Md. Code, Econ. Dev. § 6-404

Current with changes from the 2024 Legislative Session

Section 6-404 - Reduction of tax revenue

A refund payable to a qualified business entity under § 6-403(e) of this subtitle reduces:

(1) the income tax revenue from corporations if the qualified business entity is a corporation subject to the income tax under Title 10 of the Tax - General Article;

(2) the income tax revenue from individuals if the qualified business entity is:

(i) an individual subject to the income tax under Title 10 of the Tax - General Article; or

(ii) an organization exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code; and

(3) insurance premium tax revenues if the qualified business entity is subject to taxation under Title 6 of the Insurance Article.

Md. Code, EC § 6-404

Renumbered as § - 6-404 by 2018 Md. Laws, Ch. 583, Sec. 1, eff. 7/1/2018.