Maryland § 10-749
Full text of Maryland Maryland Code § 10-749, with citation guidance and answers to common questions.
§ 10-749.
(a) (1) In this section the following words have the meanings indicated.
(2) “Qualified workforce housing project” has the meaning stated in § 4–2501 of the Housing and Community Development Article.
(3) “Secretary” means the Secretary of Housing and Community Development.
(b) An individual or a corporation may claim a credit against the State income tax in the amount determined under subsection (c) of this section for a qualified workforce housing project.
(c) (1) The credit under this section equals the amount determined under paragraph (2) of this subsection for each qualified workforce housing project.
(2) (i) Except as provided in subparagraph (ii) of this paragraph, the amount allowed under paragraph (1) of this subsection for each qualified workforce housing project equals the amount stated in the final credit certificate issued by the Secretary under Title 4, Subtitle 25 of the Housing and Community Development Article.
(ii) The credit amount allowed for a project under subparagraph (i) of this paragraph may be claimed in full for the first taxable year the project is placed in service.
(d) If the credit allowed under this section in any taxable year exceeds the State income tax for that taxable year, an individual or a corporation may apply the excess as a credit against the State income tax for succeeding taxable years until the earlier of:
(1) the full amount of the excess is used; or
(2) the expiration of the ninth taxable year after the taxable year in which the final credit certificate was issued.
(e) An individual or a corporation claiming the State tax credit for a qualified workforce housing project shall submit with the individual’s or corporation’s income tax return a copy of the final credit certificate for the project issued by the Secretary under Title 4, Subtitle 25 of the Housing and Community Development Article.
(f) The Secretary, in consultation with the Comptroller, may adopt regulations providing for the recapture of the State tax credits allowed under this section for a qualified workforce housing project that fails to continue to meet the requirements of Title 4, Subtitle 25 of the Housing and Community Development Article.
(g) An individual or a corporation may not claim the credit allowed under this section for a project for any taxable year in which the owner of the project is in default under any regulatory agreement required with respect to the project under § 4–2502 of the Housing and Community Development Article.
Frequently Asked Questions About Maryland § 10-749
What does Maryland Code § 10-749 cover?
Section 10-749 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 10-749?
A common citation format is "Maryland Code § 10-749" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 10-749 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.