Section 10-708 - For a telecommunications business. - Maryland Statutes

§ 10-708. For a telecommunications business.
 

(a)  In general.- A public utility that is a telecommunications company may claim a credit against the State income tax in an amount equal to 60% of the total State, county, and municipal corporation property taxes paid by the public utility during the taxable year on its operating real property in the State that is used in its telecommunications business other than operating land. 

(b)  Amount.-  

(1) The credit allowed under this section may not exceed the State income tax imposed for the taxable year, determined before the application of the credits allowed under this section and §§ 10-701 and 10-701.1 of this subtitle but after application of any other credits allowable under this subtitle. 

(2) The unused amount of the credit for any taxable year may not be carried over to any other taxable year. 
 

[1997, chs. 629, 630; 2000, ch. 61, § 1.]