§ 10-308. Additional subtractions from federal taxable income

West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2024

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: July 1, 2024
MD Code, Tax - General, § 10-308
§ 10-308. Additional subtractions from federal taxable income
Currentness
<Section effective July 1, 2024. See, also, section 10-308 effective until July 1, 2024.>
In general
(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.
Miscellaneous subtractions
(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).
(6) § 10-208(bb) of this title (Trade or business expenses of a licensed or registered cannabis grower, processor, dispensary, or any other cannabis establishment).
Regulated investment company
(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.

Credits

Added by Acts 1989, c. 178, § 2, eff. July 1, 1989. Amended by Acts 1990, c. 345; Acts 1991, c. 126; Acts 1991, c. 605; Acts 1998, c. 324, § 4, eff. July 1, 1998; Acts 1998, c. 325, § 4, eff. July 1, 1998; Acts 2000, c. 665, § 1, eff. July 1, 2000; Acts 2013, c. 257, § 1, eff. July 1, 2013; Acts 2013, c. 258, § 1, eff. July 1, 2013; Acts 2021, c. 221, § 1, eff. July 1, 2021; Acts 2021, c. 222 § 1, eff. July 1, 2021; Acts 2022, c. 26, § 1, eff. June 1, 2022; Acts 2024, c. 241, § 1, eff. April 25, 2024.
MD Code, Tax - General, § 10-308, MD TAX GENERAL § 10-308
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