|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007 Laws of Maryland
|
|
|
|
|
|
Ch. 566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(iii) is expended in compliance with a plan of proposed
rehabilitation that has been approved by the Director; and
(iv) is not funded, financed, or otherwise reimbursed by any:
1. State or local grant;
2. grant made from the proceeds of tax-exempt bonds
issued by the State, a political subdivision of the State, or an instrumentality of the
State or of a political subdivision of the State;
3. State tax credit other than the tax credit under this
section; or
4. other financial assistance from the State or a political
subdivision of the State, other than a loan that must be repaid at an interest rate that
is greater than the interest rate on general obligation bonds issued by the State at the
most recent bond sale prior to the time the loan is made.
[(10)] (11) "Substantial rehabilitation" means rehabilitation of a
structure for which the qualified rehabilitation expenditures, during the 24-month
period selected by the individual or business entity ending with or within the taxable
year, exceed:
(i) for owner-occupied residential property, $5,000; or
(ii) for all other property, the greater of:
1. the adjusted basis of the structure; or
2. $5,000.
(b) (1) The Director shall adopt regulations to:
(i) establish procedures and standards for certifying heritage
structures and rehabilitations under this section;
(ii) for commercial rehabilitations, establish an application
process for the award of initial credit certificates for Maryland heritage structure
rehabilitation tax credits consistent with the requirements of this subsection; [and]
(HI) FOR COMMERCIAL REHABILITATIONS, ESTABLISH
CRITERIA, CONSISTENT WITH THE REQUIREMENTS OF THIS SUBSECTION, FOR
EVALUATING, COMPARING, AND RATING PLANS OF PROPOSED REHABILITATION
THAT HAVE BEEN DETERMINED BY THE DIRECTOR TO CONFORM WITH THE
|
|
|
|
|
|
|
|
|
|
- 3676 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
