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2006 LAWS OF MARYLAND
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Ch. 129
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altering the types of qualified resources eligible for the credit; making certain
energy producers and energy aggregators or brokers eligible for a certain tax
credit under certain circumstances; requiring the Maryland Energy
Administration to issue an initial credit certificate to certain taxpayers for a
certain time period and under certain circumstances; prohibiting initial credit
certificates from exceeding a certain maximum amount; authorizing the
Administration to cancel initial credit certificates of a certain amount under
certain circumstances; authorizing certain taxpayers to appeal certain decisions;
allowing for the tax credit to be used in addition to a certain federal tax credit;
making the State income tax credit refundable under certain circumstances;
providing for the carryforward of certain tax credits; requiring the
Administration to provide certain information to the Comptroller; requiring the
Administration and the Comptroller to jointly submit a certain report to the
Governor and General Assembly; defining certain terms; and generally relating
to a certain income tax credit for electricity produced from certain qualified
resources.
BY repealing and reenacting, with amendments,
Article - Tax - General
Section 10-720
Annotated Code of Maryland
(2004 Replacement Volume and 2005 Supplement)
Preamble
WHEREAS, Maryland's energy policy should encourage a clean and diverse
portfolio of domestic energy supplies in order to help ensure that future generations of
Marylanders have access to the energy they need at stable prices; and
WHEREAS, Renewable energy production in the State of Maryland offers
promise in helping to advance the State's efforts to improve the Chesapeake Bay and
the air we breathe, enhance the economic viability of Maryland's rural
resource-based industries, and provide needed energy production from clean,
domestically produced "green" energy fuel sources; and
WHEREAS, These renewable sources of energy - naturally occurring sources of
energy, such as the sun, the wind, and biomass - are abundant, often have less impact
on the environment than conventional sources, provide a reliable source of energy at
a stable price, and can generate income for farmers, landowners, and others who
harness them; and
WHEREAS, This Act is an initiative by the State of Maryland to advance an
energy policy that is rooted in its long-standing environmental efforts to help restore
the Chesapeake Bay and its ongoing economic-related efforts to create opportunities
for rural Maryland and is designed to help secure the State's future energy needs
through domestic energy production at stable prices; now, therefore,
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
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