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

CERTIFICATES ISSUED FOR ANY FISCAL YEAR SHALL BE ISSUED FOR PROPOSED
REHABILITATION PROJECTS SUBMITTED BY ORGANIZATIONS EXEMPT FROM
TAXATION UNDER § 501(C)(3) OF THE INTERNAL REVENUE CODE.

(II) FOR ANY FISCAL YEAR, SUBPARAGRAPH (I) OF THIS PARAGRAPH
DOES NOT APPLY TO THE EXTENT THAT THE TOTAL CREDIT AMOUNTS APPLIED FOR
BY ORGANIZATIONS EXEMPT FROM TAXATION UNDER § 501(C)(3) OF THE INTERNAL
REVENUE CODE FOR QUALIFYING PROJECTS IS LESS THAN 10% OF THE MAXIMUM
AUTHORIZED AGGREGATE CREDIT AMOUNTS FOR THE FISCAL YEAR UNDER
SUBSECTION (D) OF THIS SECTION.

(C) (1) EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, FOR THE
CALENDAR TAXABLE YEAR IN WHICH A CERTIFIED REHABILITATION IS COMPLETED,
AN INDIVIDUAL OR BUSINESS ENTITY MAY RECEIVE A GRANT CLAIM A TAX CREDIT
IN AN AMOUNT EQUAL TO 20% OF THE INDIVIDUAL'S OR BUSINESS ENTITY'S
QUALIFIED REHABILITATION EXPENDITURES FOR THE REHABILITATION.

(2)     (I) FOR ANY COMMERCIAL REHABILITATION, THE STATE GRANT
TAX CREDIT ALLOWED UNDER THIS SECTION MAY NOT EXCEED THE LESSER OF:

L $3,000,000; OR

2. THE MAXIMUM AMOUNT SPECIFIED UNDER THE INITIAL
CREDIT CERTIFICATE ISSUED FOR THE REHABILITATION.

(II)     FOR A REHABILITATION OTHER THAN A COMMERCIAL
REHABILITATION, THE STATE GRANT TAX CREDIT ALLOWED UNDER THIS SECTION
MAY NOT EXCEED $25,000 $50,000.

(III)   FOR THE PURPOSES OF THE LIMITATION UNDER
SUBPARAGRAPH (I) OF THIS PARAGRAPH, THE FOLLOWING SHALL BE TREATED AS A
SINGLE COMMERCIAL REHABILITATION:

1.       THE PHASED REHABILITATION OF THE SAME STRUCTURE
OR PROPERTY;

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.

(D) (1) THE AMOUNT OF FUNDS FOR COMMERCIAL REHABILITATION
GRANTS SHALL BE AS PROVIDED IN THE STATE BUDGET.

(2) THE AMOUNT OF FUNDS FOR OWNER OCCUPIED REHABILITATION
GRANTS SHALL BE AS PROVIDED IN THE STATE BUDGET.

(3)      (I) SUBJECT TO SUBPARAGRAPH (II) OF THIS PARAGRAPH, THE
INITIAL CREDIT CERTIFICATE FOR A PROPOSED COMMERCIAL REHABILITATION
SHALL EXPIRE AND THE CREDIT UNDER THIS SECTION MAY NOT BE CLAIMED IF THE

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