# Tax - General (GTG)

## Title 10. Income Tax

### Subtitle 3. Maryland Taxable Income Calculations for Corporation

#### Section 10-304

Except as provided in Subtitle 4 of this title, the Maryland modified income of a corporation, including a real estate investment trust or regulated investment company, is:

(1) the corporation's federal taxable income for the taxable year as determined under the Internal Revenue Code and as adjusted under this Part II of this subtitle;

(2) if the corporation is exempt from taxation under Sec. 501 of the Internal Revenue Code, the sum for the taxable year of the corporation's unrelated business taxable income, as defined under Sec. 512 of the Internal Revenue Code, and its income that is subject to tax under Sec. 527(f)(1) of the Internal Revenue Code, as adjusted under this Part II of this subtitle;

(3) if the corporation is an S corporation, its income that is subject to federal income tax, for the taxable year, as adjusted under this Part II of this subtitle; or

(4) if the corporation is an investment conduit or a special exempt entity, the applicable tax base of the corporation as adjusted under this Part II of this subtitle.

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Md. Code Ann., Tax-Gen. (as displayed at mgaleg.maryland.gov, October 16, 2026)