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2007 Laws of Maryland
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Ch. 120
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(ii) produces electricity from a qualified energy resource that is
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co-fired with coal and initially begins as firing a qualified energy resource on or after
January 1, 2006, but before January 1, 2011, regardless of when the original facility
was placed in service.
(b) (1) Except as provided in paragraphs (2) and (3) of this subsection, an
individual or corporation that receives an initial credit certificate from the
Administration may claim a credit against the State income tax for a taxable year in
an amount equal to [0.85] 1.7 cents for each kilowatt hour of electricity:
(i) produced by the individual or corporation from qualified
energy resources at a qualified Maryland facility during the [5-year] 10-YEAR period
specified in the initial credit certificate; and
(ii) sold by the individual or corporation to a person other than a
related person, within the meaning of § 45 of the Internal Revenue Code, during the
taxable year.
(2) If the electricity is produced from a qualified energy resource that
is co-fired at a facility that produces electricity from coal, the credit is 0.5 cents for
each kilowatt hour of electricity produced from the qualified energy resource instead of
[0.85] 1.7 cents.
(3) The annual tax credit under this subsection may not exceed
one-fifth of the maximum amount of credit stated in the initial credit certificate.
(e) (1) Subject to the provisions of this subsection, on application by a
taxpayer, the Administration shall issue an initial credit certificate if the taxpayer has
demonstrated that the taxpayer will within the next 12 months produce electricity
from qualified energy resources at a qualified Maryland facility.
(2) The initial credit certificate issued under this subsection shall:
(i) state the maximum amount of credit that may be claimed by
the taxpayer over a [5-year] 10 YEAR period;
(ii) state the earliest tax year for which the credit may be
claimed; and
(iii) expire after the [5th] 10TH consecutive tax year beginning
with the earliest tax year for which the credit may be claimed.
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(3) The maximum amount of credit stated in the initial credit
certificate shall:
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-1144 -
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