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:

(i) Listed in the National Register of Historic Places;

(ii) Designated as a historic property under local law;

(iii) 1. Located in a historic district listed on the National
Register of Historic Places or in a local historic district; and

2. Certified by the Director of the Maryland Historical Trust
as contributing to the significance of the district; or

(iv) Located in a certified heritage area and which has been
certified by the Maryland Heritage Areas Authority as contributing to the
significance of the certified heritage area.