Ch. 76                                     2004 LAWS OF MARYLAND

COMMERCIAL REHABILITATION IS NOT COMPLETED BY THE END OF THE FISCAL
YEAR FOLLOWING THE FISCAL YEAR FOR WHICH THE INITIAL CREDIT CERTIFICATE
WAS ISSUED.

(II) FOR REASONABLE CAUSE, THE DIRECTOR MAY POSTPONE THE
EXPIRATION DATE FOR AN INITIAL CREDIT CERTIFICATE FOR A COMMERCIAL
REHABILITATION.

(4) IF THE TAX CREDIT ALLOWED UNDER THIS SECTION IN ANY
TAXABLE YEAR EXCEEDS THE TOTAL TAX OTHERWISE PAYABLE BY THE BUSINESS
ENTITY OR THE INDIVIDUAL FOR THAT TAXABLE YEAR, THE INDIVIDUAL OR
BUSINESS ENTITY MAY CLAIM A REFUND IN THE AMOUNT OF THE EXCESS.

(D) (1) IN THIS SUBSECTION, "RESERVE FUND" MEANS THE HERITAGE
STRUCTURE REHABILITATION TAX CREDIT RESERVE FUND ESTABLISHED UNDER
PARAGRAPH (2) OF THIS SUBSECTION.

(2)      (I) THERE IS A HERITAGE STRUCTURE REHABILITATION TAX
CREDIT RESERVE FUND WHICH IS A SPECIAL CONTINUING, NONLAPSING FUND THAT
IS NOT SUBJECT TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.

(II) THE MONEY IN THE FUND SHALL BE INVESTED AND
REINVESTED BY THE TREASURER, AND INTEREST AND EARNINGS SHALL BE
CREDITED TO THE GENERAL FUND.

(3)      (I) SUBJECT TO THE PROVISIONS OF THIS SUBSECTION, THE
DIRECTOR SHALL ISSUE AN INITIAL CREDIT CERTIFICATE FOR EACH COMMERCIAL
REHABILITATION FOR WHICH A PLAN OF PROPOSED REHABILITATION IS APPROVED.

(II)     AN INITIAL CREDIT CERTIFICATE ISSUED UNDER THIS
SUBSECTION SHALL STATE THE MAXIMUM AMOUNT OF CREDIT UNDER THIS
SECTION FOR WHICH THE COMMERCIAL REHABILITATION MAY QUALIFY.

(III)    1. EXCEPT AS OTHERWISE PROVIDED IN THIS
SUBPARAGRAPH, FOR ANY FISCAL YEAR THE DIRECTOR MAY NOT ISSUE INITIAL
CREDIT CERTIFICATES FOR CREDIT AMOUNTS IN THE AGGREGATE TOTALING MORE
THAN THE AMOUNT APPROPRIATED TO THE RESERVE FUND FOR THAT FISCAL YEAR
IN THE STATE BUDGET AS APPROVED BY THE GENERAL ASSEMBLY.

2. IF THE AGGREGATE CREDIT AMOUNTS UNDER INITIAL
CREDIT CERTIFICATES ISSUED IN A FISCAL YEAR TOTAL LESS THAN THE AMOUNT
APPROPRIATED TO THE RESERVE FUND FOR THAT FISCAL YEAR, ANY EXCESS
AMOUNT SHALL REMAIN IN THE RESERVE FUND AND MAY BE ISSUED UNDER INITIAL
CREDIT CERTIFICATES FOR THE NEXT FISCAL YEAR

3. FOR ANY FISCAL YEAR, IF FUNDS ARE TRANSFERRED
FROM THE RESERVE FUND UNDER THE AUTHORITY OF ANY PROVISION OF LAW
OTHER THAN PARAGRAPH (4) OF THIS SUBSECTION, THE MAXIMUM CREDIT
AMOUNTS IN THE AGGREGATE FOR WHICH THE DIRECTOR MAY ISSUE INITIAL
CREDIT CERTIFICATES SHALL BE REDUCED BY THE AMOUNT TRANSFERRED.

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