INSTITUTION FOR THAT TAXABLE YEAR, THE LENDING INSTITUTION 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 10TH TAXABLE YEAR AFTER THE
TAXABLE YEAR IN WHICH THE HISTORIC REHABILITATION MORTGAGE CREDIT
CERTIFICATE IS ISSUED.

(7) IF THE AMOUNT OF THE DISCOUNT RETAINED BY A LENDING
INSTITUTION EXCEEDS THE AMOUNT BY WHICH THE LENDING INSTITUTION'S
FEDERAL INCOME TAX IS INCREASED AS A RESULT OF ITS USE OF THE HISTORIC
REHABILITATION MORTGAGE CREDIT CERTIFICATE TO OFFSET STATE TAXES UNDER
THIS SUBSECTION, THE LENDING INSTITUTION SHALL REFUND THE EXCESS TO THE
BUSINESS ENTITY OR INDIVIDUAL WITH INTEREST AT A RATE PRESCRIBED BY THE
DIRECTOR AND ANY INTEREST EARNED BY THE INSTITUTION ON THE EXCESS.

(8) A LENDING INSTITUTION THAT ACCEPTS A HISTORIC
REHABILITATION MORTGAGE CREDIT CERTIFICATE FROM A BUSINESS ENTITY OR
INDIVIDUAL UNDER THIS SUBSECTION SHALL BE ENTITLED TO RELY IN GOOD FAITH
ON THE INFORMATION CONTAINED IN AND USED IN CONNECTION WITH OBTAINING
THE CERTIFICATE BY THE BUSINESS ENTITY OR INDIVIDUAL INCLUDING, WITHOUT
LIMITATION, THE AMOUNT OF THE QUALIFIED REHABILITATION EXPENDITURES.

(8) (9) NOTWITHSTANDING ANY PROVISION IN THIS SUBSECTION, A
LENDING INSTITUTION IS NOT REQUIRED TO ACCEPT A HISTORIC REHABILITATION
MORTGAGE CREDIT CERTIFICATE FROM ANY BUSINESS ENTITY OR INDIVIDUAL.

[(e)] (F) The Director and the Maryland Heritage Areas Authority may adopt
regulations to establish procedures and standards for certifying heritage structures
and rehabilitations under this section AND FOR ISSUANCE AND USE OF HISTORIC
REHABILITATION MORTGAGE CREDIT CERTIFICATES UNDER SUBSECTION (E) OF
THIS SECTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1999 and shall be applicable to all taxable years beginning after December
31, 1998.

Approved May 27, 1999.

CHAPTER 668
(House Bill 858)

AN ACT concerning

Division of State Documents - Public On-Line Access

FOR the purpose of requiring the Division of State Documents to provide the public
with certain on-line access to certain materials; requiring the receipt of certain