§ 10-4A-12
275 words·~1 min read·
/md/economic-development/10-4a-12A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–4A–12.
(1)Subject to the restriction in paragraph
(2)of this subsection, a purchaser may claim the premium tax credit on a premium tax return filed after December 31, 2014, for a taxable year that begins on or after January 1, 2014.
(2)In each calendar year from 2015 through 2019, a purchaser may claim up to 20% of the premium tax credit allocated to that purchaser.
(1)The credit to be applied against insurance premium tax liability in any 1 year may not exceed the insurance premium tax liability of the purchaser for that taxable year.
(2)Any unused credit against insurance premium tax liability may be:
(i)carried forward indefinitely until the premium tax credits are used; and
(ii)used by the purchaser without restriction during any calendar year after 2019.
(3)On 30 days’ advance notice to the Corporation, premium tax credits allocated to a purchaser under this subtitle may be transferred without further restriction to any other entity that:
(i)meets the definition of a purchaser;
(ii)is in good standing with the Maryland Insurance Administration; and
(iii)agrees to assume all of the transferor’s obligations under the Program.
(c)A purchaser claiming a credit against insurance premium tax liability earned through an investment under the Program is not required to pay any additional tax as a result of claiming the credit.
(d)A purchaser is not required to reduce the amount of premium tax included by the purchaser in connection with rate–making for any insurance contract written in the State because of a reduction in the purchaser’s insurance premium tax derived from the credit granted under this subtitle.