Incentives Watch: Coastal States’ Pearls of Wisdom – Take Advantage of Our Oyster Tax Credits

It’s that time of year again when the weather gets warmer and people crave fresh seafood, including oysters. After eating some oysters, why not recycle their shells? If you do, you can get a tax credit in North Carolina and, now, Maryland.

Starting with the 2013 taxable year, Maryland provides a nonrefundable income tax credit, up to $750 per year, for businesses and individuals for recycling bushels of oyster shells, notes a Bloomberg BNA Weekly State Tax Reportarticle.

Why provide a tax credit for oysters? One reason could be that Maryland’s oyster population in the Chesapeake Bay area continues to grow. According to the Fall 2012 Oyster Survey, the state’s oyster population continued to increase for the second consecutive year, reports a Department of Natural Resources blog. Oysters are important to the state and Maryland has been tracking the population since 1939, notes the blog.

And for those interested in growing their own oysters, Maryland provides a wealth of information for learning how to do so.

Besides Maryland, North Carolina offers a similar tax credit that can be carried forward up to five years. However, the credit ends after the 2013 tax year.

For more information about these tax credits, check out Bloomberg BNA’s Credits and Incentives State Tax Portfolios.

In other developments . . .

Mississippi enacted legislation that establishes a rebate for certain individuals and companies that invest in research conducted by an in-state college, according to a Bloomberg BNA Weekly State Tax Reportarticle.

By: Kathleen Caggiano

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