding the various elements of the State income tax and, for the State and for each county and the City of Baltimore, the impact of those various elements […]
Section 10-301 – In General
The Maryland taxable income of a corporation is its Maryland modified income as allocated to the State under Subtitle 4 of this title.
Section 10-304 – In General
Except as provided in Subtitle 4 of this title, the Maryland modified income of a corporation, including a real estate investment trust or regulated investment company, is: (1) the corporation’s federal taxable income for the taxable year as determined under the Internal Revenue Code and as adjusted under this Part II of this subtitle; (2) if the […]
Section 10-305 – Additions to Federal Taxable Income — Addbacks of Federal Adjustments
(a) To the extent excluded from federal taxable income, the amounts under this section are added to the federal taxable income of a corporation to determine Maryland modified income. (b) The addition under subsection (a) of this section includes the net capital loss carryback, as defined in § 1212 of the Internal Revenue Code. (c) The addition under […]
Section 10-306 – Additions to Federal Taxable Income — State Adjustments
(a) In addition to the modification under § 10–305 of this subtitle, the amounts under this section are added to the federal taxable income of a corporation to determine Maryland modified income. (b) The addition under subsection (a) of this section includes the additions required for an individual under: (1) § 10–205(b) of this title (Enterprise zone wage […]
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 10-104 – Exemptions
The income tax does not apply to the income of: (1) a common trust fund, as defined in § 3–501(b) of the Financial Institutions Article; (2) except as provided in §§ 10–101(e)(3) of this subtitle and 10–304(2) of this title, an organization that is exempt from taxation under § 408(e)(1) or § 501 of the Internal Revenue […]
Section 10-210.1 – Further Modifications — Depreciation Deduction; Net Operating Loss Deduction
(a) (1) In this section the following words have the meanings indicated. (2) “Depreciation” includes any deduction allowed under § 179 of the Internal Revenue Code. (3) “Heavy duty SUV” means a 4–wheeled vehicle that: (i) is manufactured primarily for use on public streets, roads, and highways; (ii) is rated at more than 6,000 but not more than 14,000 pounds gross […]