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Ch. 295
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Martin O'Malley, Governor
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(II) WHO QUALIFIES FOR STATE FINANCIAL ASSISTANCE ON
THE BASIS OF NEED AS DETERMINED BY THE MARYLAND HIGHER EDUCATION
COMMISSION.
(3) "TEXTBOOK" MEANS A BOOK:
(I) WRITTEN, DESIGNED, AND PRODUCED FOR
EDUCATIONAL, INSTRUCTIONAL, OR PEDAGOGICAL PURPOSES; AND
(II) REQUIRED FOR A COURSE AT AN INSTITUTION OF
HIGHER EDUCATION AS DEFINED IN § 10-101 OF THE EDUCATION ARTICLE.
(B) SUBJECT TO THE LIMITATIONS OF THIS SECTION, A TAXPAYER MAY
CLAIM A CREDIT AGAINST THE STATE INCOME TAX FOR THE EXPENSES ABOVE
$500 FOR THE TAXABLE YEAR FOR THE PURCHASE OF TEXTBOOKS FOR AN
ELIGIBLE STUDENT'S USE AT AN INSTITUTION OF HIGHER EDUCATION AS
DEFINED IN § 10-101 OF THE EDUCATION ARTICLE.
(C) (1) FOR ANY TAXABLE YEAR, THE CREDIT ALLOWED UNDER THIS
SECTION MAY NOT EXCEED THE LESSER OF:
(I) 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;
OR
(II) $500.
(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, 2007, and shall be applicable to all taxable years beginning after December 31,
2006.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:
(a) There is a Task Force to Study the Cost of Textbooks for Higher
Education.
(b) The Task Force consists of the following members:
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- 1901 -
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