WILLIAM DONALD SCHAEFER, Governor Ch. 83 2

(2) THE EXPIRATION OF THE 5TH TAXABLE YEAR FOLLOWING
THE TAXABLE YEAR IN WHICH THE COGENERATOR WAS FIRST ENTITLED TO
CLAIM THE CREDIT.

(C) (1) A COGENERATOR 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.

10-706.

(b) (1) A credit under § 10-702 [or § 10-703], § 10-703, OR
§ 10-704.1 of this subtitle is allowed against only the State
income tax.

(2) The county income tax is based on the amount of
State income tax before the State income tax is reduced by the
credit.

SECTION 2. AND BE IT FURTHER ENACTED, That the Department
of Economic and Employment Development shall provide a report by
January 1, 1997 on the status of this Act including the economic
benefits provided by the Act to any cogenerator, and the effect
on State corporate income tax revenues and on the local economy
affected by this Act.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1989 and shall be applicable to all
taxable years and calendar years beginning after December 31,
1988 and shall remain effective for a period of eight years and
at the end of June 30, 1997, and with no further action required
by the General Assembly, this Act shall be abrogated and of no
further force and effect.

Article II, Section 17(c) of the Constitution of Maryland states:

Section 17.

(c) Any Bill presented to the Governor within six days
(Sundays excepted), prior to adjournment of any session of
the General Assembly, or after such adjournment, shall
become law without the Governor's signature unless it is
vetoed by the Governor within 30 days after its presentment.

On April 30, 1989, the Secretary of the Senate and the Chief
Clerk of the House of Delegates formally presented to the
Governor's designee House Bill 1475, Senate Bill 525, and House

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