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PARRIS N. GLENDENING, Governor
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Ch. 541
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2. THE SEPARATE REHABILITATION OF DIFFERENT
COMPONENTS OF THE SAME STRUCTURE OR PROPERTY; OR
3. THE REHABILITATION OF MULTIPLE STRUCTURES THAT
ARE FUNCTIONALLY RELATED TO SERVE AN OVERALL PURPOSE.
[(3)] (4) The same tax credit may not be applied more than once against
different taxes.
(c) (1) [If]] EXCEPT AS PROVIDED IN PARAGRAPH (3) OF THIS SUBSECTION,
IF the credit allowed under this section in any taxable year exceeds the total tax
otherwise payable by the business entity or the individual for that taxable year, the
business entity or individual may [claim a refund in the amount of the excess.
(d) (1) Except as provided in paragraph (2) of this subsection, a business
entity or individual that incurs qualified rehabilitation expenditures in the
rehabilitation of a certified historic structure in a state other than Maryland may
claim a tax credit to the same extent as provided under subsection (b) of this section
if the other state has in effect a reciprocal historic rehabilitation tax credit program
and agreement for taxpayers of that state who rehabilitate historic structures in
Maryland.
(2) A business entity or individual that qualifies for a tax credit under
this subsection may not claim a refund under subsection (e) of this section.
(3) If the credit allowed to a business entity or individual under this
subsection for any taxable year exceeds the total tax otherwise payable by the
business entity or the individual for that taxable year, the business entity or
individual may] apply the excess as a credit for succeeding taxable years until the
earlier of:
(i) The full amount of the credit is used; or
(ii) The expiration of the tenth taxable year after the taxable year
in which the rehabilitation is completed.
(2) 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.
(3) (I) IF THE CREDIT ALLOWED UNDER THIS SECTION FOR A
CERTIFIED REHABILITATION THAT IS NOT A COMMERCIAL REHABILITATION IN ANY
TAXABLE YEAR EXCEEDS THE TOTAL TAX OTHERWISE PAYABLE BY AN INDIVIDUAL
FOR THAT TAXABLE YEAR, THE INDIVIDUAL MAY CLAIM A REFUND IN THE AMOUNT
OF THE EXCESS.
(II) AN ORGANIZATION THAT IS EXEMPT FROM TAXATION UNDER §
501(C)(3) OF THE INTERNAL REVENUE CODE MAY CLAIM A REFUND IN THE AMOUNT
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- 4117 -
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