|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 129 2006 LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
[(3)] (5) (4) [(i) Except as provided in subparagraph (ii) of this
paragraph, "qualified] "QUALIFIED Maryland facility" means a facility located in the
State that:
[1.] (I) primarily uses qualified energy resources to produce
electricity and is originally placed in service on or after January 1, [2001] 2006, but
before January 1, [2005] 2011; or
[2.] (II) produces electricity from a qualified energy resource
that is co-fired with coal and initially begins co-firing a qualified energy resource on
or after January 1, [2001] 2006, but before January 1, [2005] 2011, regardless of
when the original facility was placed in service.
[(ii) "Qualified Maryland facility" does not include a qualified
facility that claims a tax credit under § 45 of the Internal Revenue Code:
1. that is originally placed in service before January 1, 2002;
or
2. if § 45 of the Internal Revenue Code is amended to extend
the applicability of the credit under that section, that is originally placed in service
during the time period specified in § 45 of the Internal Revenue Code for eligibility for
the credit under that section.]
(b) (1) Except as provided in [paragraph (2)] PARAGRAPHS (2) AND (3) of
this subsection, an individual or corporation THAT RECEIVES AN INITIAL CREDIT
CERTIFICATE FROM THE ADMINISTRATION may claim a credit against the State
income tax for a taxable year in an amount equal to 0.85 cents for each kilowatt hour
of electricity:
(i) produced by the individual or corporation from qualified energy
resources at a qualified Maryland facility during the 10 year 5-YEAR period
[beginning on:
1. the date the facility was originally placed in service; or
2. in the case of a facility that produces electricity from a
qualified energy resource that is co-fired with coal, the date of the initial co-firing]
SPECIFIED IN THE INITIAL CREDIT CERTIFICATE; and
(ii) sold by the individual or corporation to a person other than a
related person, within the meaning of § 45 of the Internal Revenue Code, during the
taxable year.
(2) If the electricity is produced from a qualified energy resource that is
co—fired at a facility that produces electricity from coal, the credit is 0.5 cents for each
kilowatt hour of electricity produced from the qualified energy resource instead of
0.85 cents.
(3) THE ANNUAL TAX CREDIT UNDER THIS SUBSECTION MAY NOT
EXCEED ONE TENTH ONE-FIFTH OF THE MAXIMUM AMOUNT OF CREDIT STATED EST
THE INITIAL CREDIT CERTIFICATE.
- 780 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
