§ 10-750. Tax credit for donations to qualified permanent endowment fund at institution of high...
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2022
Effective: July 1, 2022
MD Code, Tax - General, § 10-750
§ 10-750. Tax credit for donations to qualified permanent endowment fund at institution of higher education
(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 institution of higher education, 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 Comptroller shall issue a credit certificate in the amount of 25% of a proposed donation to a qualified permanent endowment fund at an institution of higher education.
2. If the total amount of tax credit certificates certified under this section for an institution of higher education during a taxable year is less than the amount made available for the institution of higher education under this subparagraph, any excess amount may be certified under tax credit certificates for the institution of higher education for the next taxable year.
Credits
Added by Acts 2019, c. 544, § 1, eff. July 1, 2019. Amended by Acts 2022, c. 77, § 1, eff. July 1, 2022.
MD Code, Tax - General, § 10-750, MD TAX GENERAL § 10-750
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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