§ 10-744. Tax credit for expenses for home accessibility and universal visitability features
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2017
Effective: July 1, 2017
MD Code, Tax - General, § 10-744
§ 10-744. Tax credit for expenses for home accessibility and universal visitability features
(b) Subject to the limitations of this section, an individual may claim a credit against the State income tax in an amount equal to 50% of the qualified expenses incurred during the taxable year to renovate an existing home with accessibility and universal visitability features.
(c)(1) For any taxable year, the credit allowed under this section may not exceed the lesser of:
(d)(1) By June 1 of the calendar year following the end of the taxable year in which the qualified expenses were incurred, an individual shall submit an application to the Department for the credits allowed under subsection (b) of this section.
(3) If the total amount of credits applied for by all individuals under subsection (b) of this section exceeds the maximum specified under paragraph (2) of this subsection, the Department shall approve a credit for each applicant in an amount equal to the product of multiplying the credit applied for by the applicant times a fraction:
Credits
Added by Acts 2017, c. 229, § 1, eff. July 1, 2017.
MD Code, Tax - General, § 10-744, MD TAX GENERAL § 10-744
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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