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Session Laws, 2002
Volume 800, Page 4554   View pdf image
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S.B. 383
VETOES
[(3)] (4) 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 DISTRIBUTION. [(4)] (5) The cumulative amount of the addition under this subsection
for the taxable year and all prior taxable years may not exceed THE SUM OF: (I) 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 purchaser's payments to the prepaid contract under which
the refund or distribution is received; or FOR CONTRIBUTIONS TO A QUALIFIED
PREPAID TUITION PROGRAM; AND (ii) THE CUMULATIVE AMOUNT ALLOWED AS A SUBTRACTION
under § 10-208(o) of this subtitle for the taxable year and all prior taxable years for
contributions made by a contributor to an investment account under which the refund
or distribution is received FOR CONTRIBUTIONS TO A QUALIFIED HIGHER
EDUCATION INVESTMENT PROGRAM. 10-207. [(s) (1) (i) In this subsection the following words have the meanings
indicated. (ii) "Qualified beneficiary" has the meaning stated in § 18-1901 of
the Education Article. (iii) "Qualified designated beneficiary" has the meaning stated in §
18-19A-01 of the Education Article. (iv) "Qualified higher education expenses" has the meaning stated
in § 529 of the Internal Revenue Code. (2) Except as provided in paragraph (3) of this subsection, the
subtraction under subsection (a) of this section includes any amount included in
federal adjusted gross income as a result of a distribution to: (i) a qualified beneficiary pursuant to a prepaid contract under the
Maryland Prepaid College Trust; or (ii) a qualified designated beneficiary from an investment account
under the Maryland College Investment Plan. (3) The subtraction under paragraph (2) of this subsection does not apply to: (i) a refund under the Maryland Prepaid College Trust or the
Maryland College Investment Plan; or (ii) a distribution that is not used by the qualified beneficiary or
qualified designated beneficiary for qualified higher education expenses.]
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Session Laws, 2002
Volume 800, Page 4554   View pdf image
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