596

LAWS OF MARYLAND

Ch. 175

(d)   "Amortizable basis" means the portion of the basis
attributable to amounts expended for certified rehabilitation.

(e)  Every person is entitled to deduction with respect to
the amortization of the amortizable basis of any certified
nondepreciable historic structure based on a period of 60 months.
This amortization deduction shall be an amount, with respect to
each month of the period within the taxable year, equal to the
amortizable basis at the end of such month divided by the number
of months (including the month for which the deduction is
completed) remaining in the period. The amortizable basis at the
end of the month shall be computed without regard to the
amortization deduction for the month. The 60-month period shall
begin, as to any historic structure, at the election of the
taxpayer, with the month following the month in which the basis
is acquired, or with the succeeding taxable year.

(f)  The election of the taxpayer to take the amortization
deduction and to begin the 60-month period with the month
following the month in which the basis is acquired, or with the
taxable year succeeding the taxable year in which the basis is
acquired, shall be made by filing a statement of the election
with the State Comptroller or his delegate, in a manner and
within a time period as the State Comptroller or his delegate may
prescribe by regulation.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 8, 1984.

CHAPTER 176
(House Bill 294)
AN ACT concerning

Sales Tax - Exemptions

FOR the purpose of repealing retail sales tax exemptions for
certain agricultural products and an obsolete provision as
to sales to certain financial institutions.

FOR the purpose of repealing a retail sales tax exemption
relating to sales to certain financial institutions; and
modifying a retail sales tax provision relating to sales for
agricultural purposes and sales of agricultural products.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes
Section 326(h)