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§ 4-2504. Procedures after allocation

West's Annotated Code of MarylandHousing and Community DevelopmentEffective: July 1, 2019

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division I. Housing and Community Programs [Titles 1-11] (Refs & Annos)
Title 4. Division of Development Finance (Refs & Annos)
Subtitle 25. Qualified Workforce Housing Tax Credit (Refs & Annos)
Effective: July 1, 2019
MD Code, Housing & Community Development, § 4-2504
§ 4-2504. Procedures after allocation
Currentness
Owner duties
(a) On or before the last day of the taxable year in which a qualified workforce housing project that has been allocated a part of the State tax credit under this subtitle is placed in service, the owner shall:
(1) notify the Secretary that the project has been placed in service; and
(2) certify that the project is a qualified workforce housing project eligible for the State tax credit.
Final credit certificate
(b) Within 15 days after notification that a project has been placed in service, the Secretary shall issue to the owner a final credit certificate for the project stating the final credit amount for the project, not to exceed the credit amount initially allocated to the project.
Secretary duties
(c) The Secretary shall:
(1) determine whether any event has occurred in violation of this subtitle or regulations adopted under this subtitle that makes the project ineligible for the State tax credit or otherwise triggers the recapture of any State tax credit as provided under § 10-749 of the Tax--General Article; and
(2) promptly notify the Comptroller of the occurrence of the event.

Credits

Added by Acts 2019, c. 211, § 4, eff. July 1, 2019.
MD Code, Housing & Community Development, § 4-2504, MD HOUS & CMTY DEV § 4-2504
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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