1. (a)

   1. (1) Subject to the restriction in paragraph (2) of this subsection, a purchaser may claim the premium tax credit on a premium tax return filed after December 31, 2014, for a taxable year that begins on or after January 1, 2014.
   2. (2) In each calendar year from 2015 through 2019, a purchaser may claim up to 20% of the premium tax credit allocated to that purchaser.

2. (b)

   1. (1) The credit to be applied against insurance premium tax liability in any 1 year may not exceed the insurance premium tax liability of the purchaser for that taxable year.

   2. (2) Any unused credit against insurance premium tax liability may be:

      1. (i) carried forward indefinitely until the premium tax credits are used; and
      2. (ii) used by the purchaser without restriction during any calendar year after 2019.

   3. (3) On 30 days' advance notice to the Corporation, premium tax credits allocated to a purchaser under this subtitle may be transferred without further restriction to any other entity that:

      1. (i) meets the definition of a purchaser;
      2. (ii) is in good standing with the Maryland Insurance Administration; and
      3. (iii) agrees to assume all of the transferor's obligations under the Program.
3. (c) A purchaser claiming a credit against insurance premium tax liability earned through an investment under the Program is not required to pay any additional tax as a result of claiming the credit.
4. (d) A purchaser is not required to reduce the amount of premium tax included by the purchaser in connection with rate-making for any insurance contract written in the State because of a reduction in the purchaser's insurance premium tax derived from the credit granted under this subtitle.

Added as Economic Development § 6-514 by Acts 2011, c. 409, § 1, eff. July 1, 2011. Renumbered as Economic Development § 10-484 and amended by Acts 2015, c. 141, § 2, eff. Oct. 1, 2015. Renumbered as Economic Development § 10-4A-12 by Acts 2020, c. 580, § 1, eff. Oct. 1, 2020.