Form 502s - Maryland Sustainable Communities Tax Credit - 2012 Page 2
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1
2MARYLAND SUSTAINABLE
FORM
2012
502S
COMMUNITIES TAX CREDIT
INSTRUCTIONS
For applications received by Maryland
Historical Trust on or after June 1, 2010
General Instructions
Section 2
Purpose of Form
Current Year Credit/Recapture
The 2012 Form 502S is used to calculate allowable tax credits
Line 1 – Enter the total of the amounts in Column 4, Parts A,
for the rehabilitation of certified rehabilitation structures
B, and C less the amount of any recaptures (see below). Also
completed in the tax year which begins during the period of
enter this amount on the appropriate line of the income tax
January 1, 2012 through December 31, 2012. Form 502S only
form being filed: line 2, part H of Form 502CR (Forms 502 or
applies to applications received by the Maryland Historical
505); line 34 of Form 504; or line 15e of Form 500. If negative,
Trust on or after June 1, 2010. For applications received by the
enter the negative amount.
Maryland Historical Trust before June 1, 2010, use Form 502H.
Note: If credit is allowed for multiple properties in any one part
Certified Expenditures
(A, B, or C), the amount entered on line 1 should be the total of
Column 4 for all rehabilitated properties.
Substantial
rehabilitation
expenditures
incurred
over
a
24-month period must be certified by the Maryland Historical
Recaptures
Trust (MHT).
Substantial expenditures are those exceeding
For non-commercial rehabilitations, if within the first 5 years
$5,000 for single-family owner-occupied residential property.
(starting with the first year the credit was claimed), work was
For qualified rehabilitative structures located in a Main Street
performed that would disqualify any certification issued on or
Maryland Community, substantial expenditures are the greater
after June 1, 2010 for a certified rehabilitation for which a credit
of 50% of the adjusted basis of the structure or $25,000. For
was claimed, a portion of the credit must be recaptured. For
all other property, substantial expenditures are the greater
commercial rehabilitations, if within the first 5 years (starting
of the adjusted basis of the structure or $25,000. The same
with the first year the credit was claimed), work was performed
expenditures may not be used to qualify for a credit in any
that would disqualify any certification issued on or after June 1,
other tax year or in more than one Part of Section 1.
2010 or the certified rehabilitation is disposed of, a portion of
Allowable Credit
the credit is subject to recapture. A recapture must be made on
the tax return for the tax year in which the disqualifying work
A credit against state income tax for a percentage of the
or the disposal of a certified rehabilitation is done.
amount spent to rehabilitate a certified rehabilitation structure
is provided for all tax years beginning after June 1, 2010. Credit
For
non-commercial
and
commercial
rehabilitations,
the
for rehabilitation may be refunded if the credit exceeds the
recapture is calculated as follows. In the first year, 100% of
State tax liability and the structure is located in Maryland.
the credit must be recaptured, 80% in the 2
, 60% in the 3
,
nd
rd
40% in the 4
, and 20% in the 5
. No recapture is required for
th
th
Subject to MHT approval for postponement, commercial
disqualifying work performed after the first 5 years or disposal
rehabilitation must be completed within 30 months from the
after the first 5 years. Line 1 of Section 2 must be reduced by
date of issuance of the initial certificate.
the amount of the recapture; if the result is negative, enter the
Specific Instructions
negative amount.
Section 1
Attachment of Forms
Part A Use Part A only if the rehabilitation involves a certified
Attach your completed Form 502S along with a copy of the
historic structure and the application was submitted to
approved Certification Application (Part 3) to the income tax
the MHT on or after June 1, 2010.
return. Failure to do so will result in the credit being disallowed.
Part B Use Part B only if the rehabilitation involves a historic
For questions concerning certification, contact:
structure that is also a high performance building and
Maryland Historical Trust
the application was submitted to the MHT on or after
100 Community Place
June 1, 2010.
Crownsville, Maryland 21032-2023
Part C Use Part C only if the rehabilitation involves a qualified
410-514-7628
rehabilitation
structure
and
the
application
was
submitted to the MHT on or after June 1, 2010.
For questions concerning the credit calculation, contact:
Note: If there is more than one property for which a credit is
Revenue Administration Division
being claimed in any Part (A, B, or C), attach a schedule that
110 Carroll Street
includes the same information provided in Section 1 of this form
Annapolis, Maryland 21411-0001
for each property. The total of the amounts in Column 4 for all
410-260-7980 from central Maryland
properties will be entered on line 1 of Section 2.
1-800-MD TAXES from elsewhere
Column 1 (Parts A, B and C) – Enter the MHT project number
and location of each property as shown on the Certification
Application (Part 3).
Column 2 (Parts A, B and C) – Enter the amount of certified
expenditures for the property listed in Column 1.
Column 3 (Parts A, B and C) – Multiply the expenditure
shown in Column 2 by the applicable percentage, and enter
the result.
Column 4 (Parts A, B and C) – For each property, enter the
amount from Column 3 or the applicable maximum credit (Part
A - $3,000,000 for commercial, $50,000 for non-commercial;
whichever is less; Parts B and C - $3,000,000 for commercial).
COM/RAD 031
12-49
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