Aquaculture Oyster Float Credit

An aquaculture oyster float is designed to grow oysters to help restore the oyster population in certain bodies of water. If you purchased a new aquaculture oyster float on or after January 1, 2002, you may be entitled to a Maryland tax credit of up to $500. To qualify for the credit:

• The new float must be purchased on or after January 1, 2002.
• The float must be specifically designed to grow oysters at or under a homeowner's pier.
• The float must be buoyant and assist in the growth of oysters for the width of the pier.

The credit is calculated at 100 percent of the purchase price of the float or $500, whichever is less.

If the credit is more than the tax liability, the unused credit may not be carried forward to another tax year.

To claim the credit, you must complete Part D of Form 502CR and report the credit on Maryland Form 502, 505 or 515. The credit cannot be claimed on the short Form 503.

Be sure to submit your completed Form 502CR with your Maryland return.