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14.26.07.00.htm 14.26.07.00. Title 14 INDEPENDENT AGENCIES Subtitle 26 MARYLAND ENERGY ADMINISTRATION Chapter 07 Maryland Energy Storage Systems Income Tax Credit Program Authority: Tax-General Article, §10-719, Annotated Code of Maryland
14.26.07.01.htm 14.26.07.01. 01 Purpose.. These regulations implement Maryland's Income Tax Credit ― Energy Storage Systems Act by establishing procedures for persons and businesses to apply for tax credits for purchasing and installing a qualifying energy storage system on eligible property in Maryland.
14.26.07.02.htm 14.26.07.02. 02 Scope.. The Maryland Income Tax Credit ― Energy Storage System Act establishes a program to award tax credits to Individuals and Corporations that purchase and install a qualifying energy storage system on eligible property in Maryland. The Program also establishes limits on eligibility and the amount and duration of the credit Program.
14.26.07.03.htm 14.26.07.03. 03 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Administration” means the Maryland Energy Administration.. 2) “Capacity factor” means the ratio of actual energy output compared with the maximum possible energy output over a specified period of time.3) “Commercial property” means nonresidential property with a commercial, industrial, or government use as outlined in the qualifications for the Commercial Clean Energy Grant
14.26.07.04.htm 14.26.07.04. 04 Qualifying Energy Storage Systems.. A. Qualifying energy storage systems may store the following types of energy for use as electrical energy at a later date or in a process that offsets electricity use at peak times:1) Electrical energy;. 2) Mechanical energy;. 3) Chemical energy; or. 4) Thermal energy.. B. Qualifying energy storage systems shall maintain certain safety criteria, namely:. 1) Use equipment certified by a nationally recognized testing laboratory (NRTL).
14.26.07.05.htm 14.26.07.05. 05 Qualifying Program Participant.. A. Qualifying energy storage program participants may include:. 1) Residential taxpayers who purchase and install an energy storage system for a residential property which they own; or2) Commercial taxpayers who purchase and install an energy storage system for a commercial property which they own.B. Taxpayers that have already claimed an energy storage systems income tax credit as part of this program are ineligible for additional energy storag
14.26.07.06.htm 14.26.07.06. 06 Amount of Tax Credit.. An individual or corporation that receives a credit certificate from the Administration may claim a credit against the individual’s or corporation’s State income tax for a specified taxable year in an amount that may not exceed the lessor of:A. For a qualifying energy storage system installed:. 1) On a residential property, $5,000;. 2) On a commercial property, $75,000; or.
14.26.07.07.htm 14.26.07.07. 07 Application Process for a Credit Certification.. A. An individual or corporation interested in qualifying for a credit certification may be asked to provide some or all, at the sole discretion of the Administration, of the following information to the Administration:1) Name, address, email address, and phone number of the applicant's authorized representative;. 2) Estimated gross income of property owner for a residential participant, or gross revenue for a co
14.26.07.08.htm 14.26.07.08. 08 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 not be claimed for another taxable year.
14.26.07.09.htm 14.26.07.09. 09 Program Termination.. The Administration may not issue a certificate for a qualifying energy storage system installed after December 31, 2022.
14.26.07.9999.htm 14.26.07.9999. Administrative History Effective date: September 10, 2018 (45:18 Md. R. 834).
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