Sec. 08.02.26.03. Credit Allowances

Latest version.

A. Allowable Credit.

(1) A shell recycler may claim a tax credit against the State income tax in the amount specified in Tax-General Article, §10-724.1, Annotated Code of Maryland, for each bushel of oyster shells recycled during the taxable year.

(2) A shell recycler may not claim a tax credit for bushels of shell that:

(a) Are collected by the shell recycler as a certified recycled shell collector; or

(b) Are replanted in an area leased by the shell recycler for commercial shellfish aquaculture.

B. Amount Allowed Per Taxable Year. For any taxable year, the maximum credit a person may claim may not exceed the amount specified in Tax-General Article, §10-724.1, Annotated Code of Maryland.

C. If the credit exceeds the persons liability for the taxable year, the unused amount of the credit may not be carried forward to any other taxable year.

                    
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