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Session Laws, 2002
Volume 800, Page 4613   View pdf image
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PARRIS N. GLENDENING, Governor
S.B. 454
(B) (1) AN ORGANIZATION THAT IS EXEMPT FROM TAXATION UNDER §
501(C)(3) OR (4) OF THE INTERNAL REVENUE CODE MAY APPLY THE CREDIT UNDER
THIS SECTION: (I) AS A CREDIT AGAINST INCOME TAX DUE ON UNRELATED
BUSINESS TAXABLE INCOME AS PROVIDED UNDER §§ 10-304 AND 10-812 OF THIS
TITLE; OR (II) AS A CREDIT FOR THE PAYMENT TO THE COMPTROLLER OF
TAXES THAT THE ORGANIZATION: 1. IS REQUIRED TO WITHHOLD FROM THE WAGES OF
EMPLOYEES UNDER § 10-908 OF THIS TITLE; AND 2. IS REQUIRED TO PAY TO THE COMPTROLLER UNDER §
10-906(A) OF THIS TITLE. (2) IF THE CREDIT ALLOWED UNDER THIS SUBSECTION IN ANY TAXABLE
YEAR EXCEEDS THE SUM OF THE STATE INCOME TAX OTHERWISE PAYABLE BY THE
ORGANIZATION FOR THAT TAXABLE YEAR AND THE TAXES THAT THE ORGANIZATION
HAS WITHHELD FROM THE WAGES OF EMPLOYEES AND IS REQUIRED TO PAY TO THE
COMPTROLLER UNDER § 10-906(A) OF THIS TITLE FOR THE TAXABLE YEAR, THE
ORGANIZATION MAY APPLY THE EXCESS AS A CREDIT UNDER PARAGRAPH (1)(I) OR (II)
OF THIS SUBSECTION IN SUCCEEDING TAXABLE YEARS FOR THE CARRY FORWARD
PERIOD PROVIDED IN § 2-401 OF THE CORRECTIONAL SERVICES § 11-704 OF THE
LABOR AND EMPLOYMENT ARTICLE. (3) THE COMPTROLLER SHALL ADOPT REGULATIONS TO PROVIDE
PROCEDURES FOR CLAIMING AND APPLYING CREDITS AUTHORIZED UNDER
PARAGRAPH (1)(II) OF THIS SUBSECTION. SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows: Article - Tax - General 10-205. (b) The addition under subsection (a) of this section includes the amount of a
credit claimed under: (1) § 10-702 of this title for wages paid to an employee in an enterprise zone; (2) § 10-704.3 of this title or § 8-213 of this article for wages paid and
qualified child care or transportation expenses incurred with respect to qualified
employment opportunity employees; [or] (3) § 10-704.7 of this title or § 8-216 of this article for wages paid and
qualified child care or transportation expenses incurred with respect to a qualified
employee with a disability; OR
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Session Laws, 2002
Volume 800, Page 4613   View pdf image
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