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Maryland
solar power plans
On May 11, 2000, Governor Glendening signed Senate
Bill 670 into law, allowing State income tax credits (http://taxpros.marylandtaxes.com/guides/taxcredit/cleanenergy/calculation.asp)
for specified solar energy property and for electricity produced from qualified
energy resources. Staring in tax year 2000, taxpayers can take a credit against
their personal or corporate income taxes equal to 15 percent of the total
installed cost of the solar energy system they purchase.
Who is eligible for the credit?
An individual or a corporation may claim a credit against Maryland income tax
for a taxable year for the costs of solar water heating property or photovoltaic
property placed in service during the taxable year.
How is solar energy property defined?
"Solar energy property" means equipment that uses
solar energy to generate electricity; to heat or cool a structure or provide hot
water for use in a structure; or to provide solar process heat.
"Photovoltaic property" means solar energy
property that uses a solar photovoltaic process to generate electricity and that
meets applicable performance and quality standards and certification
requirements in effect at the time of acquisition of the property, as specified
by the Maryland Energy Administration (MEA).
"Solar water heating property" means solar energy
property that when installed in connection with a structure, uses solar energy
for the purpose of providing hot water for use within the structure; and meets
applicable performance and quality standards and certification requirements in
effect at the time of acquisition of the property, as specified by the Maryland
Energy Administration (MEA).
What does NOT qualify as solar energy property?
"Solar energy property" does not include a
swimming pool, hot tub, or any other energy storage medium that has a function
other than storage.
Are there limitations on the amount of credit I can take?
Yes. The credit may not exceed $2,000 for each
system for photovoltaic property and $1,000 for each system for solar water
heating property.
Also, the total amount of the credit allowed under this section for any taxable
year may not exceed the state income tax owed for that taxable year.
Do I have to use the credit in the year the
purchase or investment is made?
Yes. The unused amount of the credit for any
taxable year may not be carried over to any other taxable year.
How long is the credit available?
The credit can be claimed for property placed in
service between July 1, 2000 and December 31, 2004.
Required Documentation
-
Corporate income tax: Form 500CR must be
submitted with the income tax return (Form 500).
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Personal income tax: Form 500CR must be
submitted with the income tax return (Form 502 or 505). If the business is a
pass-through entity, Form 500CR must be prepared for the pass-through entity
and
submitted with the entity's income tax return (Form 510). Federal Form K-1
provided by the pass-through entity to each individual partner, shareholder or
member must include their share of the credit. The individual must attach this
statement to the Form 500CR submitted with their personal income tax return
(Form 502 or 505).
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Official web site of the University of Maryland located in College Park, Maryland.
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