Md. Code Regs. 24.05.20.09

Current through Register Vol. 52, No. 1, January 10, 2025

Section 24.05.20.09 - Carryover of Tax Credit

A. A business entity may carry over the tax credit to a successive tax year if the tax credit allowed exceeds the total tax otherwise due from the entity.

B. The tax credit may only be carried over until the earlier of the:

(1) Full amount of the excess is used; or

(2) Expiration of the fifth taxable year from the credit year.

C. The tax credit may not be carried back to a preceding taxable year.

Md. Code Regs. 24.05.20.09