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§ 10-307. Subtractions from federal taxable income

West's Annotated Code of MarylandTax-GeneralEffective: April 13, 2021

West's Annotated Code of Maryland
Tax-General (Refs & Annos)
Title 10. Income Tax (Refs & Annos)
Subtitle 3. Maryland Taxable Income Calculations for Corporation (Refs & Annos)
Part II. Maryland Modified Income (Refs & Annos)
Effective: April 13, 2021
MD Code, Tax - General, § 10-307
§ 10-307. Subtractions from federal taxable income
Currentness
In general
(a) To the extent included in federal taxable income, the amounts under this section are subtracted from the federal taxable income of a corporation to determine Maryland modified income.
Dividends from domestic corporations claiming foreign tax credits
(b) The subtraction under subsection (a) of this section includes the amount included in the income of a domestic corporation claiming a foreign tax credit as dividends under § 78 of the Internal Revenue Code.
Dividends from affiliated domestic international sales corporations
(c) The subtraction under subsection (a) of this section includes the percentage of the dividends received from an affiliated domestic international sales corporation equal to the percentage that would be excluded if the corporation did not qualify under § 992(a) of the Internal Revenue Code.
Dividends from related foreign corporations
(d) The subtraction under subsection (a) of this section includes dividends received from a corporation if:
(1) the receiving corporation owns, directly or indirectly, 50% or more of the paying corporation's outstanding shares of capital stock; and
(2) the paying corporation is organized under the laws of a foreign government.
Repealed
(e) Repealed.
Interest from United States obligations
(f) The subtraction under subsection (a) of this section includes interest attributable to an obligation of the United States or an instrumentality of the United States.
Miscellaneous subtractions
(g) The subtraction under subsection (a) of this section includes the amounts allowed to be subtracted for an individual under:
(1) § 10-207(i) of this title (Profits on sale or exchange of State or local bonds);
(2) § 10-207(k) of this title (Relocation and assistance payments);
(3) § 10-207(m) of this title (State or local income tax refunds);
(4) § 10-207(c-1) of this title (State tax-exempt interest from mutual funds);
(5) § 10-207(hh) of this title (Gain on the transfer of property within the Laurel Park site or Pimlico site or Bowie Race Course Training Center property and income recognized as result of governmental expenditures); or
(6) § 10-207(jj) of this title (Coronavirus relief payments).

Credits

Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1988, c. 110, § 1; Acts 1988, c. 430, § 4; Acts 1988, c. 664, § 3; Acts 1988, c. 756, § 3; Acts 1989, c. 178, § 2; Acts 1989, c. 545, § 1; Acts 1989, c. 616, § 3; Acts 1991, c. 55, § 1; Acts 1992, 1st Sp. Sess. c. 1, § 6; Acts 1994, c. 146, § 2, eff. Oct. 1, 1994; Acts 1997, c. 629, § 1, eff. Jan. 1, 1998; Acts 1997, c. 630, § 1, eff. Jan. 1, 1998; Acts 1999, c. 5, § 1, eff. Jan. 1, 2000; Acts 1999, c. 6, § 1, eff. Jan. 1, 2000; Acts 2000, c. 185, § 1, eff. July 1, 2000; Acts 2002, c. 417, § 1, eff. June 1, 2002; Acts 2020, c. 590, § 2, eff. June 1, 2020; Acts 2021, c. 39, § 1, eff. Feb. 15, 2021; Acts 2021, c. 109, § 1, eff. April 13, 2021.
Formerly Art. 81, § 280A.
MD Code, Tax - General, § 10-307, MD TAX GENERAL § 10-307
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document