Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 14 - NEIGHBORHOOD AND COMMUNITY ASSISTANCE PROGRAM
Chapter 05.14.01 - Community Investment Tax Credit Program
Section 05.14.01.08 - Taxes Against Which Tax Credits May Be Applied
Universal Citation: MD Code Reg 05.14.01.08
Current through Register Vol. 51, No. 6, March 22, 2024
A. General Description. The Program tax credits described in the Act authorizing the Program are credits against taxes:
(1) For certain insurance companies, under Article 48A, § 634, Annotated Code of Maryland, or Insurance Article, §
6-105, (effective October 1, 1997) Annotated Code of Maryland;
(2) For certain financial institutions against the financial institution franchise tax, under Tax-General Article, §8-214, Annotated Code of Maryland;
(3) For certain public service companies against the public service franchise tax, under Tax-General Article, §8-411, Annotated Code of Maryland;
(4) For certain corporations against income tax under Tax-General Article, §10-704.4, Annotated Code of Maryland; and
(5) For individuals against income tax under Tax-General Article, §10-704.6, Annotated Code of Maryland.
B. Disclaimer of Liability. The Department makes no representation, and accepts no responsibility, as to any tax or other consequences to a business entity, an individual, or any other party, arising out of the approval of a project, the allocation of credits, or the certification of a contribution.
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