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Maryland Clean Energy Incentive Credit

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Question
Maryland Clean Energy Incentive Credit

Answer

The Clean Energy Incentive Tax Credit, enacted in 2006, offers Marylanders a state income tax credit for electricity generated by qualified resources of 0.85 cents per kilo-watt hour, and 0.50 cents per kilo-watt hour for electricity generated from co-firing a qualified resource with coal. These credits can be claimed over a period of five years. Annual tax credits cannot exceed one fifth of the initial credit certificate issued by the Maryland Energy Administration. This credit is available to individuals and corporations that build and generate electricity from qualified resources operational on or after January 1, 2006, but before January 1, 2016.

 

Notes:

MEA is prohibited from issuing Initial Credit Certificates after December 31, 2015.

Maryland Clean Energy Incentive Tax Credit Program Regulations are being drafted and will be issued soon.

The $1,000 floor on the program will require a PV system of approximately 20 KW.

Geothermal heating and cooling systems do not qualify.

In order to receive these credits, eligible participants must apply for an Initial Credit Certificate with the MEA. The Administration shall issue these certificates on a first-come, first-served basis. Total Initial Credit Certificates will not exceed $25,000,000 by 2016, with each Initial Credit Certificate not exceeding $2,500,000 and no less than $1,000 to any eligible taxpayer. To apply, please follow the instructions and guidelines below.

 

 


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Article Details
Views: 543 Created on: Jun 15, 2013
Date updated: Aug 12, 2015
Posted in: STATES, Maryland

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