PART D - CREDIT FOR AQUACULTURE OYSTER FLOATS
each spouse’s Maryland tax. In the case of a fiduciary return, the
fiduciary will complete the column for Taxpayer B only.
A credit is allowed for 100% of the amounts paid to purchase new
If the individual’s allowable credit amount exceeds the maximum
aquaculture oyster floats that are designed to grow oysters at or
of $5,000, the excess may be carried forward for up to 15 years
under an individual homeowner’s pier. The devices must be
or until fully used. Complete lines 1-7 of Part F. If you itemize
buoyant and assist in the growth of oysters for the width of the
deductions, see Instruction 14 in the Resident booklet.
pier. In the case of a joint return, each spouse is entitled to claim
For line 1, enter the amount by which the fair market value of the
the credit, provided each spouse purchases or contributes to the
property before the conveyance of the easement exceeds the fair
purchase of a float. The credit amount is limited to the lesser of
market value after the conveyance as substantiated by a certified
the individual's state tax liability for that year or the maximum
real estate appraiser, plus any carryover from the prior year.
allowable credit of $500. In the case of a joint return, each spouse
must calculate their own state tax liability for limitation purposes.
The carryover amount can be found on Part F line 7 of Form
502CR for tax year 2010.
PART E - LONG-TERM CARE INSURANCE CREDIT
For additional information, contact the Maryland Environmental
A one-time credit may be claimed against the state income tax
Trust at 410-514-7900 ( ), or the Mary-
for the payment of qualified long-term care (LTC) insurance pre-
land Agricultural Land Preservation Foundation at 410-841-5860.
miums as defined by the IRS (Publication 502) for a policy to
PART G - INCOME TAX CREDIT SUMMARY
insure yourself, or your spouse, parent, stepparent, child or
stepchild, who is a resident of Maryland.
This part is to summarize Parts A through F and the non-refund-
A credit may not be claimed if:
able portion of Heritage Structure Rehabilitation tax credits. If
the total from Part G, line 8 exceeds the state tax, the excess
a. the insured was covered by LTC insurance prior to July 1,
may not be refunded.
2000;
b. the credit for the insured is being claimed in this year by
PART H - REFUNDABLE INCOME TAX CREDITS
another taxpayer; or
Line 1 - NEIGHBORHOOD STABILIzATION CREDIT
c. the credit is being or has been claimed by anyone in any
other tax year.
If you live in the Waverly or Landsdowne sections of Baltimore City,
The credit is equal to the LTC premiums paid with a maximum
or in the Hillendale, Northbrook, Pelham Woods, or Taylor/
per insured of:
Dartmouth areas of Baltimore County, you may qualify for this
credit. Credit for homes purchased in Baltimore City must have
Amount
Age of Insured as of 12/31/11
been applied for by December 31, 2002. Credit for homes pur-
$340
40 or less
chased in Baltimore County must have been applied for by Decem-
$500
over 40 years
ber 31, 2005. After certification by Baltimore City or Baltimore
County, you may claim an income tax credit equal to the property
SPECIFIC INSTRUCTIONS
tax credit granted by Baltimore City or Baltimore County. Enter the
• Answer Questions 1 through 3. If you answered “yes” for any
amount on line 1 of Part H and attach a copy of the certification.
of the questions, no credit is allowed for that individual.
Line 2 - HERITAGE STRUCTURE REHABILITATION TAX
• Complete Columns A through D of the worksheet for each
CREDIT AND SUSTAINABLE COMMUNITIES TAX CREDIT
qualifying insured individual who qualifies for the credit. If
more space is required, attach a separate statement.
See instructions for Form 502H and Form 502S.
• Enter in Column E the amount of premiums paid for each qual-
Line 3 - REFUNDABLE BUSINESS INCOME TAX CREDIT
ifying insured individual up to the maximum for that age group.
• Add the amounts in Column E and enter the total on line 5.
See Form 500CR for qualifications and instructions for the One
Also enter this amount on line 5, Part G.
Maryland Economic Development Tax Credit, the Biotechnology
Investment Incentive Tax Credit, Job Creation and Recovery Tax
PART F - CREDIT FOR PRESERVATION AND
Credit, the Clean Energy Incentive Tax Credit and Film Production
CONSERVATION EASEMENTS
Employment Tax Credit.
If you donated an easement to the Maryland Environmental Trust
or the Maryland Agricultural Land Preservation Foundation to
Line 4 - IRC SECTION 1341 REPAYMENT CREDIT
preserve open space, natural resources, agriculture, forest land,
If you repaid an amount reported as income on a prior year
watersheds, significant ecosystems, viewsheds or historic prop-
tax return this year that was greater than $3,000, you may
erties, you may be eligible for a credit if:
be eligible for an IRC Section 1341 Repayment credit. Attach
1. the easement is perpetual;
documentation. For additional information, see Administrative
2. the easement is accepted and approved by the Board of
Release 40.
Public Works and
Line 5 - FLOW-THROUGH NONRESIDENT PTE TAX
3. the fair market value of the property before and after the
conveyance of the easement is substantiated by a
If you are the beneficiary of a Trust or a Qualified Subchapter S
certified real estate appraiser.
Trust for which nonresident PTE tax was paid, you may be enti-
tled to a credit for your share of that tax. Enter the amount on
The credit is equal to the difference in the fair market values of
this line and attach both the Form 1041 Schedule K-1 for the
the property reduced by payments received for the easement.
trust (or Form 504 Schedule K-1) and a copy of the K-1 issued
If the property is owned jointly by more than one individual such
to the trust by the PTE.
as a husband and wife, each individual owner is entitled to
the credit based on their percentage of ownership. Individual
If you are a member of a PTE for which nonresident tax was paid,
members of a pass-through entity are not eligible for this credit.
you may be entitled to a credit for your share of that tax. Enter
The credit amount is limited to the lesser of the individual’s state
the amount on this line and attach the federal Schedule K-1 and
tax liability for that year or the maximum allowable credit of
Form 510 Schedule K-1(or a Form 510 Schedule K-1 equivalent
$5,000, per owner, who qualifies to claim the credit. Complete a
statement) issued to you and to the partnership, limited liability
separate column in the worksheet for each spouse. In the case
company, or S Corporation, by the PTE.
of a joint return, each spouse must calculate their own state
Line 6 - Add lines 1 through 5 and enter the total on the appro-
tax liability for limitation purposes. Use the rules for filing sepa-
priate line of the income tax form being filed.
rate returns in Instruction 8 in the Resident booklet to calculate
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