§ 10-734.1. Tax credit for registration of qualified vehicles
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2017
Effective: July 1, 2017
MD Code, Tax - General, § 10-734.1
§ 10-734.1. Tax credit for registration of qualified vehicles
(b) Subject to the limitations of this section, an individual or a corporation that obtains a tax credit certificate from the Administration may claim a credit against the State income tax for the expense of registering a qualified vehicle in the State during the taxable year.
(c)(1) Subject to paragraph (2) of this subsection, on application by a taxpayer, the Administration shall issue a tax credit certificate in the amount of $400 for each qualified vehicle registered by the taxpayer during the taxable year.
(d) The Administration shall approve all applications that qualify for a tax credit certificate:
(e)(1) For any taxable year, the credit allowed under this section may not exceed the State income tax for that taxable year.
(f) On or before January 31 each taxable year, the Administration shall report to the Comptroller on the tax credit certificates issued under this section during the prior taxable year.
Credits
Added by Acts 2017, c. 502, § 1, eff. July 1, 2017.
MD Code, Tax - General, § 10-734.1, MD TAX GENERAL § 10-734.1
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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