Fellow Maryland and Virginia Citizens are requesting your help today to clean the waters as only you can. Only you, the waterfront homeowner and deeded boat slip owner** can help clean the water by your waterfront with no cost (in Maryland) oyster aquaculture floats. Please, won’t you start helping today? Picture Oyster Lodges at every dock filtering water with every tide change.
YOU CAN PURCHASE WITH ASSURANCE- You have zero financial risk.
Your Triple Guarantee:
1st- Chesapeake River Restoration provides a Unconditional 100% Money Back Guarantee to all Maryland Residential Waterfront Homeowners. The company is Licensed, Bonded and Insured for your assurance.
2nd– Maryland State Form 502CR “CREDIT FOR AQUACULTURE OYSTER FLOAT” (page 2 Part D 1.) Guarantees you get 100% of your money back instantly, when you file your Maryland Income Taxes, if you have Maryland Taxable income over $8,631 and you file the form properly. (it’s easy) (See our Tax Credit page for details) We do not offer tax advice. (This second guarantee is available only to Maryland Residents)
3rd– For Non Maryland residents, we provide a 30 day, 100% Money Back Guarantee.
Below is the Maryland Tax Credit explanation in Diagram form.
Tax Credit simplified definition- ( For Maryland Citizens only-Virginia proposed)
Tax Credit made simple- Every dollar you spend on an oyster float is one less dollar you have to send into Maryland at income tax time. (up to $1,000 if each joint homeowner purchases 1).
The average Maryland income tax paid annually is about $1,500. Suppose yours is $1,000 If each joint homeowner buys one float this is how it works out.
$ 500.00 1 Lodge for 1st homeowner
+$ 500.00 2nd Lodge for 2nd homeowner
$1,000.00 for 2 Oyster Lodges
-$1,000.00 Maryland Tax Credit ($500.00 + $500.00)
$0,000.00 You now owe nothing in Maryland State Income Tax! The Oyster Lodges
cost you nothing!
You pay yourself back that $500 or $1,000 the instant you send in your check for Maryland State Income Tax because, that check will be $500 or $1,000 less – due to you purchasing the Oyster Lodge(s). So in the end the Oyster Lodges are truly no cost to you! Some might even say FREE!
Why does the The State of Maryland offer a tax credit for oyster floats?
Maryland waterfront generates over $2 billion in taxable waterfront activities. Citizens of Maryland asked their government representatives to give them their clean water back. University of Maryland PhD researchers found that one adult oyster filters 50-60 gallons of water per day and about 99% of the oysters had been removed from the Chesapeake Bay and it’s rivers. The University Of Maryland report to Maryland government representatives basically said, get as many oysters back in the water as possible.
Will Virginia establish a Aquaculture Oyster Tax Credit)? There have been discussions, but nothing has been passed-yet.
Bottom Line
Elected Maryland representatives looked at all the data available and determined that cleaner water would cause more taxable activity on the water. Taxes on that additional water activity would offset the “CREDIT FOR AQUACULTURE OYSTER FLOATS”. The tax credit is one of the most cost effective ways to get more oysters in the water and clean the water. A true win-win for all Marylanders and the environment.
How does the Maryland Oyster Tax Credit work? It is actually very simple.
Home or deeded boat slip in single person’s name– First a Maryland Residential Waterfront Home or deeded boat slip owner** purchases an Oyster Lodge for $500. The Maryland State Tax “CREDIT FOR AQUACULTURE OYSTER FLOATS” will reimburse 100% of the purchase price for the Oyster Lodge up to $500, when the Maryland Resident homeowner’s taxable income is above roughly $8,631*. The reimbursement occurs by you keeping $500 more of your annual taxable Maryland Income. Or put another way- you pay $500 less in Maryland Income tax by filing the easy Maryland Tax form 502CR. Plain and simple.
Home or deeded boat slip in joint name– First, each Maryland Residential Waterfront Home or deeded boat slip owner** purchases an Oyster Lodge for $500. ($500 + $500.) The Maryland State Tax “CREDIT FOR AQUACULTURE OYSTER FLOATS” will reimburse 100% of the purchase price for an oyster float up to $500 + $500 when the Maryland Resident homeowner’s joint taxable income is above roughly $23,264*. The reimbursement occurs by you keeping $500 + $500 more of your annual taxable Maryland Income. Or put another way- you pay $500 + $500 = $1,000 less in Maryland Income tax by filing the easy Maryland Tax form 502CR. Plain and simple. (This presupposes that each spouse has sufficient taxable income to generate at least $500 of Maryland income tax in order to claim the tax credit.)
If the above two situations are not quite applicable here is the key. Each Maryland Residential Waterfront Home or deeded boat slip owner** who purchases an Oyster Lodge must have roughly $11,632 of Maryland taxable income to receive the $500 Maryland State Tax “CREDIT FOR AQUACULTURE OYSTER FLOATS”
Below is a link to the Maryland Tax Form 502CR. See page 2 item D of the form. “PART D – CREDIT FOR AQUACULTURE OYSTER FLOATS” For a complete explanation see page 3 of form general instructions “PART D – CREDIT FOR AQUACULTURE OYSTER FLOATS” . “Comptroller of Maryland oyster floats form 502CR“
Or if you want to use a search engine such as Bing, type in the search bar “Comptroller of Maryland oyster floats form 502CR” and a link to the form should appear. Further, here is a letter from the Maryland Tax office clarifying how joint homeowners can each get a tax credit. Oyster Tax Credit Letter Plain and simple
*Please note: The above explanation and our Triple Guarantee of course requires that the oyster tax credit takes first priority among any other Maryland tax credits you may claim. Also, neither this web site nor Chesapeake River Restorations or any of it’s representatives are offering tax advice, and are not licensed or certified to offer tax advice. We are only raising awareness of existing Maryland State law.
** Unlike residential waterfront homeowners, Deeded Boat slips may or may not come with, or be connected to riparian land which the deeded boat slip owner owns in single or joint name. Each situation is different. MDSPGP-4.pdf (located on links page) says on page 51 “This activity authorizes the placement of floats in the water by riparian landowners”. For now, we recommend before a deeded boat slip owner purchases and places oyster floats in their deeded boat slip, please consult your deeded boat slip property deed to ensure you qualify as a riparian landowner. Chesapeake River Restorations does not render legal opinions.