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13b.08.17.00.htm 13B.08.17.00. Title 13B MARYLAND HIGHER EDUCATION COMMISSION Subtitle 08 FINANCIAL AID Chapter 17 Student Loan Debt Relief Tax Credit Authority: Education Article, §11-105(u) Tax-General Article, §10-740; Annotated Code of Maryland
13b.08.17.01.htm 13B.08.17.01. 01 Purpose.. The purpose of the Student Loan Debt Relief Tax Credit is to assist students who have incurred a certain amount of undergraduate loan debt, graduate loan debt, or both, by providing a tax credit on their Maryland State income tax pursuant to Tax-General Article, §10-740, Annotated Code of Maryland.
13b.08.17.02.htm 13B.08.17.02. 02 Definitions.. A. In this chapter, the following terms have the meaning indicated.. B. “Commission” means the Maryland Higher Education Commission.. C. “Comptroller” means the Comptroller of Maryland.. D. “Debt burden” means the amount a qualified taxpayer is currently obligated to pay for a student loan debt.E. “Income” means the adjusted gross income reported by a qualified taxpayer on their federal tax return in the tax year immediately preceding the yea
13b.08.17.03.htm 13B.08.17.03. 03 Tax Credit.. A. Subject to the provisions of Tax-General Article, §10-740, Annotated Code of Maryland, and the provisions of this chapter, a qualified taxpayer may claim a credit against the State income tax for the taxable year in which the Commission certifies a tax credit under this chapter.B. The Commission shall certify a tax credit to a qualified taxpayer as provided in this Chapter.. C. A qualified taxpayer that receives a certification of a tax credit from
13b.08.17.04.htm 13B.08.17.04. 04 Applying to the Commission for Certification of a Tax Credit.. A. A qualified taxpayer requesting that the Commission certify a tax credit shall apply to the Commission as provided in this regulation.B. A qualified taxpayer shall submit a signed application, on a form prepared by the Commission in accordance with §C of this regulation, for a Student Loan Debt Relief Tax Credit by September 15 of the tax year in which the taxpayer seeks to apply a Student Loan Debt Relief
13b.08.17.05.htm 13B.08.17.05. 05 Commission Action on an Application.. A. Upon the filing of a timely and complete application for the Student Loan Debt Relief Tax Credit by a qualified taxpayer, the Commission shall review the application and certify to the individual the amount of any tax credit approved by the Commission.B. The Commission’s certification under §A of this regulation shall be issued by December 15 of the year in which the qualified taxpayer submitted an application.
13b.08.17.06.htm 13B.08.17.06. 06 Delegation to Secretary.. The Commission delegates to the Secretary the responsibility and authority to act on its behalf in administering the Student Loan Debt Relief Tax Credit program, including the authority to certify or deny a Student Loan Debt Relief Tax Credit application.
13b.08.17.9999.htm 13B.08.17.9999. Administrative History Effective date: August 28, 2017 (44:17 Md. R. 837). Regulation .01 amended effective November 19, 2018 (45:23 Md. R. 1071). Regulation .02 amended effective November 19, 2018 (45:23 Md. R. 1071). Regulation .03D amended effective November 19, 2018 (45:23 Md. R. 1071). Regulation .04A, C amended effective November 19, 2018 (45:23 Md. R. 1071). Regulation .05F amended effective November 19, 2018 (45:23 Md. R. 1071).
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