Md. Code Regs. 08.02.26.02

Current through Register Vol. 51, No. 12, June 14, 2024

Section 08.02.26.02 - Eligibility

A. To be eligible for a State income tax credit under this chapter, a shell recycler shall:

(1) Prior to donating shell, complete an online registration as specified by the Department that includes the shell recycler's Tax Identification Number;

(2) Donate shell for recycling to a certified recycled shell collector; and

(3) Receive and maintain electronic invoice records from the Department, indicating for each shell donation:

(a) The name of the certified recycled shell collector;

(b) The date and location of the shell donation; and

(c) The number of bushels of shell donated.

B. Eligibility of Business Entities.

(1) Only an individual or a corporation may receive a credit against the State income tax for oyster shell recycling.

(2) If a business entity other than a corporation recycles oyster shell in accordance with the eligibility requirements established in §A of this regulation, the amount of credits computed for the pass-through entity shall be allocated among the owners as agreed to in writing by the owners in accordance with Internal Revenue Service rules.

Md. Code Regs. 08.02.26.02

Regulations .02 adopted as an emergency provision effective 41:3 Md. R. 199, eff.1/13/2014 ; adopted permanently effective 41:6 Md. R. 377, eff.3/31/2014