Ch. 76                                     2004 LAWS OF MARYLAND

14-505.

(A)     WITHIN 90 DAYS AFTER THE END OF EACH FISCAL YEAR, EACH
DESIGNATED PROCUREMENT UNIT SHALL SUBMIT A REPORT ON THE OPERATION
AND EFFECTIVENESS OF THE SMALL BUSINESS RESERVE PROGRAM TO THE BOARD
OF PUBLIC WORKS.

(B)     WITHIN 60 DAYS AFTER RECEIPT OF ALL REPORTS REQUIRED UNDER
SUBSECTION (A) OF THIS SECTION, THE BOARD OF PUBLIC WORKS SHALL COMPILE
THE INFORMATION AND REPORT ON THE ENTIRE SMALL BUSINESS RESERVE
PROGRAM TO THE LEGISLATE POLICY COMMITTEE, SUBJECT TO § 2-1246 OF THE
STATE GOVERNMENT ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2004. It shall remain effective for a period of 3 years and, at the end
of September 30, 2007, with no further action required by the General Assembly, this
Act, and any regulations adopted under the provisions of this Act, shall be abrogated
and of no further force and effect.

Approved April 27, 2004.

CHAPTER 76
(House Bill 679)

AN ACT concerning

Maryland Heritage Structure Rehabilitation Tax Credit Program

FOR the purpose of establishing reestablishing the Maryland Heritage Structure
Rehabilitation Tax Credit Program to provide funding for rehabilitation of
historic properties and other properties contributing to a historic district or a
certified heritage area; requiring the Director of the Maryland Historical Trust
in the Department of Housing and Community Development to adopt certain
regulations and to establish an application process for the award of grants under
the Program; providing limits on the amount of certain grants for certain
purposes; to establish certain procedures and standards, establish a certain
application process, and establish a certain competitive award process under the
Program; providing for the issuance of certain initial credit certificates for
certain rehabilitations, subject to certain requirements and limitations;
providing certain limits on the amount of the credit that may be claimed for
certain rehabilitations; limiting the credit that may be claimed for certain
rehabilitations to the maximum amount stated in the initial credit certificate;
providing for the expiration of an initial credit certificate under certain
circumstances; establishing the Heritage Structure Rehabilitation Tax Credit
Reserve Fund; limiting the credit amounts in the aggregate for which the
Director may issue initial credit certificates for any fiscal year to the amount
appropriated to a certain fund, except under certain circumstances; requiring
the Governor to include certain appropriations to a certain fund in the annual

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