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PARRIS N. GLENDENING, Governor
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Ch. 541
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CHAPTER 541
(House Bill 759)
AN ACT concerning
Maryland Heritage Structure Rehabilitation Tax Credit
FOR the purpose of limiting the qualifying expenditures under the Maryland
Heritage Structure Rehabilitation Tax Credit allowed for a commercial
rehabilitation to the amount of proposed estimated expenditures approved as
qualifying for purposes of the credit by the Director of the Maryland Historical
Trust as stated in the application for approval of a plan of proposed
rehabilitation; limiting the amount of State tax credit allowed for any
rehabilitation; altering the calculation of the credit; providing that certain
expenditures funded, financed, or otherwise reimbursed by certain State or local
financial assistance do not qualify for the credit; limiting the credit allowed for
certain rehabilitations to a certain amount; repealing certain provisions
allowing the credit for certain rehabilitations in other states under certain
circumstances; repealing certain provisions allowing the transfer of the credit
under certain circumstances; repealing a provision making the credit refundable
under certain circumstances; providing for the carry-forward of certain unused
credit amounts; allowing certain unused credit amounts to be transferred under
certain circumstances; making the credit refundable under certain
circumstances for certain tax exempt organizations and for certain
rehabilitations; providing that for certain rehabilitations, the credit may not be
claimed unless the proposed rehabilitation work and the amount of the proposed
rehabilitation expenditures qualifying for purposes of the credit have been
approved by the Director of the Maryland Historical Trust; limiting the amount
of proposed rehabilitation expenditures that the Director may approve for
purposes of the credit for any commercial project; limiting the aggregate amount
of proposed rehabilitation expenditures that the Director may approve as
qualifying for purposes of the credit in any calendar year; requiring that a
certain portion of the aggregate credit available each year be allocated to certain
projects; requiring the Director to approve proposed rehabilitation expenditures
for purposes of the credit on a certain basis; altering certain reporting
requirements under the credit; limiting the amount of the credit that may be
claimed for any taxable year for certain rehabilitations to a certain amount;
allowing certain excess credit to be carried forward and applied as a credit in
future tax years, subject to a certain limitation; providing for the application of
this Act; requiring the Comptroller to allow certain amended returns and to
waive certain interest and penalty; providing for the allocation of the available
credit for a certain calendar year under certain circumstances providing for the
termination of the credit as of a certain date; stating the intent of the General
Assembly regarding the estimated rehabilitation expenditures for approved
proposed commercial projects for the purposes of the credit for any calendar year;
requiring the Department of Legislative Services to monitor the approval of
proposed commercial rehabilitation projects for the purposes of the credit and to
take certain actions relating to the credit under certain circumstances; and
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