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Martin O'Malley, Governor
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Ch. 567
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properties under local law and determined by the Director to be eligible for listing in
the National Register of Historic Places; or
B. favors the award of tax credits for structures that are
contributing buildings with historic significance and are located in historic districts
listed in the National Register of Historic Places.
(2) The Director may not certify that a rehabilitation is a certified
rehabilitation eligible for a tax credit provided under this section unless the individual
or business entity seeking certification states under oath the amount of the
individual's or business entity's qualified rehabilitation expenditures.
(3) Between January 1 and March 31 each EACH year, the Director
may accept applications for approval of plans of proposed commercial rehabilitations
and for the award of initial credit certificates for the fiscal year that begins July 1 of
that year.
(4) For commercial rehabilitations, the Director may not accept an
application for approval of plans of proposed rehabilitation if:
(i) any substantial part of the proposed rehabilitation work has
begun; or
(ii) the applicant for a commercial rehabilitation has previously
submitted three or more applications for commercial rehabilitations with total
proposed rehabilitations exceeding $500,000 in that year.
(5) Not EXCEPT AS PROVIDED IN SUBSECTION (D)(3)(III) OF THIS
SECTION, NOT more than [50%] 75% of the total credit amounts under initial credit
certificates issued for any fiscal year may be issued for projects in a single county or
Baltimore City.
(6) [(i) Except as provided in subparagraph (ii) of this paragraph, at
least 10% of the total credit amounts under initial credit certificates issued for any
fiscal year shall be issued for proposed rehabilitation projects submitted by
organizations exempt from taxation under § 501(c)(3) of the Internal Revenue Code.
(ii) For any fiscal year, subparagraph (i) of this paragraph does
not apply to the extent that the total credit amounts applied for by organizations
exempt from taxation under § 501(c)(3) of the Internal Revenue Code for qualifying
projects is less than 10% of the maximum authorized aggregate credit amounts for the
fiscal year under subsection (d) of this section.
(7) ] (i) The Director shall adopt regulations to charge a reasonable
fee to certify heritage structures and rehabilitations under this section.
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- 3691 -
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