Maryland Code, TAX – GENERAL 10-734
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Terms Used In Maryland Code, TAX - GENERAL 10-734
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) In this section, “qualified vehicle” means a Class F (tractor) vehicle described under § 13-923 of the Transportation Article that is titled and registered in the State.
(b) Subject to the limitations of this section, an individual or a corporation may claim a credit against the State income tax for the expense of registering a qualified vehicle in the State.
(c) (1) For any taxable year, the credit allowed under this section may not exceed the lesser of:
(i) $400 for each qualified vehicle; or
(ii) the State income tax for that taxable year.
(2) The unused amount of the credit may not be carried over to any other taxable year.