Ch. 731

1997 LAWS OF MARYLAND

(f) On or before November 14, 1997, the Task Force shall submit a report to the
Governor and, subject to § 2-1312 of the State Government Article, to the General
Assembly.

(g) The Task Force shall terminate on January 1, 1998.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1997.

Approved May 22, 1997.

CHAPTER 731
(House Bill 1263)

AN ACT concerning

Heritage Structure Rehabilitation Tax Credit

FOR the purpose of altering the calculation of a certain credit allowed against certain
State taxes for certain expenses for the rehabilitation of certain structures; and
providing for the application of this Act.

BY repealing and reenacting, with amendments,

Article 83B - Department of Housing and Community Development

Section 5-801(b)(l)

Annotated Code of Maryland

(1995 Replacement Volume and 1996 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 83B - Department of Housing and Community Development

5-801.

(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 [10%] 25% 15% of the taxpayer's qualified rehabilitation
expenditures for the rehabilitation.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1997 and shall be applicable to all taxable years beginning after December 31,
1997.

Approved May 22, 1997.

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