Section 6-406 - Reduction of tax revenue. - Maryland Statutes

§ 6-406. Reduction of tax revenue.
 

A refund payable to a qualified business entity under § 6-403(f) or § 6-404(d) of this subtitle reduces: 

(1) the income tax revenue from corporations if the qualified business entity is a corporation subject to the income tax under Title 10 of the Tax - General Article; 

(2) the income tax revenue from individuals if the qualified business entity is: 

(i) an individual subject to the income tax under Title 10 of the Tax - General Article; or 

(ii) an organization exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code; and 

(3) insurance premium tax revenues if the qualified business entity is subject to taxation under Title 6 of the Insurance Article. 
 

[An. Code 1957, art. 83A, § 5-1501(g); 2008, ch. 306, § 2.]