Ch. 636                                    1996 LAWS OF MARYLAND

4-706.

THE DEPARTMENT SHALL ADOPT REGULATIONS NECESSARY TO CARRY OUT
THIS SUBTITLE.

Article 48A - Insurance Code

634.

(A)    Every life insurance company having its home office in this State shall be
entitled to credit against the total amount of the taxes payable by it under this subtitle,
the amount of fees paid by it in the preceding calendar year to the Insurance
Commissioner of this State for valuing life insurance policies, but such credit shall not
exceed 15% of the total amount of the taxes which would have been payable if the credit
allowed by this section were not allowed..

(B)     A PERSON THAT IS SUBJECT TO THE TAX IMPOSED UNDER THIS SUBTITLE
MAY CLAIM A CREDIT AGAINST THE TAX FOR NEIGHBORHOOD AND COMMUNITY
ASSISTANCE CONTRIBUTIONS AS PROVIDED UNDER ARTICLE 83B, § 4-704 OF THE
CODE

Article — Tax - General

8-214.

A FINANCIAL INSTITUTION MAY CLAIM A CREDIT AGAINST THE FINANCIAL
INSTITUTION FRANCHISE TAX FOR NEIGHBORHOOD AND COMMUNITY ASSISTANCE
CONTRIBUTIONS AS PROVIDED UNDER ARTICLE 83B, § 4-704 OF THE CODE

8-411.

A PUBLIC SERVICE COMPANY MAY CLAIM A CREDIT AGAINST THE PUBLIC
SERVICE COMPANY FRANCHISE TAX FOR NEIGHBORHOOD AND COMMUNITY
ASSISTANCE AS PROVIDED UNDER ARTICLE 83B, § 4-704 OF THE CODE.

10-704.4.

A CORPORATION MAY CLAIM A CREDIT AGAINST THE INCOME TAX FOR
NEIGHBORHOOD AND COMMUNITY ASSISTANCE CONTRIBUTIONS AS PROVIDED
UNDER ARTICLE 83B, § 4-704 OF THE CODE.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Article - Insurance

6-105.

(a) (1) A life insurer with its home office in the State is entitled to credit against
the total amount of taxes payable by the life insurer under this subtitle, the amount of
fees paid to the Commissioner by the life insurer in the preceding calendar year for
valuing life insurance policies.

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