§ 10-703. Tax credit for taxes paid to other state
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Tax - General, § 10-703
§ 10-703. Tax credit for taxes paid to other state
(a) In this section, “member” and “pass-through entity” have the meanings stated in § 10-102.1 of this title.
(b) Except as provided in subsection (c) of this section, a resident may claim a credit against the income tax for a taxable year in the amount determined under subsection (d) of this section for State tax on income paid to another state for the year.
(c) A credit under subsection (b) of this section is not allowed to:
(d)(1) Except as provided in paragraph (2) of this subsection and subject to subsection (e) of this section, the credit allowed a resident under subsection (b) of this section is the lesser of:
(e)(1) The amount of the credit allowed under subsection (b) of this section to be applied against the State income tax is equal to the amount that would be calculated under subsection (d) of this section using the State income tax rate as the only applicable rate.
Credits
Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1992, 1st Sp. Sess., c. 1, § 6; Acts 1993, c. 262; Acts 1995, c. 134, § 1, eff. June 1, 1995; Acts 2015, c. 489, § 4, eff. June 1, 2015; Acts 2020, c. 641, § 1, eff. July 1, 2020; Acts 2023, c. 445, § 1, eff. July 1, 2023.
Formerly Art. 81, §§ 279, 290, 291.
MD Code, Tax - General, § 10-703, MD TAX GENERAL § 10-703
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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