(a) In this section, “automated external defibrillator” means a medical heart monitor and defibrillator device that:

(1) is cleared for market by the federal Food and Drug Administration;

(2) recognizes the presence or absence of ventricular fibrillation or rapid ventricular tachycardia;

(3) determines, without intervention by an operator, whether defibrillation should be performed;

(4) after a determination that defibrillation should be performed, automatically charges; and

(5) operates in a manner that:

(i) requires operator intervention to deliver an electrical impulse; or

(ii) automatically continues with delivery of an electrical impulse.

(b) Subject to the limitations of this section, an individual or a business entity that owns a restaurant in the State may claim a credit against the State income tax in an amount equal to the first $500 of the purchase price of an automated external defibrillator purchased for use at the restaurant during the taxable year.

(c) The credit allowed under this section:

(1) is applicable for only one automated external defibrillator purchased for use at a restaurant location in the State with annual gross income of at least $400,000; and

(2) may be claimed only once by an individual or business entity for each restaurant location.

(d) (1) For any taxable year, the credit allowed under this section may not exceed the lesser of:

(i) $1,500; or

(ii) the State income tax imposed for the taxable year, calculated before the application of the credits allowed under this section and under §§ 10-701 and 10-701.1 of this subtitle but after the application of any other credit allowed under this subtitle.

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