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2000 LAWS OF MARYLAND
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Ch. 526
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chilled water for sale for certain purposes; phasing in the exemption over a
certain period providing for the application of this Act; and generally relating to
the property taxation of certain machinery and equipment used to generate
steam or to generate hot or chilled water for sale for certain purposes.
BY repealing and reenacting, with amendments,
Article - Tax - General
Section 10-306(d) and 10-712
Annotated Code of Maryland
(1997 Replacement Volume and 1999 Supplement)
BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 7-237 and 8-101(c)
Annotated Code of Maryland
(1994 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article — Tax — General
10-306.
(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 OR STEAM for sale.
10-712.
(a) A public utility may claim a credit against the State income tax in an
amount equal to 60% of the total 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 OR STEAM 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.
Article - Tax - Property
7-237.
(a) Except as provided in subsection (b) of this section, personal property that
IS EXEMPT FROM PROPERTY TAX IF THE PROPERTY is machinery or equipment used
to generate electricity:
(1) ELECTRICITY OR STEAM for sale is exempt from property tax; OR
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