Code of Maryland Regulations
Title 24 - DEPARTMENT OF COMMERCE
Subtitle 05 - ECONOMIC DEVELOPMENT
Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit
Section 24.05.12.16 - Partnerships, S Corporations, Limited Liability Companies, Business Trusts, Estates, and Trusts
Current through Register Vol. 51, No. 6, March 22, 2024
A. Partnerships, S Corporations, Limited Liability Companies, and Business Trusts. In the case of a subchapter S corporation, partnership, limited liability company, or business trust, the amount of the credit computed for the pass-through entity shall be allocated among the owners as agreed to in writing by the owners. If there is no written agreement governing the allocation of the credit, the credit shall be allocated in the same proportion as other items are allocated for the taxable year.
B. Estates and Trusts. In the case of an estate or trust, the amount of the credits computed for the estate or trust for any taxable year shall be apportioned among the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each beneficiary of the estate or trust under the controlling instrument or rule of law.
C. Statements to Partners, Shareholders, Members, and Beneficiaries.
D. Year in which Credit is Claimed. The credit apportioned to a taxpayer under §§A-C of this regulation shall be claimed on the taxpayer's Maryland tax return in the taxable year of the taxpayer within which the taxable year of the pass-through entity ends.