|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1525
|
|
|
|
|
HARRY HUGHES, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACRES OF COMMERCIAL FOREST LAND, EXCEPT FOR FEDERAL FUNDS, IF THE
PERSON TAXPAYER:
(1) OWNS OR LEASES FROM 10 TO 500 ACRES OF COMMERCIAL
FOREST LAND; OR
(2) OWNS OR LEASES FROM 10 TO 500 ACRES OF LAND THAT
IS BEING RESTORED AND THAT IS CAPABLE OF GROWING A COMMERCIAL
FOREST.
(B) A TAXPAYER MAY CLAIM AN AMOUNT THAT EQUALS ONE-HALF OF
THE 30 PERCENT CREDIT ALLOWED UNDER SUBSECTION (A) OF THIS
SECTION IN THE TAXABLE YEAR IN WHICH THE TAXPAYER:
(1) RECEIVES THE INITIAL CERTIFICATION; AND
(2) RECEIVES THE FINAL CERTIFICATION ONE-HALF OF THE
AMOUNT DETERMINED IN SUBSECTION (A) ABOVE IN THE YEAR OF INITIAL
CERTIFICATION AND ONE-HALF IN THE YEAR OF FINAL CERTIFICATION.
(C) (1) IF REFORESTATION OR TIMBER STAND IMPROVEMENT
ACTIVITIES DO NOT MEET THE REQUIREMENTS FOR FINAL CERTIFICATION,
THE TAXPAYER SHALL:
(I) REPLANT OR CONDUCT ADDITIONAL TIMBER STAND
IMPROVEMENT ACTIVITIES; OR
(II) ADD THE AMOUNT ALLOWED IN A PRIOR TAXABLE
YEAR UNDER SUBSECTION (B)(1) OF THIS SECTION 280(C) OR SUBSECTION
280A(C) TO THE TAXPAYER'S INCOME TAXES FOR THE TAXABLE YEAR.
(2) IF THE TAXPAYER DOES NOT APPLY FOR FINAL
CERTIFICATION WITHIN 2 YEARS FROM THE DATE OF INITIAL
CERTIFICATION, THE TAXPAYER SHALL SUBMIT A PLAN TO CONTINUE THE
REFORESTATION OR TIMBER STAND IMPROVEMENT PROJECT TO THE
DEPARTMENT OF NATURAL RESOURCES.
(3) IF THE REFORESTATION OR TIMBER STAND IMPROVEMENT
ACTIVITIES ARE NOT CONTINUED, THE TAX CREDIT MODIFICATIONS
PROVIDED IN SECTIONS 280(C) AND 280A(C) PREVIOUSLY RECEIVED UNDER
THIS SECTION SHALL BE RETURNED ADDED TO TAXABLE INCOME IN THE
TAXABLE YEAR FOLLOWING DECERTIFICATION BY THE SECRETARY.
(4) IF THE COMMERCIAL FOREST LAND FOR WHICH THE
CREDIT MODIFICATION SUBTRACTION IS CLAIMED UNDER THIS SECTION
DOES NOT REMAIN AS COMMERCIAL FOREST LAND FOR 15 YEARS AFTER
FINAL CERTIFICATION, THE TAXPAYER SHALL RETURN THE TAX CREDIT
PREVIOUSLY RECEIVED UNDER THIS SECTION ADD TO TAXABLE INCOME ANY
MODIFICATION SUBTRACTION PREVIOUSLY RECEIVED UNDER SECTIONS
280(C)(15) AND 280A(C)(8).
(D) THE DEPARTMENT OF NATURAL RESOURCES SHALL CERTIFY THAT
THE TAXPAYER HAS COMPLIED WITH THE REQUIREMENTS OF THIS SECTION
AND SECTION 280C AND SHALL PROVIDE THE TAXPAYER WITH A STATEMENT
TO BE INCLUDED WITH THE TAXPAYER'S MARYLAND INCOME TAX RETURN TO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
