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ROBERT L. EHRLICH, JR., Governor Ch. 447
Article - Housing and Community Development
6-404.
(a) (1) For a contribution worth $500 or more in goods, money, or [both]
REAL PROPERTY to an approved project, a business entity is entitled to a tax credit in
the amount determined under subsection (b) of this section.
(2) No part of a tax credit under this section may be taken more than
once.
(b) (1) Except as provided in paragraph (2) of this subsection, the credit
allowed to a business entity under this section equals 50% of the amount of
contributions:
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(i) that the Department approves under subsection (c) of this
(ii) that were made during the taxable year for which the credit is
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section; and
claimed.
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(2) The credit allowed under this section for any taxable year may not
exceed the lesser of:
(i) [$125,000] $250,000; and
(ii) the total amount of tax otherwise payable by the business entity
for the taxable year.
(3) Any .excess credit that would be allowed but for the limits of
paragraph (2) of this subsection may be carried over and applied as a credit for up to
5 taxable years after the taxable year in which the contribution was made, until the
full amount of the excess is used.
6-405.
(e) (1) The Department may not approve a proposal submitted under this
section unless the proposal is approved by the governing body or authorized designee
of:
(i) each county that includes any of the priority funding area that
benefits from the project, if the project is not in a municipal corporation;
(ii) each municipal corporation that includes any of the priority
funding area that benefits from the project; or
(iii) each political subdivision that includes any of the priority
funding area that benefits from the project, if the priority funding area is partly
within and partly outside of any municipal corporation.
(2) An approval shall:
(i) be in writing; and.
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- 2313 -
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