Maryland § 10-724
Full text of Maryland Maryland Code § 10-724, with citation guidance and answers to common questions.
§ 10-724.
(a) In this section, “aquaculture oyster float” means a device that is:
(1) purchased new;
(2) specifically designed for the purpose of growing oysters at or under an individual homeowner’s pier; and
(3) constructed to be fully buoyant and facilitate the growth of oysters for the width of the pier.
(b) Subject to the limitations of this section, an individual may claim a credit against the State income tax in an amount equal to 100% of the purchase price of aquaculture oyster floats purchased during the taxable year.
(c) (1) For any taxable year, the credit allowed under this section may not exceed the lesser of:
(i) $500; or
(ii) the State income tax imposed for the taxable year calculated before the application of the credits allowed under this section and under §§ 10-701 and 10-701.1 of this subtitle but after the application of any other credit allowed under this subtitle.
(2) The unused amount of the credit may not be carried over to any other taxable year.
Frequently Asked Questions About Maryland § 10-724
What does Maryland Code § 10-724 cover?
Section 10-724 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 § 10-724?
A common citation format is "Maryland Code § 10-724" (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 § 10-724 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.