(a) To the extent included in federal taxable income, the amounts under this section are subtracted from the federal taxable income of a corporation to determine Maryland modified income. (b) The subtraction under subsection (a) of this section includes the amount included in the income of a domestic corporation claiming a foreign tax credit as dividends under § 78 of the Internal Revenue Code. (c) The subtraction under subsection (a) of this section includes the percentage of the dividends received from an affiliated domestic international sales corporation equal to the percentage that would be excluded if the corporation did not qualify under § 992(a) of the Internal Revenue Code. (d) The subtraction under subsection (a) of this section includes dividends received from a corporation if: (1) the receiving corporation owns, directly or indirectly, 50% or more of the paying corporation's outstanding shares of capital stock; and (2) the paying corporation is organized under the laws of a foreign government. (e) Repealed. (f) The subtraction under subsection (a) of this section includes interest attributable to an obligation of the United States or an instrumentality of the United States. (g) The subtraction under subsection (a) of this section includes the amounts allowed to be subtracted for an individual under: (1) § 10-207(i) of this title (Profits on sale or exchange of State or local bonds); (2) § 10-207(k) of this title (Relocation and assistance payments); (3) § 10-207(m) of this title (State or local income tax refunds); (4) § 10-207(c-1) of this title (State tax-exempt interest from mutual funds); (5) § 10-207(ii) of this title (Gain on the transfer of property within the Pimlico site or Bowie Race Course Training Center property and income recognized as result of governmental expenditures); or (6) § 10-207(jj) of this title (Coronavirus relief payments). §10-308. IN EFFECT (a) In addition to the modification under § 10-307 of this subtitle, the amounts under this section are subtracted from the federal taxable income of a corporation to determine Maryland modified income. (b) The subtraction under subsection (a) of this section includes the amounts allowed to be subtracted for an individual under: (1) § 10-208(d) of this title (Enhanced agricultural management equipment expenses); (2) § 10-208(i) of this title (Reforestation or timber stand expenses); (3) § 10-208(k) of this title (Wage expenses for targeted jobs); (4) § 10-208(p) of this title (Elevator handrails in health care facilities); (5) § 10-208(z) of this title (Donations to diaper banks and other charitable entities); and (6) § 10-208(bb) of this title (Trade or business expenses of a licensed or registered cannabis grower, processor, dispensary, or any other cannabis establishment). (c) In the case of a regulated investment company, the subtraction under subsection (a) of this section includes an amount equal to the exempt-interest dividends paid by the company that are attributable to amounts received by the company that are included in the addition modification for dividends and interest from state or local obligations of another state under § 10-305(d)(1) of this subtitle. §10-308. // EFFECTIVE JUNE 30, 2027 PER CHAPTER 784 OF 2024 // (a) In addition to the modification under § 10-307 of this subtitle, the amounts under this section are subtracted from the federal taxable income of a corporation to determine Maryland modified income. (b) The subtraction under subsection (a) of this section includes the amounts allowed to be subtracted for an individual under: (1) § 10-208(d) of this title (Enhanced agricultural management equipment expenses); (2) § 10-208(i) of this title (Reforestation or timber stand expenses); (3) § 10-208(k) of this title (Wage expenses for targeted jobs); (4) § 10-208(p) of this title (Elevator handrails in health care facilities); and (5) § 10-208(aa) of this title (Trade or business expenses of a licensed or registered cannabis grower, processor, dispensary, or any other cannabis establishment). (c) In the case of a regulated investment company, the subtraction under subsection (a) of this section includes an amount equal to the exempt-interest dividends paid by the company that are attributable to amounts received by the company that are included in the addition modification for dividends and interest from state or local obligations of another state under § 10-305(d)(1) of this subtitle.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.