Ch. 601                                    1996 LAWS OF MARYLAND

(C) FOR THE TAXABLE YEAR IN WHICH A CERTIFIED REHABILITATION HAS
BEEN COMPLETED, THE CREDIT ALLOWED UNDER SUBSECTION (B) OF THIS SECTION
IS ALLOWED UP TO AN AMOUNT THAT EQUALS THE TAXPAYER'S STATE INCOME
TAX FOR THAT TAXABLE YEAR.

(D) IF THE CREDIT ALLOWED UNDER SUBSECTION (B) OF THIS SECTION
EXCEEDS THE CREDIT ALLOWED UNDER SUBSECTION (C) OF THIS SECTION, THE
EXCESS MAY BE APPLIED AS A CREDIT AGAINST THE TAXPAYER'S STATE INCOME
TAX IN EACH SUCCEEDING TAXABLE YEAR UP TO 15 SUCCEEDING TAXABLE YEARS.

(B) (1) SUBJECT TO SUBSECTION (C) OF THIS SECTION, FOR THE TAXABLE
YEAR IN WHICH A CERTIFIED REHABILITATION IS COMPLETED, A BUSINESS ENTITY
OR AN INDIVIDUAL MAY CLAIM A TAX CREDIT IN AN AMOUNT EQUAL TO 25% 10%
OF THE TAXPAYER'S QUALIFIED REHABILITATION EXPENDITURES FOR THE
REHABILITATION.

            (2) THE SAME TAX CREDIT MAY NOT BE APPLIED MORE THAN ONCE

AGAINST DIFFERENT TAXES.

(C) IF THE CREDIT ALLOWED UNDER THIS SECTION IN ANY TAXABLE YEAR
EXCEEDS THE TOTAL TAX OTHERWISE PAYABLE BY THE BUSINESS ENTITY OR AN
THE INDIVIDUAL FOR THAT TAXABLE YEAR, THE BUSINESS ENTITY OR INDIVIDUAL
MAY APPLY THE EXCESS AS A CREDIT FOR SUCCEEDING YEARS UNTIL THE EARLIER
OF:

(1) THE FULL AMOUNT OF THE EXCESS IS USED; OR

(2) THE EXPIRATION OF THE FIFTEENTH TENTH TAXABLE YEAR AFTER
THE TAXABLE YEAR IN WHICH THE CERTIFIED REHABILITATION IS COMPLETED.

(E)    (D) IF A CERTIFIED HERITAGE STRUCTURE FOR WHICH A CERTIFIED
REHABILITATION HAS BEEN COMPLETED IS SOLD OR TRANSFERRED, THE AMOUNT
OF ANY CREDIT UNUSED AT THE TIME OF SALE OR TRANSFER MAY BE
TRANSFERRED TO THE INDIVIDUAL OR BUSINESS ENTITY TO WHICH THE BUILDING
IS SOU) OR TRANSFERRED.

(F)     THE DIRECTOR AND THE MARYLAND HERITAGE AREAS AUTHORITY MAY
CHARGE A REASONABLE FEE TO CERTIFY A HERITAGE STRUCTURE OR A
REHABILITATION UNDER THIS SECTION.

(G)    (E) THE DIRECTOR AND THE MARYLAND HERITAGE AREAS
AUTHORITY MAY ADOPT REGULATIONS TO ESTABLISH PROCEDURES AND
STANDARDS FOR CERTIFYING HERITAGE STRUCTURES AND REHABILITATION
REHABILITATIONS UNDER THIS SECTION.

Article - Tax - Property

9-204.1.

(a) In this section, "eligible improvements" means significant improvements to, or
restoration or rehabilitation of, [historic] HERITAGE OR HERITAGE properties.

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