Maryland Comptroller Releases Draft Form 511, Pass-Through Entity Election Income Tax Return, Instructions Booklet

The Maryland Comptroller June 21 released draft Form 511, Pass-Through Entity Election Income Tax Return, with instructions, for filing electing pass-through entity corporate income, individual income, and trust income tax returns for 2020. The form is used by the entity to file the return for a specific tax year or period and to remit the entity tax paid on all members’ distributive or pro-rata income shares. The instruction booklet includes information on: 1) filing form 511 electronically if the pass-through entity has generated a business tax credit from Form 500CR or a Heritage Structure Rehabilitation Tax Credit from Form 502S ...