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ROBERT L. EHRLICH, JR., Governor
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Ch. 394
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(D) IF THE CREDIT ALLOWED UNDER THIS SECTION IN ANY TAXABLE YEAR
EXCEEDS THE TOTAL TAX OTHERWISE PAYABLE BY THE BUSINESS ENTITY FOR THAT
TAXABLE YEAR, A BUSINESS ENTITY MAY APPLY THE EXCESS AS A CREDIT FOR
SUCCEEDING TAXABLE YEARS UNTIL THE EARLIER OF:
(1) THE FULL AMOUNT OF THE EXCESS IS USED; OR
(2) THE EXPIRATION OF THE FIFTH TAXABLE YEAR AFTER THE
TAXABLE YEAR IN WHICH THE WAGES FOR WHICH THE CREDIT IS CLAIMED ARE
PAID.
(E) IF A CREDIT IS CLAIMED UNDER THIS SECTION, THE CLAIMANT MUST
MAKE THE ADDITION REQUIRED IN § 10-205 OR § 10-306 OF THE TAX - GENERAL
ARTICLE.
11-705.
(A) THE DEPARTMENT, IN CONSULTATION WITH THE BOARD, SHALL ADOPT
REGULATIONS NECESSARY TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE.
(B) THE COMPTROLLER SHALL ADOPT REGULATIONS TO PROVIDE FOR THE
COMPUTATION AND CARRYOVER OF THE CREDIT UNDER § 10-704.10 OF THE TAX -
GENERAL ARTICLE.
Article - Tax - General
10-704.10.
(A) AN INDIVIDUAL OR CORPORATION MAY CLAIM A CREDIT AGAINST THE
INCOME TAX FOR WAGES PAID TO A QUALIFIED EX-FELON EMPLOYEE AS PROVIDED
UNDER § 11-704 OF THE LABOR AND EMPLOYMENT ARTICLE.
(B) (1) AN ORGANIZATION THAT IS EXEMPT FROM TAXATION UNDER §
501(C)(3) OR (4) OF THE INTERNAL REVENUE CODE MAY APPLY THE CREDIT UNDER
THIS SECTION:
(I) AS A CREDIT AGAINST INCOME TAX DUE ON UNRELATED
BUSINESS TAXABLE INCOME AS PROVIDED UNDER §§ 10-304 AND 10-812 OF THIS
TITLE; OR
(II) AS A CREDIT FOR THE PAYMENT TO THE COMPTROLLER OF
TAXES THAT THE ORGANIZATION:
1. IS REQUIRED TO WITHHOLD FROM THE WAGES OF
EMPLOYEES UNDER § 10-908 OF THIS TITLE; AND
2. IS REQUIRED TO PAY TO THE COMPTROLLER UNDER §
10-906(A) OF THIS TITLE.
(2) IF THE CREDIT ALLOWED UNDER THIS SUBSECTION IN ANY TAXABLE
YEAR EXCEEDS THE SUM OF THE STATE INCOME TAX OTHERWISE PAYABLE BY THE
ORGANIZATION FOR THAT TAXABLE YEAR AND THE TAXES THAT THE ORGANIZATION
HAS WITHHELD FROM THE WAGES OF EMPLOYEES AND IS REQUIRED TO PAY TO THE
COMPTROLLER UNDER § 10-906(A) OF THIS TITLE FOR THE TAXABLE YEAR, THE
- 2135 -
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