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ROBERT L. EHRLICH, JR., Governor Ch. 247
(d) (1) A cogenerator or electricity supplier may only apply the credit
against the State income tax for the taxable year in which the credit was earned.
(2) The amount of the credit may not exceed the State income tax for
that taxable year.
(3) THE TOTAL AMOUNT OF CREDITS APPROVED UNDER THIS SECTION
SHALL BE SUBJECT TO THE LIMITATIONS IN § 8-406(B)(2)(IV), (V), AND (VI) OF THIS
ARTICLE.
(E) A COGENERATOR OR ELECTRICITY SUPPLIER SHALL SUBMIT AN
APPLICATION IN ACCORDANCE WITH § 8-406(B)(2)(III) OF THIS ARTICLE IN ORDER TO
CLAIM THE CREDIT AVAILABLE UNDER THIS SECTION.
10-726.
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(2) "COGENERATOR" MEANS A QUALIFYING COGENERATOR OR
QUALIFYING SMALL POWER PRODUCER AS DETERMINED BY THE FEDERAL
REGULATORY COMMISSION UNDER THE PUBLIC UTILITY REGULATORY POLICIES ACT
OF 1978.
(3) "ELECTRICITY SUPPLIER" HAS THE MEANING STATED IN § 1-101 OF
THE PUBLIC UTILITY COMPANIES ARTICLE.
(4) "NEW FACILITY' HAS THE MEANING STATED IN § 8-406(B)(1)(IV) OF
THIS ARTICLE.
(5) "RETROFITTED FACILITY" HAS THE MEANING STATED IN §
8-406(B)(1)(V) OF THIS ARTICLE.
(B) THIS SECTION DOES NOT APPLY TO;
(1) A COGENERATOR OR ELECTRICITY SUPPLIER THAT IS SUBJECT TO
THE PUBLIC SERVICE COMPANY FRANCHISE TAX; OR
(2) AN ELECTRICITY SUPPLIER THAT, BEFORE JULY 1, 1999, WAS NOT AN
ELECTRIC COMPANY AS DEFINED IN § 1 101 OF THE PUBLIC UTILITY COMPANIES
ARTICLE AS IN EFFECT ON JUNE 30, 1000, UNLESS THE ELECTRICITY SUPPLIER IS AN
AFFILIATE OF SUCH AN ELECTRIC COMPANY.
(C) A COGENERATOR OR ELECTRICITY SUPPLIER THAT IS A NEW FACILITY OR
A RETROFITTED FACILITY MAY CLAIM A CREDIT AGAINST THE STATE INCOME TAX AS
PROVIDED IN § 8-406(B)(3) OF THIS ARTICLE.
(D) A COGENERATOR OR ELECTRICITY SUPPLIER THAT CLAIMS A CREDIT
UNDER THIS SECTION MAY NOT CLAIM A TAX CREDIT UNDER § 8-406(B)(2) OF THIS
ARTICLE OR § 10-704.1 OF THIS SUBTITLE.
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