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