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ROBERT L. EHRLICH, JR., Governor
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Ch. 444
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B. THE DENOMINATOR OF WHICH IS THE TOTAL OF ALL
CREDITS APPLIED FOR BY ALL APPLICANTS UNDER THIS SUBSECTION FOR THE
CALENDAR YEAR FOR THE PURCHASE OF MARYLAND MINED COAL THAT WILL BE
USED IN MARYLAND.
10-102.1.
(a) (1) In this section the following words have the meanings indicated.
(2) "Distributable cash flow" means taxable income reportable by [an
entity] A PASS-THROUGH ENTITY on its federal income tax return for the taxable
year:
(i) adjusted, in the case of an entity using the accrual method of
accounting to report federal taxable income, to reflect the amount of taxable income
that would have been reported under the cash method of accounting;
(ii) increased by the sum of:
1. cash receipts for the taxable year that are not includable
in the gross income of the entity, including capital contributions and loan proceeds:
2. amounts allowable to the entity for the taxable year as
deductions for depreciation, amortization, and depletion: and
3. the decrease, if any, in the entity's liability reserve as of
the end of the taxable year; and
(iii) decreased by the sum of:
1. cash expenditures for the taxable year that are not
deductible in computing the taxable income of the entity, not including distributions
to shareholders, partners, or members; and
2. the increase, if any, in the entity's liability reserve as of
the end of the taxable year.
(3) "Liability reserve" means accrued unpaid liabilities that are not
deductible in computing taxable income.
(4) "MEMBER" MEANS:
(I) A SHAREHOLDER OF AN S CORPORATION:
(II) A GENERAL OR LIMITED PARTNER OF A PARTNERSHIP, LIMITED
PARTNERSHIP, OR LIMITED LIABILITY PARTNERSHIP; OR
(III) A MEMBER OF A LIMITED LIABILITY COMPANY.
(5) "NONRESIDENT ENTITY" MEANS AN ENTITY THAT IS NOT FORMED
UNDER THE LAWS OF THE STATE AND IS NOT QUALIFIED BY OR REGISTERED WITH
THE DEPARTMENT OF ASSESSMENTS AND TAXATION TO DO BUSINESS IN THE STATE.
[(4)](6) "Nonresident taxable income" means any income described in §
10-210(b)(1) through (4) of this title.
- 2409 -
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