Md. Code Regs. 05.14.01.08

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.14.01.08 - Taxes Against Which Tax Credits May Be Applied

A. General Description. The Program tax credits described in the Act authorizing the Program are credits against taxes:

(1) For certain insurance companies, under Article 48A, § 634, Annotated Code of Maryland, or Insurance Article, § 6-105, (effective October 1, 1997) Annotated Code of Maryland;

(2) For certain financial institutions against the financial institution franchise tax, under Tax-General Article, §8-214, Annotated Code of Maryland;

(3) For certain public service companies against the public service franchise tax, under Tax-General Article, §8-411, Annotated Code of Maryland;

(4) For certain corporations against income tax under Tax-General Article, §10-704.4, Annotated Code of Maryland; and

(5) For individuals against income tax under Tax-General Article, §10-704.6, Annotated Code of Maryland.

B. Disclaimer of Liability. The Department makes no representation, and accepts no responsibility, as to any tax or other consequences to a business entity, an individual, or any other party, arising out of the approval of a project, the allocation of credits, or the certification of a contribution.

Md. Code Regs. 05.14.01.08

Regulation .08 amended effective January 1, 2010 (36:21 Md. R. 1590)