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14.26.06.00.htm 14.26.06.00. Title 14 INDEPENDENT AGENCIES Subtitle 26 MARYLAND ENERGY ADMINISTRATION Chapter 06 Maryland Clean Energy Incentive Tax Credit Program Authority: Tax-General Article, §10-720, Annotated Code of Maryland
14.26.06.01.htm 14.26.06.01. 01 Purpose.. These regulations implement Maryland's Clean Energy Incentive Act by establishing procedures for eligible persons to apply for tax credits for constructing and operating qualifying energy facilities in Maryland.
14.26.06.02.htm 14.26.06.02. 02 Scope.. The Maryland Clean Energy Incentive Act establishes a program to award tax credits to individuals and corporations that use qualified energy resources at a qualifying Maryland facility to produce electricity. The Program also establishes limits on eligibility and the amount and duration of the credit Program.
14.26.06.03.htm 14.26.06.03. 03 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Administration" means the Maryland Energy Administration.. 2) "Co-firing" means the use of a mixture of forest products or agricultural residue in combination with coal to generate electricity.3) "Corporation" has the meaning stated in Tax-General Article, §10-101(c) Annotated Code of Maryland.4) "Individual" has the meaning stated in Tax-General Article, §10-101(g) A
14.26.06.04.htm 14.26.06.04. 04 Qualifying Facilities.. A. Qualifying facilities may generate electricity from:. 1) Wind;. 2) Closed loop biomass;. 3) Open-loop biomass;. 4) Geothermal energy;. 5) Solar energy;. 6) Small irrigation power;. 7) Municipal solid waste; and. 8) Qualified hydropower production.. B. Biomass facilities may utilize:. 1) Any solid, nonhazardous, cellulosic waste material that is segregated from other waste materials and is derived from any of the following forest-related resources:
14.26.06.05.htm 14.26.06.05. 05 Amount of Tax Credit.. A. Except as provided in §B and C of this regulation, 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 cents for each kilowatt hour of electricity:1) Produced by the individual or corporation from qualified energy resources at a qualified Maryland facility during the 5-year period specified in th
14.26.06.06.htm 14.26.06.06. 06 Initial Credit Certification.. A. 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.B. The initial credit certificate issued under this regulation shall:. 1) State the maximum amount of credit that may be claimed by the taxpayer over a 5-year period;.
14.26.06.07.htm 14.26.06.07. 07 Application Process for an Initial Credit Certification.. A. An individual or corporation interested in qualifying for an initial credit certification shall provide the following information to the Administration:1) Name, address, and phone number of the applicant's authorized representative;. 2) Location and description of the qualifying facility;. 3) Description of the qualifying energy resources being proposed for use at the facility;.
14.26.06.08.htm 14.26.06.08. 08 Calculating the Amount of Credit.. The maximum amount of credit stated in the initial credit certificate for an individual or corporate taxpayer shall be an amount equal to the lesser of:A. The product of multiplying five times the taxpayer's estimated annual tax credit, based on estimated annual energy production, as certified by the Administration; orB. $2,500,000..
14.26.06.09.htm 14.26.06.09. 09 Cancellation of Credit.. A. Over a 3-year period, if a taxpayer does not claim on average at least 10 percent of the maximum credit amount stated in the initial credit certificate, the Administration may cancel an amount of the taxpayer's initial credit certificate equal to the product of multiplying:1) The amount of the credit on average that was not claimed over the 3-year period; and. 2) The remaining number of tax years that the taxpayer is eligible to take the credit..
14.26.06.10.htm 14.26.06.10. 10 Unused Credit.. If the credit allowed under this chapter in any taxable year exceeds the State income tax otherwise payable by the individual or corporation for that taxable year, any unused credit may be carried forward and applied for succeeding taxable years until the earlier of:A. When the full amount of the credit is used; or. B. The expiration of the tenth taxable year after the taxable year in which the credit arose..
14.26.06.11.htm 14.26.06.11. 11 Program Termination.. The Administration may not issue an initial certificate after December 31, 2010..
14.26.06.9999.htm 14.26.06.9999. Administrative History Effective date: February 26, 2007 (34:4 Md. R. 402) ―. Regulations .01―11 under COMAR 14.26.06 Maryland Clean Energy Incentive Tax Credit Program recodified to be Regulations .01―11 under COMAR 14.26.05 Maryland Clean Energy Incentive Tax Credit Program as an emergency provision effective December 12, 2012 (40:1 Md. R. 16) emergency action expired effective May 30, 2013
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