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Ch. 247
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2006 LAWS OF MARYLAND
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service company, may claim a credit against the public service company franchise tax
in the amount of $3 for each ton of Maryland-mined coal that the public service
company purchased in the calendar year.
(II) THE CREDIT TINDER THIS SUBSECTION MAY NOT RE CLAIMED
FOR MARYLAND-MINED COAL PURCHASED IN A CALENDAR YEAR BEGINNING AFTER
DECEMBER 31, 2020.
(2) (I) THIS PARAGRAPH APPLIES ONLY TO CREDITS CLAIMED UNDER
THIS SUBSECTION FOR CALENDAR YEARS BEGINNING ON OR AFTER JANUARY 1, 2007.
(II) THE AMOUNT CLAIMED AS A CREDIT UNDER THIS PARAGRAPH
SUBSECTION MAY NOT EXCEED THE AMOUNT APPROVED BY THE DEPARTMENT
UNDER THIS PARAGRAPH.
(III) BY JANUARY 15 OF THE CALENDAR YEAR FOLLOWING THE END
OF THE CALENDAR YEAR IN WHICH THE MARYLAND-MINED COAL WAS PURCHASED,
A PUBLIC SERVICE COMPANY, OR A COGENERATOR OR ELECTRICITY SUPPLIER AS
DEFINED IN § 10-704.1 OF THIS ARTICLE, SHALL SUBMIT AN APPLICATION TO THE
DEPARTMENT FOR APPROVAL OF THE CREDIT ALLOWED UNDER THIS PARAGRAPH.
(IV) SUBJECT TO SUBPARAGRAPH (VI) OF THIS PARAGRAPH, THE
TOTAL AMOUNT OF CREDITS APPROVED BY THE DEPARTMENT UNDER THIS
PARAGRAPH FOR ANY CALENDAR YEAR MAY NOT EXCEED:
1. $12,000,000 FOR CALENDAR YEAR 2006;
2. 1. $9,000,000 FOR A CALENDAR YEAR BEGINNING AFTER
DECEMBER 31, 2006, BUT BEFORE JANUARY 1, 2015 2011:
3. 2. $6,000,000 $4,200,000 $6,000,000 FOR A CALENDAR
YEAR BEGINNING AFTER DECEMBER 31, 2014 2010, BUT BEFORE JANUARY 1, 2021 2015;
OR
4. 3. $3,000,000 $3,100,000 $3,000,000 FOR A CALENDAR
YEAR BEGINNING AFTER DECEMBER 31, 2020 2014. BUT BEFORE JANUARY 1, 2021.
(V) SUBJECT TO SUBPARAGRAPH (VI) OF THIS PARAGRAPH, IF THE
TOTAL AMOUNT OF CREDITS APPLIED FOR IN ANY CALENDAR YEAR UNDER THIS
PARAGRAPH EXCEEDS THE MAXIMUM SPECIFIED UNDER SUBPARAGRAPH (IV) OF
THIS PARAGRAPH, THE DEPARTMENT SHALL APPROVE A CREDIT UNDER THIS
PARAGRAPH FOR EACH APPLICANT IN AN AMOUNT EQUAL TO THE PRODUCT OF
MULTIPLYING THE CREDIT APPLIED FOR BY THE APPLICANT TIMES A FRACTION:
1. THE NUMERATOR OF WHICH IS THE MAXIMUM SPECIFIED
UNDER SUBPARAGRAPH (IV) OF THIS PARAGRAPH; AND
2. THE DENOMINATOR OF WHICH IS THE TOTAL OF ALL
CREDITS APPLIED FOR BY ALL APPLICANTS UNDER THIS PARAGRAPH FOR THE
CALENDAR YEAR
(VI) 1. OF THE TOTAL CREDITS APPROVED FOR ANY CALENDAR
YEAR BEGINNING AFTER DECEMBER 31, 2006, BUT BEFORE JANUARY 1, 2021, THE
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