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Ch. 557
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2002 LAWS OF MARYLAND
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Article - Tax - General
Section 10-724
Annotated Code of Maryland
(1997 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
10-724.
(A) IN THIS SECTION, "AQUACULTURE OYSTER FLOAT" MEANS A DEVICE THAT
IS:
(1) PURCHASED NEW;
(2) SPECIFICALLY DESIGNED FOR THE PURPOSE OF GROWING OYSTERS
AT OR UNDER AN INDIVIDUAL HOMEOWNER'S PIER; AND
(3) CONSTRUCTED TO BE FULLY BUOYANT AND FACILITATE THE
GROWTH OF OYSTERS FOR THE WIDTH OF THE PIER
(B) SUBJECT TO THE LIMITATIONS OF THIS SECTION, AN INDIVIDUAL MAY
CLAIM A CREDIT AGAINST THE STATE INCOME TAX IN AN AMOUNT EQUAL TO 100% OF
THE PURCHASE PRICE OF AQUACULTURE OYSTER FLOATS PURCHASED DURING THE
TAXABLE YEAR
(C) (1) FOR ANY TAXABLE YEAR, THE CREDIT ALLOWED UNDER THIS
SECTION MAY NOT EXCEED THE LESSER OF:
(I) $500; OR
(II) THE STATE INCOME TAX IMPOSED FOR THE TAXABLE YEAR
CALCULATED BEFORE THE APPLICATION OF THE CREDITS ALLOWED UNDER THIS
SECTION AND UNDER §§ 10-701 AND 10-701.1 OF THIS SUBTITLE BUT AFTER THE
APPLICATION OF ANY OTHER CREDIT ALLOWED UNDER THIS SUBTITLE.
(2) THE UNUSED AMOUNT OF THE CREDIT MAY NOT BE CARRIED OVER
TO ANY OTHER TAXABLE YEAR
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2002 and shall be applicable to all taxable years after December 31, 2001.
Approved May 16, 2002.
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