(a) Definition. In this section, "geothermal energy device" means a heating or cooling device that is installed using ground loop technology.
(b) Creation. There is a one-time tax credit from County real property taxes levied on residential dwellings that use geothermal energy devices installed on or after January 1, 2009.
(c) Qualifying devices. Any device that uses geothermal energy to heat or cool the dwelling shall be eligible for the credit.
(d) Time for filing application. Application for the tax credit created by this section shall be filed on or before June 1 immediately before the taxable year for which the tax credit is sought. If the application is filed after June 1, the credit shall be disallowed that year but shall be treated as an application for a tax credit for the next succeeding taxable year. An application may be filed only once for the duration of the tax credit.
(e) Credit against taxes levied on dwellings. The tax credit shall be credited from the taxes levied on the dwelling and may not be credited from the taxes levied on the land. The total tax credit allowed under this section shall be the lesser of:
(1) fifty percent (50%) of the cost of materials and installation or construction of the geothermal energy device, less the amount of federal and State grants or State geothermal energy tax credits; or
(2) $2,500.
(f) Form of application. An application for the tax credit shall be submitted to the Controller on forms that the Office of Finance requires; be accompanied by documented receipts of the purchase of materials or supplies and the actual installation cost; and be under oath, containing a declaration preceding the signature of the applicant to the effect that it is made under the penalties of perjury provided for by the Tax-Property Article, § 1-201, of the State Code.
(Bill No. 17-10; Bill No. 48-10; Bill No. 17-20)