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Ch. 541
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2002 LAWS OF MARYLAND
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BY WHICH THE CREDIT ALLOWED UNDER THIS SECTION EXCEEDS ANY STATE
INCOME TAX DUE ON UNRELATED BUSINESS TAXABLE INCOME AS PROVIDED UNDER
§§ 10-304 AND 10-812 OF THIS TITLE.
(D) (1) FOR A COMMERCIAL REHABILITATION, THE CREDIT UNDER THIS
SECTION MAY NOT BE CLAIMED UNLESS THE PROPOSED REHABILITATION WORK
AND THE AMOUNT OF THE PROPOSED REHABILITATION EXPENDITURES FOR THE
COMMERCIAL REHABILITATION MAXIMUM CREDIT FOR THE REHABILITATION HAVE
BEEN APPROVED BY THE DIRECTOR IN ACCORDANCE WITH THIS SUBSECTION
BEFORE THE EXPENDITURES ARE MADE.
(2) (I) IN ANY CALENDAR YEAR AFTER CALENDAR YEAR 2001;
(I) THE DIRECTOR MAY NOT APPROVE PROPOSED
REHABILITATION EXPENDITURES FOR ANY COMMERCIAL REHABILITATION IN AN
AMOUNT GREATER THAN THE AMOUNT OF EXPENDITURES THAT IF COMPLETED
WOULD RESULT IN A CREDIT OF $1,000,000 FOR THAT COMMERCIAL REHABILITATION
UNDER THIS SECTION; AND
(II) , THE DIRECTOR MAY NOT APPROVE PROPOSED
REHABILITATION EXPENDITURES FOR COMMERCIAL PROJECTS IN THE AGGREGATE
IN AN AMOUNT GREATER THAN THE AMOUNT OF EXPENDITURES THAT IF
COMPLETED WOULD RESULT IN CREDITS TOTALING $20,000,000 $50,000,000
CALENDAR YEAR FOR ALL COMMERCIAL PROJECTS FOR WHICH PROPOSED
REHABILITATION EXPENDITURES ARE APPROVED IN THAT CALENDAR YEAR.
(II) OF THE AVAILABLE CREDITS TO BE ALLOCATED EACH YEAR-
1. $30,000,000 SHALL BE ALLOCATED TO COMMERCIAL
REHABILITATIONS FOR WHICH THE MAXIMUM CREDIT DOES NOT EXCEED $3,000,000; AND
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2. $20,000,000 SHALL BE ALLOCATED TO COMMERCIAL
REHABILITATIONS FOR WHICH THE MAXIMUM CREDIT IS GREATER THAN $3,000,000.
(3) IN EACH CALENDAR YEAR, SUBJECT TO PARAGRAPH (3)(II) OF THIS
SUBSECTION, THE DIRECTOR SHALL APPROVE PROPOSED REHABILITATION
EXPENDITURES ON A FIRST COME, FIRST SERVED BASIS.
(e) (D) (1) 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.
(2) The Director may not certify that a rehabilitation is a certified
rehabilitation eligible for the tax credit under this section unless the individual or
business entity seeking certification states under oath the amount of the individual's
or business entity's qualified rehabilitation expenditures (f) (1) this subsection, "Authority affiliate" has the meaning stated in §
13-701(t) of the Financial Institutions Article.
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- 4118 -
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