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§ 6-902. Tax credit for catalytic revitalization project

West's Annotated Code of MarylandHousing and Community DevelopmentEffective: October 1, 2023

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division I. Housing and Community Programs [Titles 1-11] (Refs & Annos)
Title 6. Division of Neighborhood Revitalization (Refs & Annos)
Subtitle 9. Catalytic Revitalization Project Tax Credit (Refs & Annos)
Effective: October 1, 2023
MD Code, Housing & Community Development, § 6-902
§ 6-902. Tax credit for catalytic revitalization project
Currentness
Amount and timing
(a) An individual, a nonprofit organization, or a business entity may claim a tax credit in an amount equal to 20% of the amount stated in the final tax credit certificate issued by the Secretary under § 6-903 of this subtitle for 5 consecutive taxable years beginning with the taxable year in which a final tax credit certificate is issued.
Recapture of tax credit prohibited
(b) The Comptroller or the Secretary may not recapture a tax credit authorized under this subtitle if:
(1) the catalytic revitalization project is transferred, in whole or in part, by fee simple transfer of real property or by transfer of an ownership interest in the entity that owns the project to a new owner; and
(2) the Secretary has issued a final tax credit certificate for the catalytic revitalization project under § 6-903 of this subtitle.
Multiple final tax credit certificates
(c) The Secretary may issue multiple final tax credit certificates for a project that is issued an initial tax certificate under this section if:
(1) the project has been determined by the Secretary to be in phases;
(2) a phase of the project has been completed;
(3) a final tax credit certificate is not issued for more than 20% of the project's eligible expenses to date; and
(4) a final tax credit certificate is not issued that would exceed the aggregated limit of a project's credit.

Credits

Added by Acts 2021, c. 332, § 1, eff. July 1, 2021. Amended by Acts 2023, c. 173, § 1, eff. Oct. 1, 2023.
MD Code, Housing & Community Development, § 6-902, MD HOUS & CMTY DEV § 6-902
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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