PARRIS N. GLENDENING, Governor

Ch. 601

(III) 1. LOCATED IN A HISTORIC DISTRICT LISTED ON THE
NATIONAL REGISTER OF HISTORIC PLACES OR IN A LOCAL HISTORIC DISTRICT; AND

2. CERTIFIED BY THE DIRECTOR OF THE MARYLAND
HISTORICAL TRUST AS CONTRIBUTING TO THE SIGNIFICANCE OF THE DISTRICT; OR

(IV) LOCATED IN A STATE DESIGNATED CERTIFIED HERITAGE
AREA AND WHICH HAS BEEN CERTIFIED BY THE MARYLAND HERITAGE AREAS
AUTHORITY AS CONTRIBUTING TO THE SIGNIFICANCE OF THE STATE DESIGNATED
CERTIFIED HERITAGE AREA.

(4)     (5) "CERTIFIED REHABILITATION" MEANS REHABILITATION OF A
CERTIFIED HERITAGE STRUCTURE WHICH THE DIRECTOR CERTIFIES IS
SUBSTANTIAL REHABILITATION IN CONFORMANCE WITH THE REHABILITATION
STANDARDS OF THE UNITED STATES SECRETARY OF THE INTERIOR:

(5)     (6) "DIRECTOR" MEANS THE DIRECTOR OF THE MARYLAND
HISTORICAL TRUST.

(6)     (7) "LOCAL HISTORIC DISTRICT' MEANS A DISTRICT THAT THE
GOVERNING BODY OF A COUNTY OR MUNICIPAL CORPORATION, OR THE MAYOR
AND CITY COUNCIL OF BALTIMORE, HAS DESIGNATED UNDER LOCAL LAW AS
HISTORIC.

(7) (8) "QUALIFIED REHABILITATION EXPENDITURE" MEANS ANY
AMOUNT EXPENDED IN THE REHABILITATION OF A STRUCTURE THAT IS PROPERLY
CHARGEABLE TO CAPITAL ACCOUNT.

(8)     "STATE DESIGNATED HERITAGE AREA" HAS THE MEANING STATED
IN § 13-1101(G) OF THE FINANCIAL INSTITUTIONS ARTICLE

(9)     "SUBSTANTIAL REHABILITATION" MEANS REHABILITATION OF A
STRUCTURE FOR WHICH THE QUALIFIED REHABILITATION EXPENDITURES,
DURING THE 24-MONTH PERIOD SELECTED BY THE TAXPAYER ENDING WITH OR
WITHIN THE TAXABLE YEAR, EXCEED:

(I)      FOR OWNER-OCCUPIED RESIDENTIAL PROPERTY, $5,000; OR

(II)     FOR ALL OTHER PROPERTY, THE GREATER OF:

1.       THE ADJUSTED BASIS OF THE STRUCTURE; OR

2.       $5,000.

(B) SUBJECT TO SUBSECTIONS (C) THROUGH (E) OF THIS SECTION, AN
INDIVIDUAL OR BUSINESS ENTITY THAT COMPLETES A CERTIFIED REHABILITATION
MAY CLAIM A CREDIT AGAINST STATE INCOME TAX IN AN AMOUNT UP TO 25% OF
QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAYER FOR THE
REHABILITATION.

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