Ch. 76

2004 LAWS OF MARYLAND

(g) (1) On or before January 15. April 15, July 15, and October 15 of each
year, the Director shall report to the Governor and, subject to § 2-1246 of the State
Government Article, to the General Assembly, on the credit allowed under this
section.

(2)     The report required under paragraph (1) of this subsection shall
include for the preceding calendar quarter, for each commercial rehabilitation that
was completed during the calendar quarter and for each proposed commercial
rehabilitation that remains incomplete as of the end of the calendar quarter:

(i) The name of the owner or developer that has applied for
approval of the tax credit;

(ii) The name and address of the proposed or certified
rehabilitation and the county where the project is located;

(iii) The dates of receipt and approval by the trust of all applications
regarding the project, including applications for certification that a structure or
property will qualify as a certified heritage structure, for approval of the proposed
rehabilitation, and for certification of the completed rehabilitation;

(iv) The estimated rehabilitation expenditures stated in the
application for approval of the plan of proposed rehabilitation; and

(v) For projects completed during the calendar quarter, the final
qualified rehabilitation costs for the project and the amount of the credit for the
certified rehabilitation.

(3)     The report required on January 15 of each year shall summarize for
the preceding calendar year, for each category of certified rehabilitations specified in
paragraph (4) of this subsection:

(i) The number of applicants for:

1. Certification that a structure or property will qualify as a
certified heritage structure;

2. Approval of proposed rehabilitations; or

3. Certification of completed rehabilitations;

(ii) The number of proposed rehabilitations approved and the
number of completed rehabilitations certified as qualifying for the tax credit under
this section; and

(iii) The total estimated rehabilitation expenditures stated in
approved applications for approval of plans of proposed rehabilitation and the total
qualified rehabilitation expenditures for completed rehabilitations certified.

(4)     The information required under paragraph (3) of this subsection shall
be provided in the aggregate and separately for each of the following categories of
certified rehabilitations:

- 394 -