1216 LAWS OF MARYLAND Ch. 289
insurance rates, including a listing of those insurance companies
whose rates reflect any savings realized due to this Act.
SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1986.
Approved May 13, 1986.
CHAPTER 289
(Senate Bill 40)
AN ACT concerning
Income Tax - Credit Deduction - Conservation Tillage Equipment
FOR the purpose of providing a credit against the State income
tax on individuals for expenses incurred in purchasing and
installing conservation tillage equipment; providing for the
amount of the credit; providing for the carry-over of excess
credit to succeeding taxable years; defining a certain term;
providing for the application of this Act; and generally
relating to an income tax credit for conservation tillage
equipment.
BY adding to
Article 81 - Revenue and Taxes
Section 291B
Annotated Code of Maryland
(1980 Replacement volume and 1985 Supplement)
FOR the purpose of providing, for State individual and
corporation income tax purposes, a subtraction from federal
adjusted gross income or federal taxable income for certain
expenses incurred in purchasing and installing certain
conservation tillage equipment under certain circumstances;
specifying certain qualification requirements; requiring the
Department of Agriculture to provide certain certification
and statements for certain purposes; providing for the
carryover of certain excess amounts of the subtraction
modification for a certain period of time; defining a
certain term; providing for the application of this Act; and
generally relating to a State income tax subtraction
modification for certain individuals and corporations for
certain conservation tillage equipment expenses.
BY repealing and reenacting, with amendments,
Article 81 - Revenue and Taxes
Section 280(c)(17) and (18) and 280A(c)
|