§ 10-724
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/md/tax-general/10-724A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–724.
(a)In this section, “aquaculture oyster float” means a device that is:
(1)purchased new;
(2)specifically designed for the purpose of growing oysters at or under an individual homeowner’s pier; and
(3)constructed to be fully buoyant and facilitate the growth of oysters for the width of the pier.
(b)Subject to the limitations of this section, an individual may claim a credit against the State income tax in an amount equal to 100% of the purchase price of aquaculture oyster floats purchased during the taxable year.
(1)For any taxable year, the credit allowed under this section may not exceed the lesser of:
(i)$500; or
(ii)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 but after the application of any other credit allowed under this subtitle.
(2)The unused amount of the credit may not be carried over to any other taxable year.