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In the 2012 Special Session, a credit for a portion of telecommunications property taxes paid was repealed, beginning in tax year 2012.
A credit is allowed for a public utility that is a telecommunications company for a portion of the total property taxes paid on its operating real property in Maryland, other than operating land, used in its telecommunications business. When a Telecommunications Property Tax Credit is claimed against the income tax, an addition modification must be made in the amount of the credit claimed.
The credit may be taken only against corporate income tax.
To qualify for the credit:
The business must be a public utility that is a telecommunications company. The business must also have paid property taxes on its operating real property in Maryland, other than operating land, that is used in its telecommunications business.
How the credit is calculated:
The credit is 60% of the total state, county and municipal corporation property taxes paid by the public utility during the tax year on its operating real property used in its telecommunications business, other than operating land. The credit cannot exceed the state income tax liability after deducting other allowable income tax credits.
If the credit is more than the tax liability, the unused credit may not be carried forward to any future tax years.
Documentation required:
Corporations: Form 500CR must be completed and submitted Form 500, the Maryland Corporation Income Tax return.
Contact:
Comptroller of Maryland
Revenue Administration Division
110 Carroll Street
Annapolis, MD 21411-0001
Phone: 410-260-7980 from Central Maryland,
1-800-MD-TAXES from elsewhere
E-mail: taxhelp@comp.state.md.us
or:
State Department of Assessments and Taxation
301 West Preston Street
Baltimore, MD 21201
Phone: 410-767-1191
E-mail: taxcredits@dat.state.md.us
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