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ROBERT L. EHRLICH, JR., Governor Ch. 444
FOR ANY FISCAL YEAR IN EXCESS OF THE AMOUNT REQUIRED UNDER PARAGRAPH
(1) OF THIS SUBSECTION FOR THAT FISCAL YEAR;AND
2. THE AMOUNT OF ANY APPROPRIATION OR TRANSFER
FROM THE GENERAL FUND OF THE STATE TO THE TRANSPORTATION TRUST FUND
FOR ANY FISCAL YEAR IN WHICH THE APPROPRIATION UNDER PARAGRAPH (1) OF
THIS SUBSECTION IS NOT REQUIRED.
(ii) This subsection does not apply to any fiscal year if a cumulative
amount [equal to at least $314,913,000] has been appropriated to the Transportation
Trust Fund for prior fiscal years under this subsection EQUAL TO AT LEAST
$314,913,000 REDUCED BY:
1. THE AMOUNT OF ANY APPROPRIATION OR TRANSFER
FROM THE GENERAL FUND OF THE STATE TO THE TRANSPORTATION TRUST FUND
FOR ANY FISCAL YEAR IN EXCESS OF THE AMOUNT REQUIRED UNDER PARAGRAPH
(1) OF THIS SUBSECTION FOR THAT FISCAL YEAR; AND
2. THE AMOUNT OF ANY APPROPRIATION OR TRANSFER
FROM THE GENERAL FUND OF THE STATE TO THE TRANSPORTATION TRUST FUND
FOR ANY FISCAL YEAR IN WHICH THE APPROPRIATION UNDER PARAGRAPH (1) OF
THIS SUBSECTION IS NOT REQUIRED.
read as follows:
Article - Tax - General
8-406.
(b) (1) (I) [A] SUBJECT TO THE LIMITATIONS OF THIS SUBSECTION, A
public service company, including any multijurisdictional public service company,
may claim a credit against the public service company franchise tax in the amount of
$3 for each ton of Maryland mined coal that the public service company purchased in
the calendar year.
(II) THE CREDIT UNDER THIS SUBSECTION MAY NOT BE CLAIMED
FOR MARYLAND MINED COAL PURCHASED IN A CALENDAR YEAR BEGINNING AFTER
DECEMBER 31, 2020.
(2) (I) THIS PARAGRAPH APPLIES ONLY TO CREDITS CLAIMED UNDER
THIS SUBSECTION FOR CALENDAR YEARS BEGINNING ON OR AFTER JANUARY 1, 2007.
(II) FOR MARYLAND MINED COAL PURCHASED IN CALENDAR
YEARS BEGINNING ON OR AFTER JANUARY 1, 2007, THE AMOUNT CLAIMED AS A
CREDIT UNDER THIS SUBSECTION MAY NOT EXCEED THE AMOUNT APPROVED BY
THE DEPARTMENT UNDER THIS PARAGRAPH.(III) BY JANUARY 15 OF THE CALENDAR YEAR FOLLOWING THE END
OF THE CALENDAR YEAR IN WHICH THE MARYLAND MINED COAL WAS PURCHASED
A PUBLIC SERVICE COMPANY SHALL SUBMIT AN APPLICATION TO THE DEPARTMENT
FOR APPROVAL OF THE CREDIT ALLOWED UNDER THIS SUBSECTION. |
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