Instructions For Maryland Form 502cr - Income Tax Credits For Individuals - 2013 Page 3

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INCOME TAX CREDITS
MARYLAND
Page 3
FORM
FOR INDIVIDUALS
502CR
INSTRUCTIONS
2013
applies to individuals who:
2000;
a. Currently hold a standard professional certificate or
b. The credit for the insured is being claimed in this year by
advanced professional certificate;
another taxpayer;
b. Are employed by a county/city board of education in
c. The credit is being or has been claimed by anyone in any
Maryland, a state or local correctional facility, or a juvenile
other tax year; or
correctional facility as listed below in the note;
d. The insured is a nonresident of Maryland.
c. Teach in a public school or qualified facility and receive a
satisfactory performance;
The credit is equal to the LTC premiums paid with a maximum
per insured of:
d. Successfully complete the courses with a grade of B or
better; and
Amount
Age of Insured as of 12/31/13
e. Have not been fully reimbursed by the state/county/city for
$360
40 or less
these expenses.
$500
over 40 years
Only the unreimbursed portion qualifies for the credit.
SPECIFIC INSTRUCTIONS
Each spouse that qualifies may claim this credit. Complete a
• Answer Questions 1 through 4. If you answered “yes” for any
separate column in the worksheet for each spouse.
of the questions, no credit is allowed for that individual.
NOTE: Qualified juvenile facilities are: the Alfred D. Noyes
• Complete Columns A through D of the worksheet for each
Children's Center; the Baltimore City Juvenile Justice Center; the
qualifying insured individual who qualifies for the credit. If
Charles H. Hickey, Jr. School; the Cheltenham Youth Facility; the
more space is required, attach a separate statement.
J. DeWeese Carter Center; the Lower Eastern Shore Children's
Center; the Thomas J. S. Waxter Children's Center; the Victor
• Enter in Column E the amount of premiums paid for each
Cullen Center; the Western Maryland Children's Center; and the
qualifying insured individual up to the maximum for that age
youth centers.
group.
• Add the amounts in Column E and enter the total on line 5.
INSTRUCTIONS
Also enter this amount on Part H, line 5.
Line 1 Enter the name of the Maryland public school system or
State or local correctional facility or qualified juvenile
PART F - CREDIT FOR PRESERVATION AND
facility in which you are employed and teach. Line 2.
CONSERVATION EASEMENTS
Enter the amount of tuition paid for graduate-level
If you donated an easement to the Maryland Environmental
courses for each qualifying teacher and the name of the
Trust or the Maryland Agricultural Land Preservation Foundation
institution(s) it was paid.
to preserve open space, natural resources, agriculture, forest
Line 3 Enter the amount received as a reimbursement for
land, watersheds, significant ecosystems, viewsheds or historic
tuition from your employer.
properties, you may be eligible for a credit if:
Line 5 The maximum amount of credit allowed is $1,500 for
1. the easement is perpetual;
each qualifying individual.
2. the easement is accepted and approved by the Board of
Public Works and
Line 6 The credit is limited to the amount paid less any
reimbursement up to the maximum amount allowed for
3. the fair market value of the property before and after the
each qualifying individual. Enter the lesser of line 4 or
conveyance of the easement is substantiated by a certified
line 5.
real estate appraiser.
Line 7 Enter the total of line 6, for Taxpayers A and B. Also
The credit is equal to the difference in the fair market values of
enter this amount on Part H, line 3.
the property reduced by payments received for the easement.
If the property is owned jointly by more than one individual,
PART D - CREDIT FOR AQUACULTURE OYSTER FLOATS
such as a married couple, each individual owner is entitled
A credit is allowed for 100% of the amounts paid to purchase
to the credit based on their percentage of ownership.
new aquaculture oyster floats that are designed to grow oysters
Individual members of a pass-through entity are not eligible for
at or under an individual homeowner’s pier. The devices must
this credit. The credit amount is limited to the lesser of the
be buoyant and assist in the growth of oysters for the width of
individual’s state tax liability for that year or the maximum
the pier. In the case of a joint return, each spouse is entitled to
allowable credit of $5,000, per owner, who qualifies to claim
claim the credit, provided each spouse purchases or contributes
the credit. Complete a separate column in the worksheet for
to the purchase of a float. The credit amount is limited to the
each spouse. In the case of a joint return, each spouse must
lesser of the individual’s state tax liability for that year or the
calculate their own state tax liability for limitation purposes.
maximum allowable credit of $500. In the case of a joint return,
Use the rules for filing separate returns in Instruction 8 in the
each spouse must calculate his/her own state tax liability for
Resident booklet to calculate each spouse’s Maryland tax. In the
limitation purposes.
case of a fiduciary return, the fiduciary will complete the column
for Taxpayer B only.
PART E - LONG-TERM CARE INSURANCE CREDIT
If the individual’s allowable credit amount exceeds the maximum
A one-time credit may be claimed against the state income
of $5,000, the excess may be carried forward for up to 15 years
tax for the payment of qualified long-term care (LTC) insurance
or until fully used. Complete lines 1-7 of Part F. If you itemize
premiums as defined by the IRS (Publication 502) for a policy
deductions, see Instruction 14 in the Resident booklet.
to insure yourself, or your spouse, parent, stepparent, child or
For line 1, enter the amount by which the fair market value of
stepchild, who is a resident of Maryland.
the property before the conveyance of the easement exceeds
A credit may not be claimed if:
the fair market value after the conveyance as substantiated by
a certified real estate appraiser, plus any carryover from the
a. The insured was covered by LTC insurance prior to July 1,
COM/RAD-012
13-49

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