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§ 8-417. Credits against public service company franchise tax

West's Annotated Code of MarylandTax-GeneralEffective: April 11, 2023

West's Annotated Code of Maryland
Tax-General (Refs & Annos)
Title 8. Franchise Taxes (Refs & Annos)
Subtitle 4. Public Service Company Franchise Tax (Refs & Annos)
Effective: April 11, 2023
MD Code, Tax - General, § 8-417
§ 8-417. Credits against public service company franchise tax
Currentness
In general
(a) A public service company may claim a credit against the public service company franchise tax in an amount equal to:
(1) 0.002 cents for each kilowatt hour of electricity in excess of 500 million up to 1,500 million kilowatt hours during a calendar year delivered for final consumption to a single industrial customer for use in a production activity at the same location in the State; and
(2) 0.0455 cents for each kilowatt hour of electricity in excess of 1,500 million kilowatt hours during a calendar year delivered for final consumption to a single industrial customer for use in a production activity at the same location in the State.
Additional credit for natural gas
(b) A public service company may claim a credit against the public service company franchise tax in an amount equal to the tax imposed for each therm of natural gas delivered for final consumption in the State to an industrial customer for use in a production activity in the State.
Credit passed to customers
(c) The Public Service Commission shall require that the credits allowed under this section are passed through to the customers to whom the electricity or natural gas on which the credits are based is delivered.

Credits

Added by Acts 1999, c. 5, § 1, eff. Jan. 1, 2000; Acts 1999, c. 6, § 1, eff. Jan. 1, 2000. Amended by Acts 2000, c. 61, § 1, eff. April 25, 2000; Acts 2023, c. 49, § 2, eff. April 11, 2023.
MD Code, Tax - General, § 8-417, MD TAX GENERAL § 8-417
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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