Maryland solar panels and solar power plan


 

   

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Maryland

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).

  • 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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MARYLAND.GOV - Maryland State Portal
Maryland State Portal - Official Government Web Site for the State of Maryland - A citizen-focused Maryland government state portal connecting...

Maryland - Welcome
Governor's Welcome. I ... Governor's Conference. I ... Maryland Civil War Trails. I ... Contact Us. I ... Privacy Policy. I ... Travel Industry...

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Maryland information resource links to state homepage, symbols, flags, maps, constitutions, representitives, songs, birds, flowers, trees.

The University of Maryland
Official web site of the University of Maryland located in College Park, Maryland.

Maryland Map
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