(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.

(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.