There is a new credit starting September 2013 for tax years, 2014, 2015 and 2016. The $400 credit is to offset the expense of registering a vehicle that is used for pulling a trailer. In order to claim the credit, the registration card for the vehicle must be listed as Class “F”. The credit is not refundable and is limited to the amount of tax for the year.
As more details on the certifications and attachments required to claim the credit become available, we will let you know. Currently, all claims for business credits must be part of an electronically filed return.
Steps to be completed now would be to check the registration card of the vehicles owned by you or your company. If your company owns several large vehicles, now is the time to take a look at the registration cards and send a copy of their registrations to us to place in the tax file if the box for “class” has an “F” code.
House Bill 102 (Chapter 425) –Budget Reconciliation and Financing Act of 2014 Permits a credit of $400 against the personal and corporation income tax for the expense of registering a tractor-trailer (Class F vehicle) that is titled and registered in Maryland. Excess credits may not be refunded or carried over to any other tax year. Effective September 1, 2013, for tax years 2014 through 2016, only.