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Martin O'Malley, Governor
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Ch. 566
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4. If the disqualifying work is performed during the
third full year succeeding the taxable year in which the certified rehabilitation was
completed, 40% of the credit shall be recaptured.
5. If the disqualifying work is performed during the
fourth full year succeeding the taxable year in which the certified rehabilitation was
completed, 20% of the credit shall be recaptured.
(ii) The individual or business entity that claimed the tax credit
shall pay the amount to be recaptured as determined under subparagraph (i) of this
paragraph as taxes payable to the State for the taxable year in which the disqualifying
work is performed.
(f) (1) The Comptroller may determine, under the process for return
examination and audit under §§ 13-301 and 13-302 of the Tax - General Article:
(i) the amount of rehabilitation expenditures used in
calculating the credit;
(ii) whether such expenditures are qualified rehabilitation
expenditures under this section; and
(iii) whether the credit is allowable as claimed.
(2) The authority of the Comptroller to examine and audit a tax return
does not limit the authority of the Director to determine whether a rehabilitation
qualifies as a certified rehabilitation or whether a certificate of certified rehabilitation
has been properly issued.
(3) The Comptroller may adopt regulations to require that an entity
other than a corporation claim the tax credit on the tax return filed by that entity.
(4) (i) Except as otherwise provided in this paragraph, the credit
under this section may be claimed for the year a certified rehabilitation is completed,
only if the Director has, by the time the return is filed, issued a certificate of
completion for the certified rehabilitation.
(ii) A taxpayer claiming the credit may amend a return for the
year the certified rehabilitation was completed to account for a certificate issued
subsequent to the filing of the original return.
(iii) An amended return shall be filed within the period allowed
under the Tax - General Article for filing refund claims.
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- 3683 -
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