Ch. 76

2004 LAWS OF MARYLAND

2.       FAVORS THE AWARD OF GRANTS TAX CREDITS FOR
REHABILITATIONS OF STRUCTURES THAT ARE UNLIKELY TO OCCUR WITHOUT THE
FAVORS THE AWARD OF TAX CREDITS FOR REHABILITATION PROJECTS THAT ARE
CONSISTENT WITH AND PROMOTE CURRENT GROWTH AND DEVELOPMENT POLICIES
AND PROGRAMS OF THE STATE GRANTS TAX CREDITS.; AND

3.       A. FAVORS THE AWARD OF TAX CREDITS FOR
STRUCTURES THAT ARE:

A. LISTED IN THE NATIONAL REGISTER OF HISTORIC
PLACES; OR

B. DESIGNATED AS A HISTORIC PROPERTY OR ARE
DESIGNATED AS HISTORIC PROPERTIES UNDER LOCAL LAW AND DETERMINED BY
THE DIRECTOR TO BE ELIGIBLE FOR LISTING IN THE NATIONAL REGISTER OF
HISTORIC PLACES; OR

B. FAVORS THE AWARD OF TAX CREDITS FOR STRUCTURES
THAT ARE CONTRIBUTING BUILDINGS WITH HISTORIC SIGNIFICANCE AND ARE
LOCATED IN HISTORIC DISTRICTS LISTED IN THE NATIONAL REGISTER OF HISTORIC
PLACES.

(2)      THE DIRECTOR MAY NOT CERTIFY THAT A REHABILITATION IS A
CERTIFIED REHABILITATION ELIGIBLE FOR A GRANT TAX CREDIT PROVIDED 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.

(3)      BETWEEN JANUARY 1 AND MARCH 31 EACH YEAR THE DIRECTOR
MAY ACCEPT APPLICATIONS FOR APPROVAL OF PLANS OF PROPOSED
REHABILITATION BETWEEN JANUARY 1 AND MARCH 31 COMMERCIAL
REHABILITATIONS AND FOR THE AWARD OF INITIAL CREDIT CERTIFICATES FOR THE
FISCAL YEAR THAT BEGINS JULY 1 OF THAT YEAR.

(4)      EACH YEAR, FOR COMMERCIAL REHABILITATIONS, THE DIRECTOR
MAY NOT ACCEPT AN APPLICATION FOR APPROVAL OF PLANS OF PROPOSED
REHABILITATION IF:

(I)      ANY SUBSTANTIAL PART OF THE PROPOSED REHABILITATION
WORK HAS BEGUN; OR

(II)     THE APPLICANT FOR A COMMERCIAL REHABILITATION HAS
PREVIOUSLY SUBMITTED THREE OR MORE APPLICATIONS FOR COMMERCIAL
REHABILITATIONS WITH TOTAL PROPOSED REHABILITATIONS EXCEEDING $500,000
IN THAT YEAR

(5)      NOT MORE THAN 50% OF THE TOTAL CREDIT AMOUNTS UNDER
INITIAL CREDIT CERTIFICATES ISSUED FOR ANY FISCAL YEAR MAY BE ISSUED FOR
PROJECTS IN A SINGLE COUNTY OR BALTIMORE CITY.

(6)      (I) EXCEPT AS PROVIDED IN SUBPARAGRAPH (II) OF THIS
PARAGRAPH, AT LEAST 10% OF THE TOTAL CREDIT AMOUNTS UNDER INITIAL CREDIT

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