§ 1-303. Evaluations of tax credits
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2021
Effective: July 1, 2021
MD Code, Tax - General, § 1-303
§ 1-303. Evaluations of tax credits
(a) Subject to subsections (b) and (c) of this section, on a request by the Senate Budget and Taxation Committee, the House Committee on Ways and Means, the Executive Director of the Department, or the Director of the Office of Policy Analysis in the Department, the Department shall conduct an evaluation of a State tax credit, exemption, or preference, or an aspect of a State tax credit, exemption, or preference.
(b) On or before July 1, 2023, the Department shall conduct an evaluation of the tax credits under § 10-733 of this article (innovation investment incentive) and § 10-733.1 of this article (purchase of cybersecurity technology or service).
(c)(1) Beginning October 1, 2022, the Department shall conduct an evaluation at least once every 10 years of each income tax credit that is primarily claimed by business entities and has an annual fiscal impact exceeding $5,000,000.
(2) In conducting a reevaluation of an income tax credit described under paragraph (1) of this subsection for which the Department has previously conducted an evaluation, the Department may conduct an expedited review of the income tax credit if the Department determines that there have been no substantial alterations to the income tax credit since the previous evaluation was conducted.
Credits
Added by Acts 2012, c. 568, § 1, eff. July 1, 2012; Acts 2012, c. 569, § 1, eff. July 1, 2012. Amended by Acts 2013, c. 43, § 5; Acts 2013, c. 659, § 1, eff. July 1, 2013; Acts 2014, c. 45, § 1, eff. April 8, 2014; Acts 2016, c. 582, § 1, eff. June 1, 2016; Acts 2017, c. 149, § 1, eff. June 1, 2017; Acts 2018, c. 578, § 1, eff. June 1, 2018; Acts 2021, c. 113, § 1, eff. June 1, 2021; Acts 2021, c. 575, § 1, eff. July 1, 2021.
MD Code, Tax - General, § 1-303, MD TAX GENERAL § 1-303
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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