Section 10-703 – For Tax Paid by Resident to Another State
(a) In this section, “member” and “pass–through entity” have the meanings stated in § 10–102.1 of this title. (b) Except as provided in subsection (c) of this section, a resident may claim a credit against the income tax for a taxable year in the amount determined under subsection (d) of this section for State tax on income […]
Section 10-703.2 – Gains From Installment Sale of Property in Another State
(a) In this section, “installment sale” has the meaning stated in § 453(b) of the Internal Revenue Code. (b) A credit against the State income tax in the amount determined under subsection (c) of this section may be claimed by a resident who recognizes income for the current taxable year for federal income tax purposes from an […]
Section 10-704 – For Earned Income
(a) (1) A resident may claim a credit against the State income tax for a taxable year in the amount determined under subsection (b) of this section for earned income. (2) A resident may claim a credit against the county income tax for a taxable year in the amount determined under subsection (c) of this section for earned […]
Section 10-704.1 – For Purchase of Maryland-Mined Coal
(a) (1) In this section the following words have the meanings indicated. (2) “Cogenerator” means a qualifying cogenerator or qualifying small power producer as determined by the Federal Energy Regulatory Commission under the Public Utility Regulatory Policies Act of 1978. (3) “Electricity supplier” has the meaning stated in § 1–101 of the Public Utilities Article. (b) This section does not […]
Section 10-704.4 – Credit for Wages Paid Pursuant to Title 6, Subtitle 3 of the Economic Development Article
An individual or a corporation may claim a credit against the income tax for wages paid to qualified employees as provided under Title 6, Subtitle 3 of the Economic Development Article.
Section 10-501 – In General
A person who files a federal income tax return shall compute Maryland taxable income for the same annual accounting period and by the same accounting method that is used to compute the income reported on the federal return.
Section 10-704.5 – For Certified Rehabilitation
(a) An individual or corporation may claim a credit against the State income tax for a certified rehabilitation as provided under § 5A-303 of the State Finance and Procurement Article. (b) An individual or corporation that is not otherwise required to file an income tax return, including a corporation exempt from income tax under § 501(c)(3) of […]
Section 10-502 – When Federal Return Not Filed
(a) If a person does not file a federal income tax return, the person shall compute Maryland taxable income in accordance with the cash or accrual accounting method that: (1) the person uses to compute income regularly in keeping the person’s books; or (2) the Comptroller requires to reflect clearly the person’s income. (b) If a person does not […]
Section 10-704.6 – For Neighborhood and Community Assistance
An individual or a corporation may claim a credit against the State income tax for neighborhood and community assistance contributions as provided under § 6-404 of the Housing and Community Development Article.
Section 10-503 – When Individual Dies
The taxable year of an individual terminates on the date of death.