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Instructions For Form 502h - Historic Property And Heritage Area Preservation - Maryland Revenue Administration Division Page 2

Instructions for PART B

CREDIT FOR HERITAGE PRESERVATION AND TOURISM AREAS

Who May File

For personal income tax, this credit is limited to the amount

of Maryland tax after application of credits for taxes paid to

A credit against state income tax based on a percentage of

other states. Any excess credit amount may be carried for-

the amount expended in the rehabilitation of a certified heritage

ward until the earlier of the full amount of the excess is used

structure is provided for all taxable years beginning after De-

or the expiration of the tenth taxable year after the taxable

cember 31, 1996. The credit is available for owner-occupied

year in which the certified rehabilitation is completed.

residential property as well as income producing property.

Credit Transfer

Allowable Expenditures

The amount of any credit unused at the time of sale or

This credit is allowed for substantial rehabilitation expen-

transfer of the property may be transferred to the individual

ditures incurred in a 24 month period. Substantial expendi-

or business entity to which the building is sold or transferred.

tures are those exceeding $5,000 for owner-occupied resi-

dential property or the greater of the adjusted basis of the

Attachment of Forms

structure or $5,000 for all other property.

Attach your completed Form 502H along with a copy of

Worksheet B

the approved Heritage Preservation Certification Application

to your tax return. Failure to do so will result in your credit

Column 1 - Enter description and location of each certified

being disallowed.

heritage structure as shown on the Heritage

Preservation Certification Application.

For questions concerning certification contact:

Column 2 - Enter amount of total expenditures for each

The Maryland Historical Trust

certified heritage structure.

100 Community Place

Crownsville, Maryland 21032-2023

Column 3 - Allowable rate (10% for 1997) (15% for 1998).

410-514-7630

Column 4 - Multiply column 2 by column 3 and enter the

results.

For questions concerning the credit computation contact:

Total

- Enter total of allowable credits.

Revenue Administration Division

Annapolis, Maryland 21411-0001

Application of Credit

410-260-7980 from central Maryland

1-800-MD TAXES from elsewhere

If you are claiming other business tax credits on Form

500CR, enter total from Worksheet B on line 63 of Form 500CR;

otherwise, enter on line 10c of Form 500 or line 47 of Forms

502 or 505.

Instructions For Form 502h - Historic Property And Heritage Area Preservation - Maryland Revenue Administration Division Page 2

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