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ROBERT L. EHRLICH, JR., Governor Ch. 444
(4) § 10-204(I) OF THIS TITLE (DEDUCTION FOR QUALIFIED PRODUCTION
ACTIVITIES INCOME).
10-701.1.
An individual OR A CORPORATION may claim a credit against the State income
tax for a taxable year in the amount of tax paid by a [partnership, S corporation, or
limited liability company] PASS-THROUGH ENTITY under § 10-102.1 of this title that
is attributable to the individual's OR CORPORATION'S share of the [partnership's, S
corporation's, or limited liability company's] PASS-THROUGH ENTITY'S nonresident
taxable income, as defined in § 10-102.1(a)(4) of this title.
[10-701.1.
(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 Energy 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 Companion 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 Companion Article as in effect on
June 30, 1999, unless the electricity supplier in an affiliate of such an electric
company.(c) A cogenerator or electricity supplier may claim a credit against the State
income tax in the amount of $3 for each ton of Maryland mined coal that the
cogenerator or electricity supplier purchased in the taxable year.
(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.]
SECTION 3. AND BE IT FURTHER ENACTED. That the Laws of Maryland
read as follows:
Article - Insurance
10-115.
(a) (1) Licenses expire every other year on the anniversary of the date of
issuance of the license unless renewed as provided in this section.
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