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Ch. 567
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Martin O'Malley, Governor
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(iii) An amended return shall be filed within the period allowed
under the Tax — General Article for filing refund claims.
(iv) The provisions of this paragraph do not extend the period in
which a certified rehabilitation must be completed to be eligible for a tax credit under
this section.
(v) An amended return may account for an amended
certification issued by the Director for a certified rehabilitation.
(g) A refund payable under subsection (c) of this section:
(1) operates to reduce the income tax revenue from corporations if the
person entitled to the refund is a corporation subject to the income tax under Title 10
of the Tax - General Article;
(2) operates to reduce insurance premium tax revenues if the person
entitled to the refund is subject to taxation under Title 6 of the Insurance Article; and
(3) operates to reduce the income tax revenue from individuals if the
person entitled to the refund is:
(i) an individual subject to the income tax under Title 10 of the
Tax - General Article; or
(ii) an organization exempt from taxation under § 501(c)(3) of
the Internal Revenue Code.
(h) (1) On or before December 15 of each fiscal year, the Director shall
report to the Governor and, subject to § 2-1246 of the State Government Article, to the
General Assembly, on:
(i) the initial credit certificates awarded for commercial
rehabilitations under this section for that fiscal year; and
(ii) the tax credits awarded for certified rehabilitations
completed in the preceding fiscal year.
(2) The report required under paragraph (1) of this subsection shall
include for each initial credit certificate awarded for the fiscal year for a commercial,
rehabilitation:
(i) the name of the owner or developer of the commercial
rehabilitation;
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- 3697 -
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