§ 10-736. Tax credit for donations to qualified permanent endowment funds at eligible community...
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2014
Effective: July 1, 2014
MD Code, Tax - General, § 10-736
§ 10-736. Tax credit for donations to qualified permanent endowment funds at eligible community foundations
(b)(1) Subject to the limitations of this section, for the taxable year in which a taxpayer makes a donation to a qualified permanent endowment fund at an eligible community foundation, the taxpayer may claim a credit against the State income tax in the amount stated on the tax credit certificate issued under subsection (c) of this section.
(c)(1) On application by a taxpayer, the Department shall issue a credit certificate in the amount of 25% of a proposed donation to a qualified permanent endowment fund at an eligible community foundation that meets the requirements of this section.
(d) On or before January 31 of each taxable year, the Department shall report to the State Department of Assessments and Taxation and the Comptroller the donations that the Department has approved for tax credit certificates under this section during the prior taxable year.
Credits
Added by Acts 2014, c. 511, § 1, eff. July 1, 2014.
MD Code, Tax - General, § 10-736, MD TAX GENERAL § 10-736
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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