Md. Code Regs. 13B.08.17.03

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

Section 13B.08.17.03 - Tax Credit

A. Subject to the provisions of Tax-General Article, § 10-740, Annotated Code of Maryland, and the provisions of this chapter, a qualified taxpayer may claim a credit against the State income tax for the taxable year in which the Commission certifies a tax credit under this chapter.

B. The Commission shall certify a tax credit to a qualified taxpayer as provided in this Chapter.

C. A qualified taxpayer that receives a certification of a tax credit from the Commission shall be responsible for timely and appropriately incorporating the Commission's certification into the taxpayer's tax filings with the Comptroller's office. A qualified taxpayer shall attach a copy of the Commission's certification of the approved credit amount to the taxpayer's income tax return.

D. The total amount of a Student Loan Debt Relief Tax Credit claimed under a qualified taxpayer's income tax return and approved by the Comptroller pursuant to §F of this regulation shall be recaptured if the qualified taxpayer does not use an approved credit for the repayment of the qualified taxpayer's student loan debt within 2 years from the close of the taxable year in which the credit is awarded. The qualified taxpayer who claimed the approved tax credit shall pay the total amount of the credit claimed as taxes payable to the State of Maryland for the taxable year in which the event requiring recapture of the credit occurs.

E. If a Student Loan Debt Relief Tax Credit claimed under a qualified taxpayer's income tax return and approved by the Comptroller pursuant to §F of this regulation in any taxable year exceeds the total tax otherwise payable by the qualified taxpayer for that taxable year, the qualified taxpayer may claim a refund in the amount of the excess.

F. The Comptroller shall make the final determination on a qualified taxpayer's eligibility for a Student Loan Debt Relief Tax Credit pursuant to Tax-General Article, Annotated Code of Maryland.

Md. Code Regs. 13B.08.17.03

Regulation .03 adopted effective 44:17 Md. R. 837, eff. 8/28/2017; amended effective 45:23 Md. R. 1071, eff. 11/19/2018