(a)(1) The maximum aggregate available State tax credit that may be allocated for each fiscal year equals the lesser of:
(i)the amount appropriated for the Qualified Workforce Housing Tax Credit Reserve Fund for that fiscal year in the State budget as approved by the General Assembly; or
(ii)$4,000,000.
(2)The Secretary may allocate the aggregate available State tax credit for a fiscal year among projects to be qualified workforce housing projects to be placed in service during or after that fiscal year.
(3)Any part of the aggregate available State tax credit for any fiscal year that is not allocated by the Secretary in that fiscal year may be carried over and allocated for any subsequent fiscal year.
Free access — add to your briefcase to read the full text and ask questions with AI
(a) (1) The maximum aggregate available State tax credit that may be allocated for each fiscal year equals the lesser of:
(i) the amount appropriated for the Qualified Workforce Housing Tax Credit Reserve Fund for that fiscal year in the State budget as approved by the General Assembly; or
(ii) $4,000,000.
(2) The Secretary may allocate the aggregate available State tax credit for a fiscal year among projects to be qualified workforce housing projects to be placed in service during or after that fiscal year.
(3) Any part of the aggregate available State tax credit for any fiscal year that is not allocated by the Secretary in that fiscal year may be carried over and allocated for any subsequent fiscal year.
(b) (1) In this subsection, “Reserve Fund” means the Qualified Workforce Housing Tax Credit Reserve Fund established under paragraph (2) of this subsection.
(2) (i) There is a Qualified Workforce Housing Tax Credit Reserve Fund.
(ii) The Reserve Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(iii) The money in the Reserve Fund shall be invested and reinvested by the State Treasurer, and interest and earnings shall be credited to the General Fund of the State.
(3) (i) 1. Except as otherwise provided in this subparagraph, for any fiscal year, the Secretary may not allocate tax credits under this subtitle in the aggregate totaling more than the amount appropriated for the Reserve Fund for that fiscal year in the State budget as approved by the General Assembly.
2. If the aggregate credit amounts allocated in a fiscal year total less than the amount appropriated for the Reserve Fund for that fiscal year, any excess amount shall remain in the Reserve Fund and may be allocated for the next fiscal year.
3. For any fiscal year, if funds are transferred from the Reserve Fund under the authority of any provision of law other than paragraph (4) of this subsection, the maximum credit amounts in the aggregate that the Secretary may allocate shall be reduced by the amount transferred.
(ii) For each fiscal year, the Governor may include in the budget bill an appropriation for the Reserve Fund.
(iii) Notwithstanding the provisions of § 7–213 of the State Finance and Procurement Article, the Governor may not reduce an appropriation for the Reserve Fund in the State budget as approved by the General Assembly.
(4) (i) Except as provided in this paragraph, money appropriated for the Reserve Fund shall remain in the Reserve Fund.
(ii) 1. Within 15 days after the end of each calendar quarter, as to each qualified workforce housing project for which a final credit certificate was issued during the quarter, the Department shall notify the Comptroller of:
A. the maximum credit amount initially allocated to the project; and
B. the final certified credit amount for the project.
2. On notification that the final credit for a project has been certified, the Comptroller shall transfer an amount equal to the credit amount initially allocated to the project from the Reserve Fund to the General Fund of the State.