SECTION 4. 3. 4. AND BE IT FURTHER ENACTED, That this Act shall take
effect October July 1, 1999.

Approved May 27, 1999.

CHAPTER 667
(House Bill 789)

AN ACT concerning

Heritage Structure Rehabilitation Tax Credit - Mortgage Credit Certificates

FOR the purpose of allowing a business entity or individual under certain
circumstances to elect to receive a historical rehabilitation mortgage credit
certificate in lieu of a certain tax credit allowed for certain expenses for the
rehabilitation of certain structures; providing that a certain mortgage credit
certificate may be transferred to a lending institution under certain
circumstances and may be used by the lending institution to claim a tax credit;
altering the definition of a qualified rehabilitation expenditure under the credit;
providing for the transfer of certain credits to purchasers for certified
rehabilitations completed by nonprofit corporations exempt from taxation;
authorizing the Director of the Maryland Historical Trust and the Maryland
Heritage Areas Authority to adopt certain regulations; defining certain terms;
providing for the application of this Act; and generally relating to the Heritage
Structure Rehabilitation Credit.

BY repealing and reenacting, with amendments,

Article 83B - Department of Housing and Community Development
Section 5-801

Annotated Code of Maryland
(1998 Replacement Volume)

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.

(a) (1) In this section the following words have the meanings indicated.

(2) "Business entity" means a person conducting or operating a trade or
business in the State.

(3) "Certified heritage area" has the meaning stated in § 13-1101(d) of
the Financial Institutions Article.

(4) "Certified heritage structure" means a structure that is: