Ch. 2

LAWS OF MARYLAND

(A)  CREDITS APPLICABLE TO BOTH TAXES.

A CREDIT UNDER THIS SUBTITLE IS ALLOWED AGAINST BOTH THE
COUNTY AND STATE INCOME TAX.

(B)  SCOPE OF SECTION.

THE CREDIT UNDER § 10-702 OR § 10-703 OF THIS SUBTITLE SHALL
APPLY ONLY TO THE STATE INCOME TAX.

REVISOR'S NOTE: This section is new language added to
clarify that the credit under § 10-701 or § 10-704 of
this subtitle differs from the other credits, since
the latter apply only against the State income tax.

Although, at this time, the same number of credits are
excluded from and included under this section, the Tax
- General Article Review Committee believed that
subsection (a) of this section states the rule that
normally would be applied unless, in enacting a new
credit, the General Assembly expressly excluded the
county income tax.

GENERAL REVISOR'S NOTE:

Former Art. 81, § 12G-12(b), which related to an income tax
credit for a loss on the disposition of. securities of the
Development Credit Corporation of Maryland, is deleted as
obsolete. Since the enactment of the former provisions, the
federal law has been amended to allow for such a loss in
computing federal taxable income.

Former Art. 81, § 288(e), which allowed an income tax credit
for State personal property tax paid on personal property other
than the operating property of a public utility, contract carrier
or railroad, is deleted as obsolete. The current property tax on
personal property applies only to entities that are not allowed
the credit, and the property tax rate for personal property is
set at 0% for 15 years, which in effect negates the tax for the
15-year period. As to rate of State personal property tax, see
TP § 7-301 and SF § 8-134.

SUBTITLE 8. RETURNS AND DECLARATIONS.

PART I. DEFINITION.

10-801. "INDIVIDUAL" DEFINED.

IN THIS SUBTITLE, "INDIVIDUAL" DOES NOT INCLUDE A FIDUCIARY.

REVISOR'S NOTE: This section is new language added to avoid
repetition of the reference to an individual "other
than a fiduciary".

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