Md. Code Regs. 13B.08.17.05

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

Section 13B.08.17.05 - Commission Action on an Application

A. Upon the filing of a timely and complete application for the Student Loan Debt Relief Tax Credit by a qualified taxpayer, the Commission shall review the application and certify to the individual the amount of any tax credit approved by the Commission.

B. The Commission's certification under §A of this regulation shall be issued by December 15 of the year in which the qualified taxpayer submitted an application.

C. The amount of the tax credit approved by the Commission:

(1) May not exceed $5,000; and

(2) May be $0.00.

D. The Commission shall prioritize tax credit recipients and amounts credited to each recipient in the following order:

(1) Qualified taxpayers who did not receive a tax credit in the prior year and who were eligible for in-State tuition;

(2) Qualified taxpayers who did not receive a tax credit in the prior year and who graduated from an institution of higher education located in the State;

(3) Qualified taxpayers who did receive a tax credit in the prior year and who were eligible for in-State tuition;

(4) Qualified taxpayers who did receive a tax credit in the prior year and who graduated from an institution of higher education located in the State; and

(5) Qualified taxpayers who have higher debt-burden-to-income ratios.

E. In certifying amounts to qualified taxpayers, the Commission shall consider allocations that maximize the number of qualified taxpayers that receive a certification.

F. For any taxable year, the Commission may not certify tax credits in an amount more than the maximum permitted under Tax-General Article, § 10-740, Annotated Code of Maryland.

Md. Code Regs. 13B.08.17.05

Regulation .05 adopted effective 44:17 Md. R. 837, eff. 8/28/2017; amended effective 45:23 Md. R. 1071, eff. 11/19/2018