EQUAL TO THE DIFFERENCE BETWEEN THE ADJUSTED BASIS OF THE ASSETS AS
RECORDED ON THE BOOKS OF THE PUBLIC SERVICE COMPANY AND THE ADJUSTED
BASIS OF THE ASSETS FOR FEDERAL INCOME TAX PURPOSES CALCULATED AS OF
JANUARY 1, 2000.

(C) IF THE ADJUSTMENT DETERMINED UNDER SUBSECTION (B) OF THIS
SECTION RESULTS IN A SUBTRACTION THAT EXCEEDS MARYLAND MODIFIED
INCOME COMPUTED WITHOUT REGARD TO THE SUBTRACTION UNDER THIS SECTION,
THE AMOUNT OF THE EXCESS MAY BE CARRIED FORWARD TO SUCCEEDING TAXABLE
YEARS AND USED TO REDUCE MARYLAND MODIFIED INCOME IN EACH SUCCEEDING
TAXABLE YEAR UNTIL THE EXCESS IS FULLY USED.

(D) THE MODIFICATIONS UNDER THIS SECTION SHALL CONTINUE TO APPLY
TO ASSETS TRANSFERRED UNDER A REORGANIZATION WITHIN THE MEANING OF §
368(A) OF THE INTERNAL REVENUE CODE OR ON THE ORGANIZATION OF A
CORPORATION PRINCIPALLY IN CONSIDERATION FOR THE ISSUANCE OF ITS STOCK.

10-712.

(A) A PUBLIC UTILITY MAY CLAIM A CREDIT AGAINST THE STATE INCOME TAX
IN AN AMOUNT EQUAL TO 60% OF THE TOTAL STATE, COUNTY, AND MUNICIPAL
CORPORATION PROPERTY TAXES PAID BY THE PUBLIC UTILITY ON ITS OPERATING
REAL PROPERTY IN THE STATE, OTHER THAN OPERATING LAND, THAT IS USED TO
GENERATE ELECTRICITY FOR SALE.

(B) (1) FOR ANY TAXABLE YEAR, THE CREDIT ALLOWED UNDER THIS
SECTION MAY NOT EXCEED THE STATE INCOME TAX FOR THAT TAXABLE YEAR,
CALCULATED BEFORE APPLICATION OF THE CREDITS ALLOWED UNDER THIS
SECTION AND §§ 10-701 AND 10-701.1 OF THIS SUBTITLE BUT AFTER APPLICATION OF
ANY OTHER CREDITS ALLOWED UNDER THIS SUBTITLE.

(2) THE UNUSED AMOUNT OF THE CREDIT FOR ANY TAXABLE YEAR MAY
NOT BE CARRIED OVER TO ANY OTHER TAXABLE YEAR.

10-713.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2) (I) "MULTIJURISDICTIONAL ELECTRIC COMPANY" MEANS A
PUBLIC SERVICE COMPANY THAT HAS:

1. GROSS REVENUE FOR THE TAXABLE YEAR IN EXCESS OF
$50,000,000 FROM THE SALE, TRANSMISSION OR DISTRIBUTION OF ELECTRICITY IN
THE STATE; AND

2. GROSS REVENUE FOR THE TAXABLE YEAR FROM THE
TRANSMISSION AND DISTRIBUTION OF ELECTRICITY OUTSIDE THE STATE EQUAL TO
AT LEAST 25% OF ITS TOTAL GROSS REVENUE FOR THE TAXABLE YEAR FROM THE
TRANSMISSION AND DISTRIBUTION OF ELECTRICITY.

(II) "MULTIJURISDICTIONAL ELECTRIC COMPANY' INCLUDES A
RELATED MUTUAL SERVICE COMPANY, AS DEFINED UNDER THE PUBLIC UTILITY