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Ch. 566
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Martin O'Malley, Governor
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SINGLE-FAMILY, OWNER-OCCUPIED REHABILITATION WOULD BE ELIGIBLE
BASED ON THE GREATER OF THE ESTIMATED OR FINAL QUALIFIED
REHABILITATION EXPENDITURES FOR THE REHABILITATION.
[(v)] (IV) The proceeds from the fee shall be deposited in a
special fund, to be used only for the purposes of paying the costs of administering the
credit under this section and the federal historic tax credit.
[(vi)] (V) Any unused balance of the fund at the end of each
fiscal year shall be transferred to the Reserve Fund established under subsection (d) of
this section and shall increase the amount of the initial credit certificates that the
Trust may issue for the following fiscal year.
(c) (1) Except as otherwise provided in this section, for the taxable year in
which a certified rehabilitation is completed, an individual or business entity may
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 tax credit
allowed under this section may not exceed the lesser of:
1. $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 tax credit allowed under this section may not exceed $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. EXCEPT AS PROVIDED IN SUBPARAGRAPH (IV) OF
THIS PARAGRAPH, the rehabilitation of multiple structures that are functionally
related to serve an overall purpose.
(IV) SUBPARAGRAPH (III)3 OF THIS PARAGRAPH DOES NOT
APPLY TO A COMMERCIAL REHABILITATION IF IT IS LOCATED IN A
JURISDICTION THAT HAS BEEN HISTORICALLY UNDERREPRESENTED IN THE
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- 3679 -
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