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Ch. 440 2002 LAWS OF MARYLAND
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(1) AN AMOUNT IS ADDED TO FEDERAL ADJUSTED GROSS INCOME TO
DETERMINE THE DEPRECIATION DEDUCTION PROVIDED UNDER § 167(A) OF THE
INTERNAL REVENUE CODE WITHOUT REGARD TO ANY ADDITIONAL ALLOWANCE
UNDER § 168(K)(1) OF THE INTERNAL REVENUE CODE;
(2) AN AMOUNT IS SUBTRACTED FROM FEDERAL ADJUSTED GROSS
INCOME TO DETERMINE THE ADJUSTED BASIS OF PROPERTY AS TO WHICH THE
ADDITIONAL ALLOWANCE UNDER § 168(K)(1)(A) OF THE INTERNAL REVENUE CODE
HAS BEEN ALLOWED FOR FEDERAL INCOME TAX PURPOSES WITHOUT REGARD TO
THE REDUCTION REQUIRED UNDER § 167(K)(1)(B) OF THE INTERNAL REVENUE CODE; AND
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(1) AN AMOUNT IS ADDED TO OR SUBTRACTED FROM FEDERAL
ADJUSTED GROSS INCOME TO REFLECT THE DETERMINATION OF THE
DEPRECIATION DEDUCTION PROVIDED UNDER § 167(A) OF THE INTERNAL REVENUE
CODE AND THE ADJUSTED BASIS OF PROPERTY WITHOUT REGARD TO THE
ADDITIONAL ALLOWANCE UNDER § 168(K) OF THE INTERNAL REVENUE CODE; AND
(3) (2) AN AMOUNT IS ADDED TO OR SUBTRACTED FROM FEDERAL
ADJUSTED GROSS INCOME TO DETERMINE THE NET OPERATING LOSS DEDUCTION
ALLOWED UNDER § 172 OF THE INTERNAL REVENUE CODE WITHOUT REGARD TO THE
SPECIAL 5-YEAR CARRYBACK PERIOD PROVIDED UNDER § 172(B)(1)(H) OF THE
INTERNAL REVENUE CODE.
10-310.
IN ADDITION TO THE MODIFICATIONS UNDER §§ 10-305 THROUGH 10-309 OF
THIS SUBTITLE, TO DETERMINE MARYLAND MODIFIED INCOME THE FEDERAL
TAXABLE INCOME OF A CORPORATION SHALL BE ADJUSTED AS PROVIDED FOR AN
INDIVIDUAL UNDER § 10-210.1 OF THIS TITLE.
SECTION 17. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:
Article - Tax - General
7-304.
(a) [In] SUBJECT TO § 7-309 OF THIS SUBTITLE, IN this section, "federal
credit" means the maximum credit for death taxes paid to any state that is allowable
under § 2011 of the Internal Revenue Code against the federal estate tax of a decedent
as reduced by the proportion that the amount of the estate not included in the
Maryland estate bears to the amount of the entire estate of the decedent.
(b) (1) Except as otherwise provided in this subsection, the Maryland estate
tax is the amount, if any, by which the federal credit exceeds the total of death taxes
other than the Maryland estate tax that:
(i) are imposed by a state on property included in the Maryland
estate;
(ii) are allowable in computing the federal credit; and
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- 3612 -
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