(a) (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) In each calendar year from 2015 through 2019, a purchaser may claim up to 20% of the premium tax credit allocated to that purchaser. (b) (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) Any unused credit against insurance premium tax liability may be: (i) carried forward indefinitely until the premium tax credits are used; and (ii) used by the purchaser without restriction during any calendar year after 2019. (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: (i) meets the definition of a purchaser; (ii) is in good standing with the Maryland Insurance Administration; and (iii) agrees to assume all of the transferor’s obligations under the Program.

y that: (i) meets the definition of a purchaser; (ii) is in good standing with the Maryland Insurance Administration; and (iii) agrees to assume all of the transferor’s obligations under the Program. (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. (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.