WILLIAM DONALD SCHAEFER, Governor                    Ch. 523

(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]
THE HISTORIC STRUCTURE PRESERVATION EXPENSE SHALL BE EQUAL to the
amortization of the amortizable basis of any certified
nondepreciable historic structure based on a period of 60 months.
This amortization [deduction] EXPENSE 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] AMORTIZATION 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] EXPENSE 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, 1987 and shall be applicable for all taxable
years after December 31, 1986.

Approved May 14, 1987.

CHAPTER 523

(House Bill 960)

AN ACT concerning

Gross Receipts Tax - Reports

FOR the purpose of altering certain procedures relating to the
gross receipts tax; requiring the Department of Assessments
and Taxation to take certain actions if a gross receipts
taxpayer fails to file a certain report; authorizing the
Department to assess certain penalties; authorizing the
waiver of certain penalties for reasonable cause; providing
for the effective date of this Act; and generally relating

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