SlideShare uma empresa Scribd logo
1 de 3
Baixar para ler offline
Sustainable Communities Tax Credit
This credit replaces the Heritage Structure Rehabilitation Tax Credit as of June 1, 2010. This
credit is an expansion of the Heritage Structure Tax Credit and alters eligibility requirements
of the credit. Form 502H is no longer available for tax returns with tax years beginning after
December 31, 2012.
A refundable credit may be allowed for a portion of substantial expenditures incurred to
rehabilitate certified structures in Maryland on or after June 1, 2010, but before July 1,
2014.
The credit may be taken against the corporate income, personal income or insurance
premium tax.
Sole proprietorships, corporations, tax-exempt non-profit organizations and pass-through
entities, such as partnerships, subchapter S corporations, limited liability companies and
business trusts may claim the tax credit.
To qualify for the credit:
The business must undertake the rehabilitation of a qualified historic structure that is
located in a certified heritage area, or that receives a Gold rating under the current version
of the U.S. Green Building Council’s LEED (Leadership in Energy and Environmental Design)
green building rating system or a similar sustainable development rating system.
The business must receive certification from the Maryland Historical Trust (MHT). A credit
will not be approved if work has already begun on a project prior to submission of the
application, or if the applicant for a commercial rehabilitation has previously submitted three
or more applications for commercial rehabilitations exceeding a total of $500,000 in the
same year.
A qualified rehabilitated structure is a building (other than a single-family, owner-occupied
residence) that is located in either a commercial area designated by the Secretary of
Housing and Community Development or by the Mayor of Baltimore City as a “Main Street
Maryland Community,” or - beginning in fiscal 2012 - designated as a “Sustainable
Community.” A sustainable community is a geographic area that demonstrates a need for
reinvestment and whose development is supported by the local government of that
community.
To qualify as a rehabilitation project, the rehabilitation expenses incurred during the 24month rehabilitation period must meet certain thresholds. For single-family, owner-occupied
residential property, rehabilitation expenses must exceed $5,000. For a structure located in
a Main Street Maryland Community, qualified expenses must exceed the greater of $25,000
or 50% of the adjusted basis of the structure. Expenses for which a credit is claimed may
not have been reimbursed by any state or local grants, grants made from the proceeds of
certain tax-exempt bonds or any other state tax credits.
The rehabilitation must retain specified minimum percentages of internal and external walls
and internal framework during the rehabilitation.
How the credit is calculated:
Depending on the type of rehabilitation project undertaken, an individual or business may
claim a tax credit for a portion of the qualified rehabilitation expenditures:
25% if the certified project is a certified historic structure and a high performance
building;
10% if the certified rehabilitation is a qualified rehabilitated structure;
20% for all other certified rehabilitation projects.
For certified commercial rehabilitation projects, the credit is limited to $3 million. For all
other certified rehabilitation projects, the credit is limited to $50,000. The amount of the
credit that exceeds tax liability in the year the credit is claimed may be refunded.
The total amount of credits approved by MHT and approved for properties located in certain
areas of the state during each fiscal year is subject to certain limitations.
A pro-rated percentage of the credit is subject to recapture if disqualifying work is
performed, or the certified rehabilitation is disposed of, during a five-year period that begins
with the year in which the certified rehabilitation was completed.
Documentation required:
Within 18 months of a credit certificate being issued, the business or individual undertaking
the rehabilitation must notify the Maryland Historical Trust that work on the project has
begun. In general, without additional approval by the MHT, commercial rehabilitations must
be completed within 30 months of the issuance of the initial credit certificate.
This credit is available only with an electronically-filed return. A copy of the certification
from the DHMH must be included with the electronic return, and the Form 500CR section of
the return must be completed.
Corporations: For Tax Years beginning after December 31, 2012 Maryland Corporations
must file their Maryland corporation return electronically and complete the Maryland
Sustainable Communities Tax Credit Form 502S and Form 500CR sections of the electronic
corporation return and submit a pdf of the Maryland Historical Trust certification. to claim
this credit against the Maryland income tax.
Pass-Through Entities: For Tax Years beginning after December 31, 2012 Maryland PassThrough Entities(PTEs) must file their Maryland Form 510 electronically and complete the
Maryland Sustainable Communities Tax Credit Form 502S and Form 500CR sections. PTEs
must submit a pdf of the Maryland Historical Trust certification to pass this credit on to its
members. In addition the PTE must provide Form 510 Schedule K-1 which separately
states each member's distributive or pro rata share of the credit, and the MHT certification
to each member.
Individuals (including fiduciaries): Form 502S must be completed and submitted with
the income tax return (Form 502, Form 505 or Form 504) along with the MHT
certification. For Tax Year 2013 individuals are not required to file electronically to claim the
Sustainable Communities Tax Credit if they have no other business tax credit.
Insurance premium tax: Documentation of the credit shall be maintained by the taxpayer
in their files and be made available to the Insurance Commissioner, upon request, in
accordance with COMAR 31.06.04.03. The documentation should include documents from
the agency granting the credit, and a list of the names and telephone numbers for the
taxpayer’s staff who are directly involved in granting the credits. All information shall be
retained for a minimum of three years from the date of the filing of the final tax return on
which the credit is taken.
Contact:
Maryland Historical Trust
100 Community Place
Crownsville, MD 21032-2023 Phone: 410-514-7671
E-mail: cingraham@mdp.state.md.us
http://mht.maryland.gov/index.html
McMillan Consulting
828A E. Baltimore St.
Baltimore, MD 21202
Phone: 410-775-6226
Web: http://mcmillancos.com
E-mail: info@mcmillancos.com
McMillan Consulting is not affiliated with the state of Maryland. This document is for
informational purposes. Contact us, the appropriate agency for this credit or your tax
professional for further assistance. You can view Maryland's tax credits by visiting
http://macadvises.net/mdtaxsignal.php and clicking on the MD Business Tax
Credits link. We can send you a hard copy of this or any of our info sheets for Maryland
tax credits.

Mais conteúdo relacionado

Mais procurados

10.1 practical issues in credit assessments
10.1   practical issues in credit assessments10.1   practical issues in credit assessments
10.1 practical issues in credit assessmentscrmbasel
 
Capstone financial 401k rules and regulations
Capstone financial 401k rules and regulationsCapstone financial 401k rules and regulations
Capstone financial 401k rules and regulationsdavidm10182
 
TRID Overview with Latitude Info
TRID Overview with Latitude InfoTRID Overview with Latitude Info
TRID Overview with Latitude InfoRyan Buckley
 
On the Road to Recovery
On the Road to RecoveryOn the Road to Recovery
On the Road to RecoveryBenGotwald
 
Auto Workers Lump Sum Pension Buyout Decision Points Worksheet
Auto Workers Lump Sum Pension Buyout Decision Points WorksheetAuto Workers Lump Sum Pension Buyout Decision Points Worksheet
Auto Workers Lump Sum Pension Buyout Decision Points Worksheetshawnbumgardner
 
Capstone Financial 408(b)(2) disclosures and agreements
Capstone Financial 408(b)(2) disclosures and agreementsCapstone Financial 408(b)(2) disclosures and agreements
Capstone Financial 408(b)(2) disclosures and agreementsdavidm10182
 
Presentation on Florida Delegated Trust Statute
Presentation on Florida Delegated Trust StatutePresentation on Florida Delegated Trust Statute
Presentation on Florida Delegated Trust StatuteRichard DeNapoli
 

Mais procurados (11)

10.1 practical issues in credit assessments
10.1   practical issues in credit assessments10.1   practical issues in credit assessments
10.1 practical issues in credit assessments
 
Florida PACE Funding
Florida PACE Funding Florida PACE Funding
Florida PACE Funding
 
Module 2
Module 2Module 2
Module 2
 
Capstone financial 401k rules and regulations
Capstone financial 401k rules and regulationsCapstone financial 401k rules and regulations
Capstone financial 401k rules and regulations
 
TRID Overview with Latitude Info
TRID Overview with Latitude InfoTRID Overview with Latitude Info
TRID Overview with Latitude Info
 
On the Road to Recovery
On the Road to RecoveryOn the Road to Recovery
On the Road to Recovery
 
Auto Workers Lump Sum Pension Buyout Decision Points Worksheet
Auto Workers Lump Sum Pension Buyout Decision Points WorksheetAuto Workers Lump Sum Pension Buyout Decision Points Worksheet
Auto Workers Lump Sum Pension Buyout Decision Points Worksheet
 
Credit rating
Credit ratingCredit rating
Credit rating
 
Capstone Financial 408(b)(2) disclosures and agreements
Capstone Financial 408(b)(2) disclosures and agreementsCapstone Financial 408(b)(2) disclosures and agreements
Capstone Financial 408(b)(2) disclosures and agreements
 
HSBC Finance Corporation
HSBC Finance CorporationHSBC Finance Corporation
HSBC Finance Corporation
 
Presentation on Florida Delegated Trust Statute
Presentation on Florida Delegated Trust StatutePresentation on Florida Delegated Trust Statute
Presentation on Florida Delegated Trust Statute
 

Destaque

2015 Heritage Awards Presentation
2015 Heritage Awards Presentation2015 Heritage Awards Presentation
2015 Heritage Awards PresentationLiz Joerger
 
Case Study - Armenia, Tavush Region
Case Study - Armenia, Tavush RegionCase Study - Armenia, Tavush Region
Case Study - Armenia, Tavush RegionVIVA_EAST
 
Elaich module 6 topic 6.8 - Keeping Heritage alive
Elaich module 6 topic 6.8 - Keeping Heritage aliveElaich module 6 topic 6.8 - Keeping Heritage alive
Elaich module 6 topic 6.8 - Keeping Heritage aliveelaich
 
Elaich module 1 topic 1.3 - How should we preserve cultural heritage?
Elaich module 1 topic 1.3 - How should we preserve cultural heritage?Elaich module 1 topic 1.3 - How should we preserve cultural heritage?
Elaich module 1 topic 1.3 - How should we preserve cultural heritage?elaich
 
The evolving East Port of Spain growth pole and heritage site plan
The evolving East Port of Spain growth pole and heritage site planThe evolving East Port of Spain growth pole and heritage site plan
The evolving East Port of Spain growth pole and heritage site planNigel Campbell
 
Терье Нипан. Секция: «Наследие: культурная ценность и экономический драйвер»
Терье Нипан. Секция: «Наследие: культурная ценность и экономический драйвер»Терье Нипан. Секция: «Наследие: культурная ценность и экономический драйвер»
Терье Нипан. Секция: «Наследие: культурная ценность и экономический драйвер»Moscow Urban Forum
 
Conservation of Architectural Heritage (CAH)
Conservation of Architectural Heritage (CAH)Conservation of Architectural Heritage (CAH)
Conservation of Architectural Heritage (CAH)Mo Mg
 
Conservation of Architectural Heritage (CAH)
Conservation of Architectural Heritage (CAH)Conservation of Architectural Heritage (CAH)
Conservation of Architectural Heritage (CAH)ierekmail
 
Heritage Structure Rehabilitation Tax Credit
Heritage Structure Rehabilitation Tax CreditHeritage Structure Rehabilitation Tax Credit
Heritage Structure Rehabilitation Tax CreditThe McMillan Companies
 
Conservation of Architectural Heritage (CAH) 2
Conservation of Architectural Heritage (CAH) 2Conservation of Architectural Heritage (CAH) 2
Conservation of Architectural Heritage (CAH) 2ierekmail
 
Wadi Amman Presentation Arabic 090512 Reduced
Wadi Amman Presentation  Arabic 090512 ReducedWadi Amman Presentation  Arabic 090512 Reduced
Wadi Amman Presentation Arabic 090512 ReducedAmman.institute
 
Tabuk City Center Regeneration & Development ( Arabic Edition )
Tabuk City Center Regeneration & Development ( Arabic Edition )Tabuk City Center Regeneration & Development ( Arabic Edition )
Tabuk City Center Regeneration & Development ( Arabic Edition )Abd Alrahman Harb
 
Guidelines for conservation areas and heritage buildlings (extract)
Guidelines for conservation areas and heritage buildlings (extract)Guidelines for conservation areas and heritage buildlings (extract)
Guidelines for conservation areas and heritage buildlings (extract)chatpenang
 
Amman Plan: Metropolitan Growth Arabic |Amman Institute
Amman Plan: Metropolitan Growth Arabic |Amman InstituteAmman Plan: Metropolitan Growth Arabic |Amman Institute
Amman Plan: Metropolitan Growth Arabic |Amman InstituteAmman Institute
 
Urban Envelope Implementation
Urban Envelope Implementation Urban Envelope Implementation
Urban Envelope Implementation Amman Institute
 
National Heritage Areas a Workshop at Heritage Canada 2014
National Heritage Areas a Workshop at Heritage Canada 2014National Heritage Areas a Workshop at Heritage Canada 2014
National Heritage Areas a Workshop at Heritage Canada 2014Brenda Barrett
 
A City with a Soul... growing smartly (CIS) | Amman Institute
A City with a Soul... growing smartly (CIS) | Amman InstituteA City with a Soul... growing smartly (CIS) | Amman Institute
A City with a Soul... growing smartly (CIS) | Amman InstituteAmman Institute
 

Destaque (20)

2015 Heritage Awards Presentation
2015 Heritage Awards Presentation2015 Heritage Awards Presentation
2015 Heritage Awards Presentation
 
Case Study - Armenia, Tavush Region
Case Study - Armenia, Tavush RegionCase Study - Armenia, Tavush Region
Case Study - Armenia, Tavush Region
 
Elaich module 6 topic 6.8 - Keeping Heritage alive
Elaich module 6 topic 6.8 - Keeping Heritage aliveElaich module 6 topic 6.8 - Keeping Heritage alive
Elaich module 6 topic 6.8 - Keeping Heritage alive
 
Elaich module 1 topic 1.3 - How should we preserve cultural heritage?
Elaich module 1 topic 1.3 - How should we preserve cultural heritage?Elaich module 1 topic 1.3 - How should we preserve cultural heritage?
Elaich module 1 topic 1.3 - How should we preserve cultural heritage?
 
The evolving East Port of Spain growth pole and heritage site plan
The evolving East Port of Spain growth pole and heritage site planThe evolving East Port of Spain growth pole and heritage site plan
The evolving East Port of Spain growth pole and heritage site plan
 
Mohammad mir 28 dec
Mohammad mir 28 decMohammad mir 28 dec
Mohammad mir 28 dec
 
Kick off tbilisi 17092015
Kick off tbilisi 17092015Kick off tbilisi 17092015
Kick off tbilisi 17092015
 
Терье Нипан. Секция: «Наследие: культурная ценность и экономический драйвер»
Терье Нипан. Секция: «Наследие: культурная ценность и экономический драйвер»Терье Нипан. Секция: «Наследие: культурная ценность и экономический драйвер»
Терье Нипан. Секция: «Наследие: культурная ценность и экономический драйвер»
 
Conservation of Architectural Heritage (CAH)
Conservation of Architectural Heritage (CAH)Conservation of Architectural Heritage (CAH)
Conservation of Architectural Heritage (CAH)
 
Conservation of Architectural Heritage (CAH)
Conservation of Architectural Heritage (CAH)Conservation of Architectural Heritage (CAH)
Conservation of Architectural Heritage (CAH)
 
Heritage Structure Rehabilitation Tax Credit
Heritage Structure Rehabilitation Tax CreditHeritage Structure Rehabilitation Tax Credit
Heritage Structure Rehabilitation Tax Credit
 
Conservation of Architectural Heritage (CAH) 2
Conservation of Architectural Heritage (CAH) 2Conservation of Architectural Heritage (CAH) 2
Conservation of Architectural Heritage (CAH) 2
 
Wadi Amman Presentation Arabic 090512 Reduced
Wadi Amman Presentation  Arabic 090512 ReducedWadi Amman Presentation  Arabic 090512 Reduced
Wadi Amman Presentation Arabic 090512 Reduced
 
National Strategy Document on Revitalising, Upgrading, Renovating and Enablin...
National Strategy Document on Revitalising, Upgrading, Renovating and Enablin...National Strategy Document on Revitalising, Upgrading, Renovating and Enablin...
National Strategy Document on Revitalising, Upgrading, Renovating and Enablin...
 
Tabuk City Center Regeneration & Development ( Arabic Edition )
Tabuk City Center Regeneration & Development ( Arabic Edition )Tabuk City Center Regeneration & Development ( Arabic Edition )
Tabuk City Center Regeneration & Development ( Arabic Edition )
 
Guidelines for conservation areas and heritage buildlings (extract)
Guidelines for conservation areas and heritage buildlings (extract)Guidelines for conservation areas and heritage buildlings (extract)
Guidelines for conservation areas and heritage buildlings (extract)
 
Amman Plan: Metropolitan Growth Arabic |Amman Institute
Amman Plan: Metropolitan Growth Arabic |Amman InstituteAmman Plan: Metropolitan Growth Arabic |Amman Institute
Amman Plan: Metropolitan Growth Arabic |Amman Institute
 
Urban Envelope Implementation
Urban Envelope Implementation Urban Envelope Implementation
Urban Envelope Implementation
 
National Heritage Areas a Workshop at Heritage Canada 2014
National Heritage Areas a Workshop at Heritage Canada 2014National Heritage Areas a Workshop at Heritage Canada 2014
National Heritage Areas a Workshop at Heritage Canada 2014
 
A City with a Soul... growing smartly (CIS) | Amman Institute
A City with a Soul... growing smartly (CIS) | Amman InstituteA City with a Soul... growing smartly (CIS) | Amman Institute
A City with a Soul... growing smartly (CIS) | Amman Institute
 

Semelhante a Sustainable Communities Tax Credit

Biotechnology Investment Incentive Tax Credit
Biotechnology Investment Incentive Tax CreditBiotechnology Investment Incentive Tax Credit
Biotechnology Investment Incentive Tax CreditThe McMillan Companies
 
One Maryland Economic Development Tax Credit
One Maryland Economic Development Tax CreditOne Maryland Economic Development Tax Credit
One Maryland Economic Development Tax CreditThe McMillan Companies
 
Cellulosic Ethanol Technology Research and Development Tax Credit
Cellulosic Ethanol Technology Research and Development Tax CreditCellulosic Ethanol Technology Research and Development Tax Credit
Cellulosic Ethanol Technology Research and Development Tax CreditThe McMillan Companies
 
PPP Loan Forgiveness and Tax Considerations For the Construction Industry
PPP Loan Forgiveness and Tax Considerations For the Construction IndustryPPP Loan Forgiveness and Tax Considerations For the Construction Industry
PPP Loan Forgiveness and Tax Considerations For the Construction IndustryWithum
 
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?Speeding Through 2020 Auto Webinar Series - What's Next for PPP?
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?Citrin Cooperman
 
Employer Security Clearance Costs Tax Credit
Employer Security Clearance Costs Tax CreditEmployer Security Clearance Costs Tax Credit
Employer Security Clearance Costs Tax CreditThe McMillan Companies
 
CARES Act Update - What you Need to Know Heading into 2021
CARES Act Update - What you Need to Know Heading into 2021CARES Act Update - What you Need to Know Heading into 2021
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
 
Md business tax credits sld 112612
Md business tax credits   sld 112612Md business tax credits   sld 112612
Md business tax credits sld 112612Lauren Tucker
 
COVID-19 Tax and Business Update 4.3.20
COVID-19 Tax and Business Update 4.3.20COVID-19 Tax and Business Update 4.3.20
COVID-19 Tax and Business Update 4.3.20Withum
 
How Your Company is Affected by the CARES Act and Related Legislation
How Your Company is Affected by the CARES Act and Related LegislationHow Your Company is Affected by the CARES Act and Related Legislation
How Your Company is Affected by the CARES Act and Related LegislationRoger Royse
 
PPP Loan Forgiveness and Tax Considerations for the Construction Industry
PPP Loan Forgiveness and Tax Considerations for the Construction IndustryPPP Loan Forgiveness and Tax Considerations for the Construction Industry
PPP Loan Forgiveness and Tax Considerations for the Construction IndustryWithum
 
Saunders 8e ppt_chapter21
Saunders 8e ppt_chapter21Saunders 8e ppt_chapter21
Saunders 8e ppt_chapter21Dr. Muath Asmar
 
Webinar: Guidance on the PPP Loan Forgiveness Applications and PPP Flexibilit...
Webinar: Guidance on the PPP Loan Forgiveness Applications and PPP Flexibilit...Webinar: Guidance on the PPP Loan Forgiveness Applications and PPP Flexibilit...
Webinar: Guidance on the PPP Loan Forgiveness Applications and PPP Flexibilit...Withum
 
SBA lending update lerch early 04 05-11
SBA lending update lerch early 04 05-11SBA lending update lerch early 04 05-11
SBA lending update lerch early 04 05-11lerchearly
 
Build America Bonds
Build America BondsBuild America Bonds
Build America Bondsguest93bb92
 
Main Street Lending Program (MSLP) Demysitified
Main Street Lending Program (MSLP) DemysitifiedMain Street Lending Program (MSLP) Demysitified
Main Street Lending Program (MSLP) DemysitifiedKyriba Corporation
 

Semelhante a Sustainable Communities Tax Credit (20)

Biotechnology Investment Incentive Tax Credit
Biotechnology Investment Incentive Tax CreditBiotechnology Investment Incentive Tax Credit
Biotechnology Investment Incentive Tax Credit
 
Community Investment Tax Credit
Community Investment Tax CreditCommunity Investment Tax Credit
Community Investment Tax Credit
 
One Maryland Economic Development Tax Credit
One Maryland Economic Development Tax CreditOne Maryland Economic Development Tax Credit
One Maryland Economic Development Tax Credit
 
Cellulosic Ethanol Technology Research and Development Tax Credit
Cellulosic Ethanol Technology Research and Development Tax CreditCellulosic Ethanol Technology Research and Development Tax Credit
Cellulosic Ethanol Technology Research and Development Tax Credit
 
Job Creation Tax Credit
Job Creation Tax CreditJob Creation Tax Credit
Job Creation Tax Credit
 
PPP Loan Forgiveness and Tax Considerations For the Construction Industry
PPP Loan Forgiveness and Tax Considerations For the Construction IndustryPPP Loan Forgiveness and Tax Considerations For the Construction Industry
PPP Loan Forgiveness and Tax Considerations For the Construction Industry
 
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?Speeding Through 2020 Auto Webinar Series - What's Next for PPP?
Speeding Through 2020 Auto Webinar Series - What's Next for PPP?
 
Research And Development Tax Credit
Research And Development Tax CreditResearch And Development Tax Credit
Research And Development Tax Credit
 
Employer Security Clearance Costs Tax Credit
Employer Security Clearance Costs Tax CreditEmployer Security Clearance Costs Tax Credit
Employer Security Clearance Costs Tax Credit
 
CARES Act Update - What you Need to Know Heading into 2021
CARES Act Update - What you Need to Know Heading into 2021CARES Act Update - What you Need to Know Heading into 2021
CARES Act Update - What you Need to Know Heading into 2021
 
Md business tax credits sld 112612
Md business tax credits   sld 112612Md business tax credits   sld 112612
Md business tax credits sld 112612
 
COVID-19 Tax and Business Update 4.3.20
COVID-19 Tax and Business Update 4.3.20COVID-19 Tax and Business Update 4.3.20
COVID-19 Tax and Business Update 4.3.20
 
How Your Company is Affected by the CARES Act and Related Legislation
How Your Company is Affected by the CARES Act and Related LegislationHow Your Company is Affected by the CARES Act and Related Legislation
How Your Company is Affected by the CARES Act and Related Legislation
 
PPP Loan Forgiveness and Tax Considerations for the Construction Industry
PPP Loan Forgiveness and Tax Considerations for the Construction IndustryPPP Loan Forgiveness and Tax Considerations for the Construction Industry
PPP Loan Forgiveness and Tax Considerations for the Construction Industry
 
Saunders 8e ppt_chapter21
Saunders 8e ppt_chapter21Saunders 8e ppt_chapter21
Saunders 8e ppt_chapter21
 
Webinar: Guidance on the PPP Loan Forgiveness Applications and PPP Flexibilit...
Webinar: Guidance on the PPP Loan Forgiveness Applications and PPP Flexibilit...Webinar: Guidance on the PPP Loan Forgiveness Applications and PPP Flexibilit...
Webinar: Guidance on the PPP Loan Forgiveness Applications and PPP Flexibilit...
 
SBA lending update lerch early 04 05-11
SBA lending update lerch early 04 05-11SBA lending update lerch early 04 05-11
SBA lending update lerch early 04 05-11
 
Build America Bonds
Build America BondsBuild America Bonds
Build America Bonds
 
Main Street Lending Program (MSLP) Demysitified
Main Street Lending Program (MSLP) DemysitifiedMain Street Lending Program (MSLP) Demysitified
Main Street Lending Program (MSLP) Demysitified
 
Commuter Tax Credit
Commuter Tax CreditCommuter Tax Credit
Commuter Tax Credit
 

Mais de The McMillan Companies

Long Term Employment Of Ex-Felons Tax Credit
Long Term Employment Of Ex-Felons Tax CreditLong Term Employment Of Ex-Felons Tax Credit
Long Term Employment Of Ex-Felons Tax CreditThe McMillan Companies
 
Health Enterprise Zone Hiring Tax Credit
Health Enterprise Zone Hiring Tax CreditHealth Enterprise Zone Hiring Tax Credit
Health Enterprise Zone Hiring Tax CreditThe McMillan Companies
 
Logic Models....Not Just for Big Foundations Anymore
Logic Models....Not Just for Big Foundations AnymoreLogic Models....Not Just for Big Foundations Anymore
Logic Models....Not Just for Big Foundations AnymoreThe McMillan Companies
 
Career Pathways To Philanthropic Leadership
Career Pathways To Philanthropic LeadershipCareer Pathways To Philanthropic Leadership
Career Pathways To Philanthropic LeadershipThe McMillan Companies
 
2009 Inc 500 Top 10 Black Run Companies
2009  Inc 500 Top 10 Black Run Companies2009  Inc 500 Top 10 Black Run Companies
2009 Inc 500 Top 10 Black Run CompaniesThe McMillan Companies
 
Case Study When Your Bank Stops Lending
Case Study When Your Bank Stops LendingCase Study When Your Bank Stops Lending
Case Study When Your Bank Stops LendingThe McMillan Companies
 

Mais de The McMillan Companies (19)

Maryland Mined Coal Tax Credit
Maryland Mined Coal Tax CreditMaryland Mined Coal Tax Credit
Maryland Mined Coal Tax Credit
 
Long Term Employment Of Ex-Felons Tax Credit
Long Term Employment Of Ex-Felons Tax CreditLong Term Employment Of Ex-Felons Tax Credit
Long Term Employment Of Ex-Felons Tax Credit
 
Health Enterprise Zone Hiring Tax Credit
Health Enterprise Zone Hiring Tax CreditHealth Enterprise Zone Hiring Tax Credit
Health Enterprise Zone Hiring Tax Credit
 
Enterprise Zone Tax Credit
Enterprise Zone Tax CreditEnterprise Zone Tax Credit
Enterprise Zone Tax Credit
 
Bio heating oil tax credits
Bio heating oil tax creditsBio heating oil tax credits
Bio heating oil tax credits
 
Changes To Section 179 Deduction
Changes To Section 179 DeductionChanges To Section 179 Deduction
Changes To Section 179 Deduction
 
How money works
How money worksHow money works
How money works
 
Employment Tax Audit Initiative
Employment Tax Audit InitiativeEmployment Tax Audit Initiative
Employment Tax Audit Initiative
 
Grant Services
Grant ServicesGrant Services
Grant Services
 
Choking the recovery
Choking the recoveryChoking the recovery
Choking the recovery
 
PA Nonprofits Revocation
PA Nonprofits RevocationPA Nonprofits Revocation
PA Nonprofits Revocation
 
Dc
DcDc
Dc
 
Logic Models....Not Just for Big Foundations Anymore
Logic Models....Not Just for Big Foundations AnymoreLogic Models....Not Just for Big Foundations Anymore
Logic Models....Not Just for Big Foundations Anymore
 
Career Pathways To Philanthropic Leadership
Career Pathways To Philanthropic LeadershipCareer Pathways To Philanthropic Leadership
Career Pathways To Philanthropic Leadership
 
Employment Tax Audit Initiative
Employment Tax Audit InitiativeEmployment Tax Audit Initiative
Employment Tax Audit Initiative
 
Return Preparer Review
Return Preparer ReviewReturn Preparer Review
Return Preparer Review
 
2009 Inc 500 Top 10 Black Run Companies
2009  Inc 500 Top 10 Black Run Companies2009  Inc 500 Top 10 Black Run Companies
2009 Inc 500 Top 10 Black Run Companies
 
Buying A Franchise
Buying A FranchiseBuying A Franchise
Buying A Franchise
 
Case Study When Your Bank Stops Lending
Case Study When Your Bank Stops LendingCase Study When Your Bank Stops Lending
Case Study When Your Bank Stops Lending
 

Último

Monte Carlo simulation : Simulation using MCSM
Monte Carlo simulation : Simulation using MCSMMonte Carlo simulation : Simulation using MCSM
Monte Carlo simulation : Simulation using MCSMRavindra Nath Shukla
 
Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...Roland Driesen
 
Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageInsurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageMatteo Carbone
 
Best Basmati Rice Manufacturers in India
Best Basmati Rice Manufacturers in IndiaBest Basmati Rice Manufacturers in India
Best Basmati Rice Manufacturers in IndiaShree Krishna Exports
 
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...lizamodels9
 
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023Neil Kimberley
 
It will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 MayIt will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 MayNZSG
 
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...lizamodels9
 
7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...Paul Menig
 
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...Dipal Arora
 
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876dlhescort
 
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779Delhi Call girls
 
Boost the utilization of your HCL environment by reevaluating use cases and f...
Boost the utilization of your HCL environment by reevaluating use cases and f...Boost the utilization of your HCL environment by reevaluating use cases and f...
Boost the utilization of your HCL environment by reevaluating use cases and f...Roland Driesen
 
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptxB.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptxpriyanshujha201
 
Event mailer assignment progress report .pdf
Event mailer assignment progress report .pdfEvent mailer assignment progress report .pdf
Event mailer assignment progress report .pdftbatkhuu1
 
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxCracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxWorkforce Group
 
Call Girls in Gomti Nagar - 7388211116 - With room Service
Call Girls in Gomti Nagar - 7388211116  - With room ServiceCall Girls in Gomti Nagar - 7388211116  - With room Service
Call Girls in Gomti Nagar - 7388211116 - With room Servicediscovermytutordmt
 
M.C Lodges -- Guest House in Jhang.
M.C Lodges --  Guest House in Jhang.M.C Lodges --  Guest House in Jhang.
M.C Lodges -- Guest House in Jhang.Aaiza Hassan
 
Monthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptxMonthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptxAndy Lambert
 

Último (20)

Monte Carlo simulation : Simulation using MCSM
Monte Carlo simulation : Simulation using MCSMMonte Carlo simulation : Simulation using MCSM
Monte Carlo simulation : Simulation using MCSM
 
Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...
 
Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageInsurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usage
 
Best Basmati Rice Manufacturers in India
Best Basmati Rice Manufacturers in IndiaBest Basmati Rice Manufacturers in India
Best Basmati Rice Manufacturers in India
 
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
 
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023
 
VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...
VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...
VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...
 
It will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 MayIt will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 May
 
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
Call Girls In DLf Gurgaon ➥99902@11544 ( Best price)100% Genuine Escort In 24...
 
7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...
 
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
 
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
 
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
 
Boost the utilization of your HCL environment by reevaluating use cases and f...
Boost the utilization of your HCL environment by reevaluating use cases and f...Boost the utilization of your HCL environment by reevaluating use cases and f...
Boost the utilization of your HCL environment by reevaluating use cases and f...
 
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptxB.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
B.COM Unit – 4 ( CORPORATE SOCIAL RESPONSIBILITY ( CSR ).pptx
 
Event mailer assignment progress report .pdf
Event mailer assignment progress report .pdfEvent mailer assignment progress report .pdf
Event mailer assignment progress report .pdf
 
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxCracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
 
Call Girls in Gomti Nagar - 7388211116 - With room Service
Call Girls in Gomti Nagar - 7388211116  - With room ServiceCall Girls in Gomti Nagar - 7388211116  - With room Service
Call Girls in Gomti Nagar - 7388211116 - With room Service
 
M.C Lodges -- Guest House in Jhang.
M.C Lodges --  Guest House in Jhang.M.C Lodges --  Guest House in Jhang.
M.C Lodges -- Guest House in Jhang.
 
Monthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptxMonthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptx
 

Sustainable Communities Tax Credit

  • 1. Sustainable Communities Tax Credit This credit replaces the Heritage Structure Rehabilitation Tax Credit as of June 1, 2010. This credit is an expansion of the Heritage Structure Tax Credit and alters eligibility requirements of the credit. Form 502H is no longer available for tax returns with tax years beginning after December 31, 2012. A refundable credit may be allowed for a portion of substantial expenditures incurred to rehabilitate certified structures in Maryland on or after June 1, 2010, but before July 1, 2014. The credit may be taken against the corporate income, personal income or insurance premium tax. Sole proprietorships, corporations, tax-exempt non-profit organizations and pass-through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit. To qualify for the credit: The business must undertake the rehabilitation of a qualified historic structure that is located in a certified heritage area, or that receives a Gold rating under the current version of the U.S. Green Building Council’s LEED (Leadership in Energy and Environmental Design) green building rating system or a similar sustainable development rating system. The business must receive certification from the Maryland Historical Trust (MHT). A credit will not be approved if work has already begun on a project prior to submission of the application, or if the applicant for a commercial rehabilitation has previously submitted three or more applications for commercial rehabilitations exceeding a total of $500,000 in the same year. A qualified rehabilitated structure is a building (other than a single-family, owner-occupied residence) that is located in either a commercial area designated by the Secretary of Housing and Community Development or by the Mayor of Baltimore City as a “Main Street Maryland Community,” or - beginning in fiscal 2012 - designated as a “Sustainable Community.” A sustainable community is a geographic area that demonstrates a need for reinvestment and whose development is supported by the local government of that community. To qualify as a rehabilitation project, the rehabilitation expenses incurred during the 24month rehabilitation period must meet certain thresholds. For single-family, owner-occupied residential property, rehabilitation expenses must exceed $5,000. For a structure located in a Main Street Maryland Community, qualified expenses must exceed the greater of $25,000 or 50% of the adjusted basis of the structure. Expenses for which a credit is claimed may not have been reimbursed by any state or local grants, grants made from the proceeds of certain tax-exempt bonds or any other state tax credits. The rehabilitation must retain specified minimum percentages of internal and external walls and internal framework during the rehabilitation.
  • 2. How the credit is calculated: Depending on the type of rehabilitation project undertaken, an individual or business may claim a tax credit for a portion of the qualified rehabilitation expenditures: 25% if the certified project is a certified historic structure and a high performance building; 10% if the certified rehabilitation is a qualified rehabilitated structure; 20% for all other certified rehabilitation projects. For certified commercial rehabilitation projects, the credit is limited to $3 million. For all other certified rehabilitation projects, the credit is limited to $50,000. The amount of the credit that exceeds tax liability in the year the credit is claimed may be refunded. The total amount of credits approved by MHT and approved for properties located in certain areas of the state during each fiscal year is subject to certain limitations. A pro-rated percentage of the credit is subject to recapture if disqualifying work is performed, or the certified rehabilitation is disposed of, during a five-year period that begins with the year in which the certified rehabilitation was completed. Documentation required: Within 18 months of a credit certificate being issued, the business or individual undertaking the rehabilitation must notify the Maryland Historical Trust that work on the project has begun. In general, without additional approval by the MHT, commercial rehabilitations must be completed within 30 months of the issuance of the initial credit certificate. This credit is available only with an electronically-filed return. A copy of the certification from the DHMH must be included with the electronic return, and the Form 500CR section of the return must be completed. Corporations: For Tax Years beginning after December 31, 2012 Maryland Corporations must file their Maryland corporation return electronically and complete the Maryland Sustainable Communities Tax Credit Form 502S and Form 500CR sections of the electronic corporation return and submit a pdf of the Maryland Historical Trust certification. to claim this credit against the Maryland income tax. Pass-Through Entities: For Tax Years beginning after December 31, 2012 Maryland PassThrough Entities(PTEs) must file their Maryland Form 510 electronically and complete the Maryland Sustainable Communities Tax Credit Form 502S and Form 500CR sections. PTEs must submit a pdf of the Maryland Historical Trust certification to pass this credit on to its members. In addition the PTE must provide Form 510 Schedule K-1 which separately states each member's distributive or pro rata share of the credit, and the MHT certification to each member.
  • 3. Individuals (including fiduciaries): Form 502S must be completed and submitted with the income tax return (Form 502, Form 505 or Form 504) along with the MHT certification. For Tax Year 2013 individuals are not required to file electronically to claim the Sustainable Communities Tax Credit if they have no other business tax credit. Insurance premium tax: Documentation of the credit shall be maintained by the taxpayer in their files and be made available to the Insurance Commissioner, upon request, in accordance with COMAR 31.06.04.03. The documentation should include documents from the agency granting the credit, and a list of the names and telephone numbers for the taxpayer’s staff who are directly involved in granting the credits. All information shall be retained for a minimum of three years from the date of the filing of the final tax return on which the credit is taken. Contact: Maryland Historical Trust 100 Community Place Crownsville, MD 21032-2023 Phone: 410-514-7671 E-mail: cingraham@mdp.state.md.us http://mht.maryland.gov/index.html McMillan Consulting 828A E. Baltimore St. Baltimore, MD 21202 Phone: 410-775-6226 Web: http://mcmillancos.com E-mail: info@mcmillancos.com McMillan Consulting is not affiliated with the state of Maryland. This document is for informational purposes. Contact us, the appropriate agency for this credit or your tax professional for further assistance. You can view Maryland's tax credits by visiting http://macadvises.net/mdtaxsignal.php and clicking on the MD Business Tax Credits link. We can send you a hard copy of this or any of our info sheets for Maryland tax credits.