(B) A PUBLIC SERVICE COMPANY MAY CLAIM A CREDIT AGAINST THE PUBLIC
SERVICE COMPANY FRANCHISE TAX IN AN AMOUNT EQUAL TO THE TAX IMPOSED
FOR EACH DEKATHERM THERM OF NATURAL GAS DELIVERED FOR FINAL
CONSUMPTION IN THE STATE TO:

(1) AN INDUSTRIAL CUSTOMER FOR USE IN A PRODUCTION ACTIVITY IN
THE STATE; OR

(2) A CUSTOMER WHO RECEIVES THE NATURAL GAS ON AN
INTERRUPTIBLE BASIS.

(C) THE PUBLIC SERVICE COMMISSION SHALL REQUIRE THAT THE CREDITS
ALLOWED UNDER THIS SECTION ARE PASSED THROUGH TO THE CUSTOMERS TO
WHOM THE ELECTRICITY OR NATURAL GAS ON WHICH THE CREDITS ARE BASED IS
DELIVERED.

10-306.

(a) In addition to the modification under § 10-305 of this subtitle, the
amounts under this section are added to the federal taxable income of a corporation to
determine Maryland modified income.

(D) THE ADDITION UNDER SUBSECTION (A) OF THIS SECTION INCLUDES THE
AMOUNT OF THE CREDIT ALLOWED UNDER § 10-712 OF THIS TITLE FOR PROPERTY
TAXES PAID BY A PUBLIC UTILITY ON OPERATING REAL PROPERTY THAT. IS USED TO
GENERATE ELECTRICITY FOR SALE.

(E) THE ADDITION UNDER SUBSECTION (A) OF THIS SECTION INCLUDES THE
AMOUNT OF THE CREDIT ALLOWED UNDER § 10-713 OF THIS TITLE FOR WAGES PAID
TO EMPLOYEES AT A QUALIFIED CORPORATE HEADQUARTERS OF A PUBLIC SERVICE
COMPANY.

10-307.

[(e) The subtraction under subsection (a) of this section includes gross receipts,
less related expenses, that:

(1) are subject to the public service company franchise tax; and

(2) are not derived from telephone business.]

10-309.

(A) IN ADDITION TO THE MODIFICATIONS UNDER §§ 10-307 AND 10-308 OF
THIS SUBTITLE, THE AMOUNTS UNDER THIS SECTION ARE SUBTRACTED FROM
FEDERAL TAXABLE INCOME TO DETERMINE MARYLAND MODIFIED INCOME OF A
PUBLIC SERVICE COMPANY ENGAGED IN AN ELECTRIC OR GAS BUSINESS IF THE
PUBLIC SERVICE COMPANY WAS SUBJECT TO THE PUBLIC SERVICE COMPANY
FRANCHISE TAX ON DECEMBER 31, 1999.

(B) THE GAIN OR LOSS REALIZED BY A PUBLIC SERVICE COMPANY ON THE
SALE, RETIREMENT, OR OTHER TAXABLE DISPOSITION OR TRANSFER OF ASSETS
USED IN ITS ELECTRIC OR GAS BUSINESS SHALL BE ADJUSTED IN AN AMOUNT