Section 10-713 - Multijurisdictional electric companies. - Maryland Statutes

§ 10-713. Multijurisdictional electric companies.
 

(a)  Definitions.-  

(1) In this section the following words have the meanings indicated. 

(2) (i) "Multijurisdictional electric company" means a public service company that has: 

1. gross revenue for the taxable year in excess of $50,000,000 from the sale, transmission or distribution of electricity in the State; and 

2. gross revenue for the taxable year from the transmission and distribution of electricity outside the State equal to at least 25% of its total gross revenue for the taxable year from the transmission and distribution of electricity. 

(ii) "Multijurisdictional electric company" includes a related mutual service company, as defined under the Public Utility Holding Company Act of 1935 (15 U.S.C. § 79, et seq.), of a public service company described in subparagraph (i) of this paragraph. 

(3) "Qualified corporate headquarters" means: 

(i) a corporation's principal place of business, where a majority of the officers of the corporation ordinarily and regularly perform their corporate duties and functions; or 

(ii) a corporation's regional headquarters located in a Maryland county on the Delmarva Peninsula. 

(b)  Credits for wages paid at corporate headquarters.- For a taxable year beginning before January 1, 2005, a multijurisdictional electric company may claim a credit against the State income tax in an amount equal to 25% of the wages paid during the taxable year to employees of the multijurisdictional electric company that are employed and regularly work at the qualified corporate headquarters of the multijurisdictional electric company. 

(c)  Calculations.-  

(1) For any taxable year, the credit allowed under this section may not exceed the lesser of: 

(i) the State income tax before application of the credits allowed under this section and §§ 10-701 and 10-701.1 of this subtitle but after application of all other credits allowed under this subtitle; and 

(ii) 1. $2,000,000 if the qualified corporate headquarters is the corporation's principal place of business; and 

2. $500,000 if the qualified corporate headquarters is not the corporation's principal place of business. 

(2) The unused amount of the credit for any taxable year may not be carried over to any other taxable year. 
 

[1999, ch. 5, § 1; ch. 6, § 1.]