Md. Code Regs. 15.01.12.03

Current through Register Vol. 52, No. 1, January 10, 2025

Section 15.01.12.03 - Income Tax Credit Limitations

A. Subject to the limitations of this chapter, a qualified farm may claim a credit against State income tax for an eligible food donation in the amount stated on any tax credit certificate issued to a qualified farm by a qualified tax credit certificate administrator (TCCA).

B. The amount of tax credit claimed by a qualified farm is controlled by Tax-General Article, §10-745, Annotated Code of Maryland.

C. Unless increased by the Secretary, the aggregate amount of credits for any taxable year for a qualified farm may not exceed $5,000.

Md. Code Regs. 15.01.12.03

Regulation .03 adopted effective 45:11 Md. R. 579, eff. 6/4/2018; amended effective 47:7 Md. R. 384, eff. 4/6/2020; amended effective 50:22 Md. R. 978, eff. 11/13/2023