Section 10-305 - Additions to federal taxable income - Addbacks of federal adjustments. - Maryland Statutes

§ 10-305. Additions to federal taxable income - Addbacks of federal adjustments.
 

(a)  In general.- To the extent excluded from federal taxable income, the amounts under this section are added to the federal taxable income of a corporation to determine Maryland modified income. 

(b)  Net capital loss carryback.- The addition under subsection (a) of this section includes the net capital loss carryback, as defined in § 1212 of the Internal Revenue Code. 

(c)  State or local income tax.- The addition under subsection (a) of this section includes any taxes based on net income that are imposed by any state or by a political subdivision of any state. 

(d)  Miscellaneous addbacks.- The addition under subsection (a) of this section includes the additions required for an individual under: 

(1) § 10-204(b) of this title (Dividends and interest from another state or local obligation); 

(2) § 10-204(c)(2) of this title (Federal tax-exempt income); 

(3) § 10-204(e) of this title (Oil percentage depletion allowance); and 

(4) § 10-204(i) of this title (Deduction for qualified production activities income). 
 

[An. Code 1957, art. 81, § 280A; 1988, ch. 2, § 1; 1989, ch. 178, § 2; 2005, ch. 25, § 13; ch. 444, § 2; 2009, ch. 60.]