Maryland § 10-307
Full text of Maryland Maryland Code § 10-307, with citation guidance and answers to common questions.
§ 10-307.
(a) To the extent included in federal taxable income, the amounts under this section are subtracted from the federal taxable income of a corporation to determine Maryland modified income.
(b) The subtraction under subsection (a) of this section includes the amount included in the income of a domestic corporation claiming a foreign tax credit as dividends under § 78 of the Internal Revenue Code.
(c) The subtraction under subsection (a) of this section includes the percentage of the dividends received from an affiliated domestic international sales corporation equal to the percentage that would be excluded if the corporation did not qualify under § 992(a) of the Internal Revenue Code.
(d) The subtraction under subsection (a) of this section includes dividends received from a corporation if:
(1) the receiving corporation owns, directly or indirectly, 50% or more of the paying corporation’s outstanding shares of capital stock; and
(2) the paying corporation is organized under the laws of a foreign government.
(e) Repealed.
(f) The subtraction under subsection (a) of this section includes interest attributable to an obligation of the United States or an instrumentality of the United States.
(g) The subtraction under subsection (a) of this section includes the amounts allowed to be subtracted for an individual under:
(1) § 10–207(i) of this title (Profits on sale or exchange of State or local bonds);
(2) § 10–207(k) of this title (Relocation and assistance payments);
(3) § 10–207(m) of this title (State or local income tax refunds);
(4) § 10–207(c–1) of this title (State tax–exempt interest from mutual funds);
(5) § 10–207(ii) of this title (Gain on the transfer of property within the Pimlico site or Bowie Race Course Training Center property and income recognized as result of governmental expenditures); or
(6) § 10–207(jj) of this title (Coronavirus relief payments).
Frequently Asked Questions About Maryland § 10-307
What does Maryland Code § 10-307 cover?
Section 10-307 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 10-307?
A common citation format is "Maryland Code § 10-307" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 10-307 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.