(b) An individual or a corporation may claim a credit against the State income tax in the amount determined under subsection (c) of this section for a qualified workforce housing project.

(d) If the credit allowed under this section in any taxable year exceeds the State income tax for that taxable year, an individual or a corporation may apply the excess as a credit against the State income tax for succeeding taxable years until the earlier of:

(e) An individual or a corporation claiming the State tax credit for a qualified workforce housing project shall submit with the individual's or corporation's income tax return a copy of the final credit certificate for the project issued by the Secretary under Title 4, Subtitle 25 of the Housing and Community Development Article.

(f) The Secretary, in consultation with the Comptroller, may adopt regulations providing for the recapture of the State tax credits allowed under this section for a qualified workforce housing project that fails to continue to meet the requirements of Title 4, Subtitle 25 of the Housing and Community Development Article.

(g) An individual or a corporation may not claim the credit allowed under this section for a project for any taxable year in which the owner of the project is in default under any regulatory agreement required with respect to the project under § 4-2502 of the Housing and Community Development Article.