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ROBERT L. EHRLICH, JR., Governor Ch. 248
4. 3. $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
DEPARTMENT SHALL RESERVE $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 $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; 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.
- 1449 -
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