In this section the following words have the meanings indicated. “Autocycle” has the meaning stated in § 11–103.4 of this article. “Excise tax” means the tax imposed under § 13–809 of this subtitle. “Zero–emission plug–in electric drive vehicle” means a motor vehicle that: Is made by a manufacturer; Has a maximum speed capability of at least 55 miles per hour; and Is propelled by an electric motor that draws electricity from a battery that: Has a capacity of not less than 4 kilowatt–hours; and Is capable of being recharged from an external source of electricity. This section applies only to: A zero–emission plug–in electric drive vehicle that: Has not been modified from original manufacturer specifications; Is acquired for use or lease by the taxpayer and not for resale; Has a base purchase price not exceeding $50,000; Has a battery capacity of at least 5.0 kilowatt–hours; and Is purchased new and titled for the first time on or after July 1, 2023, but before July 1, 2027; and A fuel cell electric vehicle that: Has not been modified from original manufacturer specifications; Is acquired for use or lease by the taxpayer and not for resale; Has a base purchase price not exceeding $50,000; and Is purchased new and titled for the first time on or after July 1, 2023, but before July 1, 2027. Subject to available funding, an excise tax credit is allowed for a zero–emission plug–in electric drive vehicle or fuel cell electric vehicle. Subject to subsection (e) of this section, the credit allowed under this section shall equal: $3,000 for each zero–emission plug–in electric drive vehicle or fuel cell electric vehicle purchased; or $1,000 for each two–wheeled zero–emission electric motorcycle purchased; or $2,000 for each three–wheeled zero–emission electric motorcycle or autocycle purchased. The credit allowed under this section is limited to the acquisition of: One vehicle per individual; and 10 vehicles per business entity. A credit may not be claimed under this section: For a vehicle unless the vehicle is registered in the State; or Unless the manufacturer has already conformed to any applicable State or federal laws or regulations governing clean–fuel vehicle or electric vehicle purchases applicable during the calendar year in which the vehicle is titled. The Motor Vehicle Administration shall administer the credit under this section.