Md. Code Regs. 24.05.19.07
Current through Register Vol. 51, No. 24, December 2, 2024
Section 24.05.19.07 - Carryover of Tax CreditsA. If the credit allowed pursuant to this chapter in any taxable year exceeds the total tax otherwise payable by the taxpayer for that taxable year, the taxpayer may apply the excess as a credit for succeeding taxable years until: (1) The full amount of the excess is used; or (2) The expiration of the 15th taxable year after the taxable year in which the qualified capital expenses were paid or incurred. B. A tax credit may not be carried back to a preceding taxable year.Md. Code Regs. 24.05.19.07
Effective date: 41:2 Md. R. 92, eff.2/3/2014