§ 10-704.7. Tax credit for employment of qualified individuals with disabilities
West's Annotated Code of MarylandTax-General
MD Code, Tax - General, § 10-704.7
§ 10-704.7. Tax credit for employment of qualified individuals with disabilities
(a) An individual or a corporation may claim a credit against the income tax for:
(b)(1) An organization that is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code may apply the credit under this section:
(2) If the credit allowed under this subsection in any taxable year exceeds the sum of the State income tax otherwise payable by the organization for that taxable year and the taxes that the organization has withheld from the wages of employees and is required to pay to the Comptroller under § 10-906(a) of this title for the taxable year, the organization may apply the excess as a credit under paragraph (1)(i) or (ii) of this subsection in succeeding taxable years for the carryforward period provided in § 21-309 of the Education Article.
Credits
Added by Acts 1997, c. 112, § 1, eff. Oct. 1, 1997; Acts 1997, c. 113, § 1, eff. Oct. 1, 1997. Amended by Acts 1998, c. 730, § 2, eff. July 1, 1998.
MD Code, Tax - General, § 10-704.7, MD TAX GENERAL § 10-704.7
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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