ROBERT L. EHRLICH, JR., Governor                              Ch. 76

budget bill for certain fiscal years; requiring the Historical Trust to provide
certain notification to the Comptroller as to certain rehabilitations; requiring
the Comptroller to transfer certain amounts from a certain fund to the General
Fund under certain circumstances; clarifying the circumstances under which
the credit may be claimed for certain years under certain circumstances;
providing for amended returns under certain circumstances; providing for
certain determinations by the Comptroller; altering certain reporting
requirements; providing for the termination of the Program; altering a certain
limit on the aggregate amount of credits that may be approved for commercial
rehabilitations for a certain calendar year; altering the manner in which certain
proposed rehabilitations shall be approved; altering a certain termination
provision; providing for the application of this Act; defining certain terms; and
generally relating to the Maryland Heritage Structure Rehabilitation Tax Credit
Program.

BY adding to

Article 83B - Department of Housing and Community Development
Section 5-613.1 5-801
Annotated Code of Maryland
(2003 Replacement Volume)

BY repealing and reenacting, with amendments, and transferring to the Session
Laws

Article 83B - Department of Housing and Community Development

Section 5-801

Annotated Code of Maryland

(2003 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

5-613.1. 5-801.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2)      "BUSINESS ENTITY" MEANS:

(I)      A PERSON CONDUCTING OR OPERATING A TRADE OR BUSINESS
IN THE STATE; OR

(II)     AN ORGANIZATION OPERATING IN MARYLAND THAT IS EXEMPT
FROM TAXATION UNDER § 501(C)(3) OF THE INTERNAL REVENUE CODE.

(3)     "CERTIFIED HERITAGE AREA" HAS THE MEANING STATED IN §
13-1101 OF THE FINANCIAL INSTITUTIONS ARTICLE.

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