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Session Laws, 2000
Volume 797, Page 2646   View pdf image
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Ch. 494
2000 LAWS OF MARYLAND
Article - Tax - General 10-205. (a) In addition to the modification under § 10-204 of this subtitle, the
amounts under this section are added to the federal adjusted gross income of a
resident to determine Maryland adjusted gross income. (h) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED. (II) "CONTRIBUTOR" AND "QUALIFIED DESIGNATED BENEFICIARY'
HAVE THE MEANINGS STATED IN § 18-19A-01 OF THE EDUCATION ARTICLE. (III) "PURCHASER" AND "QUALIFIED BENEFICIARY' HAVE THE
MEANINGS STATED IN § 18-1901 OF THE EDUCATION ARTICLE. (IV) "QUALIFIED HIGHER EDUCATION EXPENSES" HAS THE
MEANING STATED IN § 529 OF THE INTERNAL REVENUE CODE. (2) The addition under subsection (a) of this section includes the amount of: (I) any refund received by an individual in the taxable year BY A
PURCHASER under a [higher education investment] PREPAID contract in accordance
with the Maryland [Higher Education Investment Program] PREPAID COLLEGE
TRUST that is not applied on behalf of the beneficiary for charges imposed by an
institution of higher education for enrollment at the institution including tuition and
registration and other fees required as a condition of enrollment OR A CONTRIBUTOR
UNDER AN INVESTMENT ACCOUNT IN ACCORDANCE WITH THE MARYLAND COLLEGE
INVESTMENT PLAN: OR (II) ANY DISTRIBUTION RECEIVED IN THE TAXABLE YEAR BY A
PURCHASER UNDER A PREPAID CONTRACT IN ACCORDANCE WITH THE MARYLAND
PREPAID COLLEGE TRUST OR A CONTRIBUTOR UNDER AN INVESTMENT ACCOUNT IN
ACCORDANCE WITH THE MARYLAND COLLEGE INVESTMENT PLAN THAT IS NOT
USED ON BEHALF OF THE QUALIFIED BENEFICIARY OR QUALIFIED DESIGNATED
BENEFICIARY FOR QUALIFIED HIGHER EDUCATION EXPENSES. (2) (3) The amount of the addition required under this subsection shall
be reduced by any amount included in the individual's federal adjusted gross income
as a result of the refund. (4) The cumulative amount of the addition under this subsection
for the taxable year and all prior taxable years may not exceed the cumulative
amount allowed as a subtraction: (I) under § 10-208(n) of this subtitle for the taxable year and all
prior taxable years for the individual's PURCHASER'S payments to the [higher
education investment] PREPAID contract under which the refund OR DISTRIBUTION
is received; OR
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Session Laws, 2000
Volume 797, Page 2646   View pdf image
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