Form 502h - Maryland Heritage Structure Rehabilitation Tax Credit - 2012 Page 2
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1
22012
MARYLAND HERITAGE STRUCTURE
FORM
502H
REHABILITATION TAX CREDIT INSTRUCTIONS
For applications received by Maryland Historical Trust on or
before May 31, 2010
General Instructions
Section 2
Purpose of Form
Current Year Credit/Recapture
The 2012 Form 502H is used to calculate allowable tax credits for the
Line 1 – Enter the total of the amounts in Column 4, Parts A, B and C less
rehabilitation of certified heritage structures completed in the tax year
the amount of any recaptures (see below). Also enter this amount on the
which begins during the period of January 1, 2012 through December 31,
appropriate line of the income tax form being filed: line 2, Part H of Form
2012. This form is also used to determine the amount of any prior year
502CR (Forms 502 or 505); line 34 of Form 504 or line 15e of Form 500.
Heritage Structure Rehabilitation Tax Credit which may be used this tax
If negative, enter the negative amount.
year and any remaining credit to carry over to future tax years.
Note: If credit is allowed for multiple properties in any one Part (A, B or
Certified Expenditures
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 Trust (MHT). Substantial
Recaptures
expenditures are those exceeding $5,000 for owner-occupied residential
If work was performed that would disqualify any certification issued on or
property or the greater of the adjusted basis of the structure or $5,000 for
after July 1, 2001 for a heritage structure for which a credit was claimed,
all other property. The same expenditures may not be used to qualify for
a portion of the credit must be recaptured. A recapture is required only if
a credit in any other tax year or in more than one part of Section 1.
the disqualifying work was performed during the first 5 years (starting with
Certification from the MHT must be obtained before the credit can be
the first year the credit was claimed). The recapture must be made on the
claimed. An amended return may be required if the original return is filed
tax return for the tax year in which the disqualifying work is done. In the
before the certification is received.
first year, 100% of the credit must be recaptured, 80% in the 2nd, 60% in
the 3rd, 40% in the 4th and 20% in the 5th. No recapture is required for
Allowable Credit
disqualifying work performed after the first 5 years. Line 1 of Section 2
A credit against state income tax for a percentage of the amount spent to
must be reduced by the amount of the recapture; if the result is negative,
rehabilitate a certified heritage structure is provided for all tax years
enter the negative amount.
beginning after December 31, 1996. Credit for a rehabilitation certified
Carryovers from Prior Years
after June 30, 2001 may be refunded if the credit exceeds the State tax
liability and the structure is located in Maryland.
This section is only used by individuals who file Forms 502 or 505 and had
no carryover from a prior year for the Heritage Structure Rehabilitation Tax
Credit may only be carried forward to succeeding years if it is for a
Credit on a Form 500CR (for business tax credits) filed in the prior year.
rehabilitation certified before July 1, 2001 for a structure located in
Maryland, or before July 1, 2002 for a structure located in a state other
If Form 500CR was used to take the Heritage Structure Rehabilitation Tax
than Maryland.
Credit in a prior year, Form 500CR must be used to take any credit that
remains. Form 500CR provides for the credit carried over from a prior year.
Subject to MHT approval for postponement, commercial rehabilitation
certified between July 1, 2004 and June 30, 2007 must be completed in the
Line 2 – Enter the amount of any Heritage Structure Rehabilitation Tax
fiscal year following the fiscal year in which the initial certificate was issued;
Credit carried over from prior years. This amount can be found on the Form
commercial rehabilitation certified after June 30, 2007 must be completed
502H filed in the prior year.
within 30 months from the date of issuance of the initial certificate.
Line 3 – Enter the State tax from line 22 of Form 502 (less amounts from
Specific Instructions
lines 23 and 24 of Form 502 and lines 1 through 6 from Part G of Form
502CR) or line 32c of Form 505 (less amounts from lines 33 and 34 of
Section 1
Form 505 and lines 1 through 6 from Part G of Form 502CR).
Part A – Use Part A only if the rehabilitation involves a certified non-
Line 4 – Compare the amounts shown on lines 2 and 3. Enter the lesser
commercial heritage structure and the application was submitted to the
of the two amounts on line 4. Also enter this amount on line 7, Part G of
MHT on or before June 30, 2004.
Form 502CR.
Part B – Use Part B only if the rehabilitation involves a certified
Line 5 – Subtract the amount on line 4 from the amount on line 2. If less
commercial heritage structure and the application was submitted to the
than 0, enter 0. If this amount is greater than 0, this is the new Heritage
MHT after February 1, 2002.
Structure Rehabilitation Tax Credit carryover. This amount may be carried
Part C – Use Part C only if the rehabilitation involves a certified non-
forward for up to 10 successive tax years from the year in which the
commercial heritage structure and the application was submitted to the
rehabilitation was completed or until it is fully used, whichever occurs first.
MHT on or after July 1, 2004.
Attachment of Forms
Note: If there is more than one property for which a credit is being claimed
Attach your completed Form 502H along with a copy of the approved
in any Part (A, B or C), attach a schedule that includes the same information
Certification Application (Part 3) to the income tax return. Failure to do so
provided in Section 1 of this form for each property. The total of the
will result in the credit being disallowed.
amounts in Column 4 for all properties will be entered on line 1 of Section
2.
For questions concerning certification, contact:
Maryland Historical Trust
Column 1 (Parts A, B and C) – Enter the MHT Project number and
100 Community Place
location of each property as shown on the Certification Application (Part 3).
Crownsville, Maryland 21032-2023
Column 2 (Parts A, B and C) – Enter the amount of certified expenditures
410-514-7628
for the property listed in Column 1.
Column 3 (Parts A, B and C) – Multiply the expenditure shown in
For questions concerning the credit calculation, contact:
Column 2 by 20%. Enter this amount in Column 3.
Revenue Administration Division
110 Carroll Street
Column 4 (Parts A and B) – For each property, enter the amount from
Annapolis, Maryland 21411-0001
Column 3 or $3,000,000, whichever is less.
410-260-7980 from central Maryland
Column 4 (Part C) – For each property, enter the amount from Column
1-800-MD TAXES from elsewhere
3 or $50,000, whichever is less.
COM/RAD-015
12-49
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