§ 10-703.2. Tax credit for installment sales of property in other states
West's Annotated Code of MarylandTax-General
MD Code, Tax - General, § 10-703.2
§ 10-703.2. Tax credit for installment sales of property in other states
(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 installment sale of property located in a state other than Maryland if:
(c) The amount of the credit allowed under this section is equal to the income recognized for federal income tax purposes for the current year on which state income tax was paid to another state in an earlier year, as described in subsection (b)(2) of this section, multiplied by the lesser of:
Credits
Added by Acts 1997, c. 320, § 1, eff. July 1, 1997.
MD Code, Tax - General, § 10-703.2, MD TAX GENERAL § 10-703.2
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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