Md. Code Regs. 08.02.26.03

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

Section 08.02.26.03 - Credit Allowances

A. Allowable Credit.

(1) A shell recycler may claim a tax credit against the State income tax in the amount specified in Tax-General Article, § 10-724.1, Annotated Code of Maryland, for each bushel of oyster shells recycled during the taxable year.

(2) A shell recycler may not claim a tax credit for bushels of shell that:

(a) Are collected by the shell recycler as a certified recycled shell collector; or

(b) Are replanted in an area leased by the shell recycler for commercial shellfish aquaculture.

B. Amount Allowed Per Taxable Year. For any taxable year, the maximum credit a person may claim may not exceed the

(1) $750; or

(2) The State income tax calculated before application of the credit allowed under this regulation and Tax-General Article, §§ 10-701 and 10-701.1, Annotated Code of Maryland amount specified in Tax-General Article, § 10-724.1, Annotated Code of Maryland.

C. If the credit exceeds the person's liability for the taxable year, the unused amount of the credit may not be carried forward to any other taxable year.

Md. Code Regs. 08.02.26.03

Regulations .03 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; amended effective 45:26 Md. R. 1240, eff. 12/31/2018