WILLIAM DONALD SCHAEFER, Governor

Ch. 2

Defined terms: "Corporation" § 10-101
"Internal Revenue Code" § 1-101
"State" § 1-101

10-306. SAME -- STATE ADJUSTMENTS.

(A)  IN GENERAL.

IN ADDITION TO THE MODIFICATION UNDER § 10-305 OF THIS
SUBTITLE, THE AMOUNTS UNDER THIS SECTION ARE ADDED TO THE FEDERAL
TAXABLE INCOME OF A CORPORATION TO DETERMINE MARYLAND MODIFIED
INCOME.

(B)  MISCELLANEOUS ADDITIONS.

THE ADDITION UNDER SUBSECTION (A) OF THIS SECTION INCLUDES
THE ADDITIONS REQUIRED FOR AN INDIVIDUAL UNDER:

(1)  § 10-206(B) OF THIS TITLE [ENTERPRISE ZONE WAGE
CREDIT]; AND

(2)  § 10-206(C) OF THIS TITLE [REFORESTATION AND
TIMBER STAND MODIFICATION).

REVISOR'S NOTE: This section is new language added to
incorporate, by reference, former Art. 81, §§ 291A(d)
and 280D(c)(1)(ii), (3), and (4), which provided for
adjustment of the Maryland adjusted gross income of an
individual and the Maryland modified income of a
corporation.

Defined terms: "Corporation" § 10-101
"Individual" § 10-101

10-307. SUBTRACTIONS FROM FEDERAL TAXABLE INCOME.

(A)  IN GENERAL.

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)  DIVIDENDS FOR DOMESTIC CORPORATIONS CLAIMING FOREIGN
TAX CREDITS.

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)  DIVIDENDS FROM AFFILIATED DOMESTIC INTERNATIONAL SALES
CORPORATIONS.

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