This Act creates a new tax credit for electric vehicle recharging equipment. The Maryland Energy Administration (MEA) will administer the tax credit. An individual or a corporation that receives an initial credit certificate from MEA may claim a credit in the amount equal to 20% of the cost of any qualified electric vehicle recharging equipment placed in service by the taxpayer during the taxable year in which they are claiming the credit.
The Act provides that "qualified electric vehicle recharging equipment" means property used for the recharging of motor vehicles propelled by electricity that meets the definition of "qualified alternative fuel vehicle refueling property" in § 30C of the Internal Revenue Code.
The Act provides that the credit cannot exceed the lesser of $400 for each individual recharging system or the State income tax for that taxable year. This credit cannot be carried over to any other taxable year.
The Act provides for the application process with MEA and the annual limits for amounts of the credit certificates that MEA may issue for each year. The Act also provides that on January 1, 2012, and each year authorized, MEA must provide to the Comptroller a list of all taxpayers in the prior tax year that have been issued an initial credit certificate and the maximum credit allowed for each taxpayer.
Effective Date: This Act shall take effect July 1, 2011, and is applicable to all tax years 2011 through 2013.