THE RENOVATIONS ARE SUBSTANTIAL, AS DEFINED IN LEGISLATION ENACTED BY
THE COUNTY OR MUNICIPAL CORPORATION TO GRANT THE CREDITS UNDER THIS
SUBSECTION; AND

3. THE PERSONAL PROPERTY LOCATED ON THE PREMISES
DESCRIBED IN ITEMS 1 AND 2 OF THIS SUBPARAGRAPH.

(III) THE INCREASE IN ASSESSMENT SHALL BE MEASURED FROM
THE NOTIFICATION DATE TO THE APPLICABLE ANNUAL ASSESSMENT DATE AFTER
THE COUNTY OR MUNICIPAL CORPORATION HAS CERTIFIED THAT THE BUSINESS
ENTITY HAS QUALIFIED FOR THE CREDIT.

(5) ON RECEIPT OF NOTIFICATION UNDER SUBSECTION (B)(7) OF THIS
SECTION THAT A BUSINESS ENTITY HAS BEEN CERTIFIED FOR AN ENHANCED
PROPERTY TAX CREDIT UNDER THIS SUBSECTION, THE DEPARTMENT SHALL
COMPUTE AND CERTIFY TO THE COMPTROLLER OR IN THE CASE OF THE INSURANCE
PREMIUMS TAX. THE MARYLAND INSURANCE COMMISSIONER THE AMOUNT OF THE
STATE TAX CREDIT AUTHORIZED UNDER THIS SUBSECTION THAT MAY BE CLAIMED
BY THE BUSINESS ENTITY OR ANY OF ITS AFFILIATES AGAINST THE INDIVIDUAL OR
CORPORATE INCOME TAX, INSURANCE PREMIUMS TAX, OR FINANCIAL INSTITUTION
FRANCHISE TAX, OR PUBLIC SERVICE COMPANY FRANCHISE TAX THAT WOULD
OTHERWISE BE DUE TO EQUAL 31.5% OF THE AMOUNT OF PROPERTY TAX IMPOSED
ON THE ASSESSMENT OF THE NEW OR EXPANDED PREMISES INCREASE IN
ASSESSMENT OF THE REAL AND PERSONAL PROPERTY DESCRIBED IN PARAGRAPH
(4)(II) OF THIS SUBSECTION FOR EACH OF THE FIRST 12 TAXABLE YEARS FOR WHICH
THE CREDIT IS ALLOWED.

(6) IF A BUSINESS ENTITY OR ANY OF ITS AFFILIATES CLAIM THE
ENHANCED TAX CREDITS UNDER THIS SUBSECTION FOR A CERTAIN PREMISES, THEY
MAY NOT CLAIM THE TAX CREDITS UNDER SUBSECTION (C) OF THIS SECTION.

[(2)] (E) The same State tax credit cannot be applied more than once
against different taxes by the same taxpayer.

[(3)] (F) If the State tax credit allowed under this [subsection] SECTION
in any taxable year exceeds the total tax otherwise payable by the business entity for
that taxable year, a business entity OR ITS AFFILIATES may apply the excess as a
credit for succeeding taxable years until the earlier of:

(1) the full amount of the excess is used; or

(2) the expiration of the 5th taxable year after the taxable
year in which the State tax credit is claimed.

[(4)] (G) The Maryland Insurance Commissioner shall adopt regulations
to provide for the computation, carryover, and recapture of the State tax credit under
§ 6-116 of the Insurance Article.

[(5)] (H) The Department shall adopt regulations to provide for the
computation, carryover, and recapture of the State tax credit under §§ 8-217 and
8-414 § 8-217 of the Tax - General Article.