Maryland Code, TAX – GENERAL 10-308
Terms Used In Maryland Code, TAX - GENERAL 10-308
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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 (Enhanced agricultural management equipment expenses);
(2) § 10-208(i) of this title (Reforestation or timber stand expenses);
(3) § 10-208(k) of this title (Wage expenses for targeted jobs);
(4) § 10-208(p) of this title (Elevator handrails in health care facilities);
(5) § 10-208(z) of this title (Donations to diaper banks and other charitable entities); and
(6) § 10-208(bb) of this title (Trade or business expenses of medical cannabis grower, processor, dispensary, or any other cannabis establishment).
(c) In the case of a regulated investment company, the subtraction under subsection (a) of this section includes an amount equal to the exempt-interest dividends paid by the company that are attributable to amounts received by the company that are included in the addition modification for dividends and interest from state or local obligations of another state under § 10-305(d)(1) of this subtitle.
§10-308. // EFFECTIVE JUNE 30, 2024 PER CHAPTERS 221 AND 222 OF 2021 //
(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 (Enhanced agricultural management equipment expenses);
(2) § 10-208(i) of this title (Reforestation or timber stand expenses);
(3) § 10-208(k) of this title (Wage expenses for targeted jobs);
(4) § 10-208(p) of this title (Elevator handrails in health care facilities); and
(5) § 10-208(bb) of this title (Trade or business expenses of medical cannabis grower, processor, dispensary, or any other cannabis establishment).
(c) In the case of a regulated investment company, the subtraction under subsection (a) of this section includes an amount equal to the exempt-interest dividends paid by the company that are attributable to amounts received by the company that are included in the addition modification for dividends and interest from state or local obligations of another state under § 10-305(d)(1) of this subtitle.