(a) In this section, “aquaculture oyster float” means a device that is:

(1) purchased new;

(2) specifically designed for the purpose of growing oysters at or under an individual homeowner’s pier; and

(3) constructed to be fully buoyant and facilitate the growth of oysters for the width of the pier.

(b) Subject to the limitations of this section, an individual may claim a credit against the State income tax in an amount equal to 100% of the purchase price of aquaculture oyster floats purchased during the taxable year.

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