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

(2) The expiration of the tenth taxable year after the taxable year in
which the certified rehabilitation is completed.

(d) (1) 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 sold or transferred.

(2) IF A CERTIFIED HERITAGE STRUCTURE FOR WHICH A CERTIFIED
REHABILITATION HAS BEEN COMPLETED BY A NONPROFIT CORPORATION EXEMPT
FROM TAXATION IS SOLD OR TRANSFERRED, THE FULL AMOUNT OF THE CREDIT TO
WHICH THE NONPROFIT CORPORATION WOULD BE ENTITLED IF TAXABLE MAY BE
TRANSFERRED TO THE PURCHASER OR TRANSFEREE AT THE TIME OF THE SALE OR
TRANSFER

(E) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(II) "HISTORIC REHABILITATION MORTGAGE CREDIT CERTIFICATE"
MEANS A CERTIFICATE ISSUED UNDER THIS SUBSECTION BY THE DIRECTOR TO A
BUSINESS ENTITY OR INDIVIDUAL THAT ELECTS TO RECEIVE THE CERTIFICATE IN
LIEU OF THE CREDIT ALLOWED UNDER THIS SECTION.

(III) "QUALIFIED PURCHASED HERITAGE STRUCTURE" MEANS A
CERTIFIED HERITAGE STRUCTURE:

1. FOR WHICH A CERTIFIED REHABILITATION HAS BEEN
COMPLETED AND AS TO WHICH UNUSED CREDIT THE FULL AMOUNT OF THE CREDIT
IS UNUSED AND COULD BE TRANSFERRED TO THE PURCHASER UNDER SUBSECTION
(D) OF THIS SECTION;

2. AS TO WHICH THE PURCHASER IS THE FIRST PURCHASER
OF THE CERTIFIED HERITAGE STRUCTURE AFTER THE COMPLETION OF THE
CERTIFIED REHABILITATION;

3. THAT WAS PURCHASED WITHIN 5 10 YEARS AFTER THE
COMPLETION OF THE CERTIFIED REHABILITATION; AND

4. ALL OR A PART OF WHICH WITHIN A REASONABLE PERIOD
WILL BE THE PRINCIPAL RESIDENCE OF THE PURCHASER

(2) (I) A BUSINESS ENTITY OR AN INDIVIDUAL MAY ELECT TO
RECEIVE A HISTORIC REHABILITATION MORTGAGE CREDIT CERTIFICATE IN LIEU OF
THE CREDIT OTHERWISE ALLOWABLE UNDER THIS SECTION.

(II) AN ELECTION UNDER THIS SUBSECTION SHALL BE MADE:

1. FOR A QUALIFIED PURCHASED HERITAGE STRUCTURE,
ON OR BEFORE THE DATE OF THE PURCHASE; AND