Form 502cr - Maryland Income Tax Credits For Individuals - 2010 Page 5
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5PART D - CREDIT FOR AQUACULTURE OYSTER FLOATS
return, each spouse must calculate their own state tax liability for
limitation purposes. Use the rules for filing separate returns in
A credit is allowed for 100% of the amounts paid to purchase new
Instruction 8 in the Resident booklet to calculate each spouse’s
aquaculture oyster floats that are designed to grow oysters at or
Maryland tax. In the case of a fiduciary return, the fiduciary will
under an individual homeowner’s pier. The devices must be buoy-
complete the column for Taxpayer B only.
ant and assist in the growth of oysters for the width of the pier. In
If the individual’s allowable credit amount exceeds the maximum of
the case of a joint return, each spouse is entitled to claim the cred-
$5,000, the excess may be carried forward for up to 15 years or
it, provided each spouse purchases or contributes to the purchase
until fully used. Complete lines 1-7 of Part F. If you itemize deduc-
of a float. The credit amount is limited to the lesser of the individu-
tions, see Instruction 14 in the Resident booklet.
al's state tax liability for that year or the maximum allowable credit
For Line 1, enter the amount by which the fair market value of the
of $500. In the case of a joint return, each spouse must calculate
property before the conveyance of the easement exceeds the fair
their own state tax liability for limitation purposes.
market value after the conveyance as substantiated by a certified
PART E - LONG-TERM CARE INSURANCE CREDIT
real estate appraiser, plus any carryover from the prior year.
The carryover amount can be found on Part F line 6 of Form 502CR
A one-time credit may be claimed against the state income tax for
for tax year 2009.
the payment of qualified long-term care (LTC) insurance premiums
as defined by the IRS (Publication 502) for a policy to insure your-
For additional information, contact the Maryland Environmental Trust
self, or your spouse, parent, stepparent, child or stepchild, who is a
at 410-514-7900 ( ), or the Maryland
resident of Maryland.
Agricultural Land Preservation Foundation at 410-841-5860.
A credit may not be claimed if:
PART G - INCOME TAX CREDIT SUMMARY
a. the insured was covered by LTC insurance prior to July 1, 2000;
This part is to summarize parts A through F and the non-refundable
b. the credit for the insured is being claimed in this year by another
portion of Heritage Structure Rehabilitation tax credits. If the total
taxpayer; or
from Part G, line 8 exceeds the state tax, the excess may not be
c. the credit is being or has been claimed by anyone in any other
refunded.
tax year.
PART H - REFUNDABLE INCOME TAX CREDITS
The credit is equal to the LTC premiums paid with a maximum per
insured of:
Line 1 - NEIGHBORHOOD STABILIzATION CREDIT
Amount
Age of Insured as of 12/31/10
If you live in the Waverly or Landsdowne sections of Baltimore City,
$330
40 or less
or in the Hillendale, Northbrook, Pelham Woods, or Taylor/
$500
over 40 years
Dartmouth areas of Baltimore County, you may qualify for this cred-
it. Credit for homes purchased in Baltimore City must have been
SPECIFIC INSTRUCTIONS
applied for by December 31, 2002. Credit for homes purchased in
• Answer Questions 1 through 3. If you answered “yes” for any of
Baltimore County must have been applied for by December 31,
the questions, no credit is allowed for that individual.
2005. After certification by Baltimore City or Baltimore County, you
may claim an income tax credit equal to the property tax credit
• Complete columns A through D of the worksheet for each quali-
granted by Baltimore City or Baltimore County. Enter the amount on
fying insured individual who qualifies for the credit. If more space
line 1 of Part H and attach a copy of the certification.
is required, attach a separate statement.
• Enter in Column E the amount of premiums paid for each qualify-
Line 2 - HERITAGE STRUCTURE REHABILITATION TAX CREDIT
AND SUSTAINABLE COMMUNITIES TAX CREDIT
ing insured individual up to the maximum for that age group.
• Add the amounts in Column E and enter the total on line 5. Also
See instructions for Form 502H and Form 502S.
enter this amount on line 5, Part G.
Line 3 - REFUNDABLE BUSINESS INCOME TAX CREDIT
PART F - CREDIT FOR PRESERVATION AND
CONSERVATION EASEMENTS
See Form 500CR for qualifications and instructions for the One Mary-
If you donated an easement to the Maryland Environmental Trust or
land Economic Development Tax Credit, the Biotechnology Invest-
the Maryland Agricultural Land Preservation Foundation to preserve
ment Incentive Tax Credit, Job Creation and Recovery Tax Credit,
open space, natural resources, agriculture, forest land, watersheds,
and the Clean Energy Incentive Tax Credit.
significant ecosystems, viewsheds or historic properties, you may
Line 4 - IRC SECTION 1341 REPAYMENT CREDIT
be eligible for a credit if:
1. the easement is perpetual;
If you repaid an amount reported as income on a prior year
tax return this year that was greater than $3,000, you may be
2. the easement is accepted and approved by the Board of
eligible for an IRC Section 1341 Repayment credit. Attach documen-
Public Works; and
tation. For additional information, see Administrative Release 40.
3. the fair market value of the property before and after the
conveyance of the easement is substantiated by a
Line 5 - FORM 1041 SCHEDULE K-1 NONRESIDENT PTE TAX
certified real estate appraiser.
If you are the beneficiary of a Trust or a Qualified Subchapter S
The credit is equal to the difference in the fair market values of the
Trust for which nonresident PTE tax was paid, you may be entitled
property reduced by payments received for the easement.
to a credit for your share of that tax. Enter the amount on this line
If the property is owned jointly by more than one individual such as
and attach both the Form 1041 Schedule K-1 for the trust (or Form
a husband and wife, each individual owner is entitled to the
504 Schedule K-1) and a copy of the K-1 issued to the trust by
credit based on their percentage of ownership. Individual mem-
the PTE.
bers of a pass-through entity are not eligible for this credit. The
Line 6 - Add lines 1 through 5 and enter the total on the appropri-
credit amount is limited to the lesser of the individual’s state tax
ate line of the income tax form being filed.
liability for that year or the maximum allowable credit of $5,000, per
owner, who qualifies to claim the credit. Complete a separate col-
umn in the worksheet for each spouse. In the case of a joint
free ifile visit us at
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