Maryland Tax - General Section 10-712

      (a)      A public utility may claim a credit against the State income tax in an amount equal to 60% of the total property taxes paid by the public utility on its operating real property in the State, other than operating land, that is used to generate electricity or steam for sale.

      (b)      (1)      For any taxable year, the credit allowed under this section may not exceed the State income tax for that taxable year, calculated before application of the credits allowed under this section and §§ 10-701 and 10-701.1 of this subtitle but after application of any other credits allowed under this subtitle.

            (2)      The unused amount of the credit for any taxable year may not be carried over to any other taxable year.