3160

LAWS OF MARYLAND

[Ch. 711

Article 81 - Revenue and Taxes

Section 281A

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 281A be and it is hereby added
to Article 81 — Revenue and Taxes, of the Annotated Code
of Maryland (1969 Replacement Volume and 1974 Supplement)
to read as follows:

Article 81 — Revenue and Taxes

281A.

(A)   AS USED IN THIS SECTION, THE FOLLOWING WORDS
HAVE THE MEANINGS INDICATED.

(B)   "CERTIFIED HISTORIC STRUCTURE" MEANS A BUILDING
OR STRUCTURE WHICH IS EITHER (I) LISTED IN THE NATIONAL
REGISTER (16 U.S.C.A. 470), OR (II) LOCATED IN THE
REGISTERED HISTORIC DISTRICT (16. U.S.C.A. 470) AND IS
CERTIFIED BY THE UNITED STATES SECRETARY OF INTERIOR OR
HIS DELEGATE AS BEING OF HISTORIC SIGNIFICANCE TO THE
DISTRICT.

(C)      "CERTIFIED REHABILITATION" MEANS ANY
REHABILITATION OF A CERTIFIED HISTORIC STRUCTURE OR OF
ANY OTHER STRUCTURE LOCATED IN A REGISTERED HISTORIC
DISTRICT WHICH THE SECRETARY OF THE INTERIOR HAS
CERTIFIED AS BEING CONSISTENT WITH THE HISTORIC CHARACTER
OF THAT PROPERTY OR DISTRICT.

(D)    "AMORTIZATION BASIS" MEANS THE PORTION OF THE
BASIS ATTRIBUTABLE TO ADDITIONS TO CAPITAL ACCOUNT WHICH
ARE AMOUNTS EXPENDED FOR CERTIFIED REHABILITATION.

(E)    "SUBSTANTIALLY REHABILITATED PROPERTY" MEANS
PROPERTY DESCRIBED IN SECTION 1250 OF THE INTERNAL
REVENUE CODE WITH RESPECT TO WHICH THE ADDITIONS TO
CAPITAL ACCOUNT DURING THE 24-MONTH PERIOD ENDING ON THE
LAST DAI OF ANY TAXABLE YEAR, REDUCED BY ANY AMOUNTS
ALLOWED OR ALLOWABLE AS DEPRECIATION OR AMORTIZATION
ALLOWABLE THERETO, EXCEEDS THE GREATER OF THE ADJUSTED
BASIS OF THE PROPERTY SHALL BE DETERMINED AS OF THE
BEGINNING OF THE FIRST DAY OF THE 24-MONTH PERIOD, OR OF
THE HOLDING PERIOD OF THE PROPERTY (WITHIN THE MEANING OF
SECTION 1250(C) OF THE INTERNAL REVENUE CODE), WHICHEVER
IS LATER.

(F)    "CONSERVATION PURPOSES" MEANS THE PRESERVATION
OF HISTORICALLY IMPORTANT LAND AREAS OR STRUCTURES.