§ 6-903. Tax credit certificates; allocation or transfer of tax credit
West's Annotated Code of MarylandHousing and Community DevelopmentEffective: October 1, 2023
Effective: October 1, 2023
MD Code, Housing & Community Development, § 6-903
§ 6-903. Tax credit certificates; allocation or transfer of tax credit
(a)(1) Subject to the limitations of paragraphs (2) and (3) of this subsection and subsection (b) of this section, on application by an individual, a nonprofit organization, or a business entity, the Secretary shall issue:
(ii) on completion of the catalytic revitalization project or a phase of the catalytic revitalization project, a final tax credit certificate in an amount equal to 20% of the individual's, nonprofit organization's, or business entity's actual new construction costs and rehabilitation costs for the project.
(ii) The Secretary may issue an initial or final tax credit certificate under paragraph (1) of this subsection before January 1, 2025, if the Comptroller determines that issuing the tax credit certificate will not result in a reduction or repayment of federal funds authorized under the federal American Rescue Plan Act of 2021.
(b)(1) The Secretary may not award an initial credit certificate for more than one catalytic revitalization project within a 2-year period.
(c) If the tax credit allowed under this subtitle in any taxable year exceeds the total tax otherwise payable by the individual, nonprofit organization, or business entity for that taxable year, the individual, nonprofit organization, or business entity may claim a refund in the amount of the excess.
(d) The credit allowed under this subtitle may be allocated among the partners, members, or shareholders of a business entity in any manner agreed to by those persons in writing.
(e)(1) The original recipient of an initial tax credit issued in accordance with this section may transfer the initial tax credit certificate to one or more other individuals, nonprofit organizations, or business entities.
(2) The transfer of an initial tax credit certificate under paragraph (1) of this subsection need not involve a transfer of the catalytic revitalization project, whether by fee simple transfer of real property or a transfer of a portion or all of the ownership interest that the original recipient holds in the entity that owns the real property to a new owner or owners.
(f)(1) The amount of the tax credit stated in the final tax credit certificate that is allowed, but not claimed, under this subtitle may be transferred, by written instrument, in whole or in part, to any individual, nonprofit organization, or business entity.
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, § 6-903, MD HOUS & CMTY DEV § 6-903
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.
End of Document |