{"data":{"id":"us-md/md.-code-economic-development-10-4a-12","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 10–4A–12","heading":"","body":"(a) (1) Subject to the restriction in paragraph (2) of this subsection, a purchaser may claim the premium tax credit on a premium tax return filed after December 31, 2014, for a taxable year that begins on or after January 1, 2014.\n(2) In each calendar year from 2015 through 2019, a purchaser may claim up to 20% of the premium tax credit allocated to that purchaser.\n(b) (1) The credit to be applied against insurance premium tax liability in any 1 year may not exceed the insurance premium tax liability of the purchaser for that taxable year.\n(2) Any unused credit against insurance premium tax liability may be:\n(i) carried forward indefinitely until the premium tax credits are used; and\n(ii) used by the purchaser without restriction during any calendar year after 2019.\n(3) On 30 days’ advance notice to the Corporation, premium tax credits allocated to a purchaser under this subtitle may be transferred without further restriction to any other entity that:\n(i) meets the definition of a purchaser;\n(ii) is in good standing with the Maryland Insurance Administration; and\n(iii) agrees to assume all of the transferor’s obligations under the Program.\n(c) A purchaser claiming a credit against insurance premium tax liability earned through an investment under the Program is not required to pay any additional tax as a result of claiming the credit.\n(d) A purchaser is not required to reduce the amount of premium tax included by the purchaser in connection with rate–making for any insurance contract written in the State because of a reduction in the purchaser’s insurance premium tax derived from the credit granted under this subtitle.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=10-4A-12","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"31a23320958066a89fb6f05b100d51a0b0eee676935920b86d1687cc4e8e416e","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-10-4a-11","next":"us-md/md.-code-economic-development-10-4a-15"},"notice":"GroundRules: Original legal text. Not legal advice."}