Md. Code Regs. 24.05.06.07
Current through Register Vol. 51, No. 24, December 2, 2024
Section 24.05.06.07 - Carryover of Tax CreditsA. If the credit allowed in any taxable year exceeds the State income tax for that taxable year, the business entity may apply the excess as a credit against the State income tax for succeeding taxable years until the full amount of the excess is used.B. A tax credit may not be carried back to a preceding taxable year.Md. Code Regs. 24.05.06.07
Effective date: 40:25 Md. R. 2071, eff.12/23/2013