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ROBERT L. EHRLICH, JR., Governor
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Ch. 247
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DEPARTMENT SHALL RESERVE $3,250,000 $3.100.000 $2.250.000 OF THE CREDITS FOR
PURCHASES OF MARYLAND-MINED COAL THAT WILL BE USED BY A FACILITY IN
MARYLAND.
2. IF THE TOTAL AMOUNT OF CREDITS APPLIED FOR BY ALL
APPLICANTS FOR ANY CALENDAR YEAR FOR THE PURCHASE OF MARYLAND-MINED
COAL THAT WILL BE USED IN MARYLAND EXCEEDS $3,350,000 $2,100,000 $2,250,000.
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:
A. THE NUMERATOR OF WHICH IS $2,250,000 $2,100,000
$2,250,000; AND
B. THE DENOMINATOR OF WHICH IS THE TOTAL OF ALL
CREDITS APPLIED FOR BY ALL APPLICANTS UNDER THIS PARAGRAPH FOR THE
CALENDAR YEAR FOR THE PURCHASE OF MARYLAND-MINED COAL THAT WILL BE
USED IN MARYLAND.
(VII) ON OR BEFORE FEBRUARY 15 OF THE CALENDAR YEAR
FOLLOWING THE END OF THE CALENDAR YEAR IN WHICH THE MARYLAND-MINED
COAL WAS PURCHASED, THE DEPARTMENT SHALL CERTIFY TO EACH APPLICANT
CLAIMING A CREDIT THE AMOUNT OF THE TAX CREDITS APPROVED BY THE
DEPARTMENT FOR THAT APPLICANT UNDER THIS PARAGRAPH.
(3) (I) A NEW FACILITY OR RETROFITTED FACILITY THAT BURNS
MARYLAND MINED COAL MAY CLAIM A CREDIT AGAINST EITHER THE PUBLIC
SERVICE COMPANY FRANCHISE TAX OR THE STATE INCOME TAX IN THE AMOUNT OF
$3 FOR EACH TON OF MARYLAND MINED COAL THAT THE FACILITY PURCHASED IN
THE CALENDAR YEAR
(II) A NEW FACILITY OR A RETROFITTED FACILITY MAY CLAIM THE
CREDIT PROVIDED FOR UNDER THIS PARAGRAPH FOR A PERIOD OF 10 YEARS FROM
THE TIME THAT THE NEW PLANT BECAME OPERATIONAL OR THE RETROFITTED
FACILITY BEGAN OPERATIONS AFTER ITS RETROFIT.
(III) THE TAX CREDIT UNDER THIS PARAGRAPH MAY BE CLAIMED
ONLY FOR MARYLAND MINED COAL THAT IS CONSUMED IN THE NEW FACILITY OR
THE RETROFITTED FACILITY.
(IV) TAX CREDITS ALLOWED UNDER THIS PARAGRAPH ARE NOT
SUBJECT TO THE LIMITATIONS IMPOSED UNDER PARAGRAPH (3) OF THIS
SUBSECTION.
(V) A NEW FACILITY OR RETROFITTED FACILITY THAT CLAIMS A
CREDIT UNDER THIS PARAGRAPH MAY NOT CLAIM A TAX CREDIT UNDER EITHER
PARAGRAPH (2) OF THIS SUBSECTION OR § 10-704.1 OF THIS ARTICLE.
(VI) A NEW FACILITY OR RETROFITTED FACILITY SHALL SUBMIT AN
APPLICATION TO THE DEPARTMENT FOR CERTIFICATION AS A NEW FACILITY OR
RETROFITTED FACILITY BEFORE CLAIMING THE TAX CREDIT AVAILABLE UNDER
THIS PARAGRAPH.
- 1443 -
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