|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 566
|
|
|
|
|
2007 Laws of Maryland
|
|
|
|
|
|
|
|
|
|
|
A. the maximum credit amount stated in the initial
credit certificate for the project; and
B. the final certified credit amount for the project.
2. On notification that a project has been certified, the
Comptroller shall transfer an amount equal to the maximum credit amount stated in
the initial credit certificate for the project from the Reserve Fund to the General Fund.
(iii) 1. On or before October 1 of each year, the Trust shall
notify the Comptroller as to the maximum credit amount stated in the initial credit
certificate for each commercial rehabilitation for which the initial credit certificate has
expired under subsection (c)(3) of this section as of the end of the prior fiscal year.
2. On notification that the initial credit certificate for a
project has expired under subsection (c)(3) of this section, the Comptroller shall
transfer an amount equal to the maximum credit amount stated in the initial credit
certificate for the project from the Reserve Fund to the General Fund.
(e) (1) In this subsection, "disqualifying work" means work that:
(i) is performed on a certified heritage structure for which a
rehabilitation has been certified under this section; and
(ii) if performed as part of the rehabilitation certified under this
section, would have made the rehabilitation ineligible for certification.
(2) The credit allowed under this section shall be recaptured as
provided in paragraph (3) of this subsection if, during the taxable year in which a
certified rehabilitation is completed or any of the 4 taxable years succeeding the
taxable year in which the certified rehabilitation is completed, any disqualifying work
is performed on the certified heritage structure for which the certified rehabilitation
has been completed.
(3) (i) 1. If the disqualifying work is performed during the
taxable year in which the certified rehabilitation was completed, 100% of the credit
shall be recaptured.
2. If the disqualifying work is performed during the first
full year succeeding the taxable year in which the certified rehabilitation was
completed, 80% of the credit shall be recaptured.
3. If the disqualifying work is performed during the
second full year succeeding the taxable year in which the certified rehabilitation was
completed, 60% of the credit shall be recaptured.
|
|
|
|
|
|
|
|
- 3682 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|