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2007 Laws of Maryland
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Ch. 567
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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]
(III) 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
REHABILITATION STANDARDS OF THE UNITED STATES SECRETARY OF THE
INTERIOR; AND
[(iii)] (IV) for commercial rehabilitations, establish a competitive
award process for the award of initial credit certificates for Maryland heritage
structure rehabilitation tax credits that:
1. [ensures tax credits are awarded in a manner that
reflects the geographic diversity of the State] FAVORS THE AWARD OF TAX CREDITS
FOR REHABILITATION PROJECTS LOCATED IN JURISDICTIONS THAT HAVE BEEN
HISTORICALLY UNDERREPRESENTED IN THE AWARD OF TAX CREDITS FOR
COMMERCIAL REHABILITATIONS, BASED ON THE NUMBER OF NATIONAL
REGISTER STRUCTURES IN EACH JURISDICTION;
2. favors the award of tax credits for rehabilitation
projects that are consistent with and promote current growth and development policies
and programs of the State; and
3. A. favors the award of tax credits for structures
that are listed in the National Register of Historic Places or are designated as historic
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- 3690 -
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