(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 the catalytic revitalization project is completed.
(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.
Structure Maryland Statutes