Subdivision 5A. Tax Credits for Improvements to Historic Resources

There shall be allowed a tax credit on County real property taxes based upon the amount expended by an owner-taxpayer for restoration and preservation of any structure having historic, architectural, or cultural value which, on the date of application for said credit, is classified as a Historic Site or Historic District on the Adopted and Approved Historic Sites and Districts Plan of Prince George's County, Maryland, or has been designated on such plan as a historic resource which the Historic Preservation Commission has recommended to be classified as a Historic Site or Historic District, or has been classified as a Historic Site by action of the District Council pursuant to Section 29-120.01 of the County Code. The tax credit shall be in an amount equal to twenty-five percent (25%) of the owner's expense for such restoration and preservation, as indicated by properly documented receipts.

There shall be allowed a tax credit on County real property taxes based upon the amount expended by an owner-taxpayer, for new construction adjacent to, and architecturally compatible with, any structure having historic, architectural, or cultural value which is located within any Historic District designated on the Adopted and Approved Historic Sites and Districts Plan of Prince George's County, Maryland. The tax credit shall be in an amount equal to ten percent (10%) of the owner's expense of the cost of construction of an architecturally compatible new structure, as indicated by properly documented receipts.

The tax credit referred to in this Section shall be allowed for the tax year immediately following the year in which the restoration or preservation work or new construction, or any portion thereof, is completed. A claim may be granted if filed within five (5) years of the completion, and in the event taxes were paid for the period of the credit, the Director of Finance would be authorized to effectuate a refund. Any unused portion of a credit granted may be carried over for ten (10) subsequent years.

Application for the tax credit referred to in this Section shall be made to the Historic Preservation Commission. The tax credit application shall not be finally approved until the receipts required by this Section have been filed with the Commission, accompanied by the oath or affirmation of the owner-taxpayer, on such forms as are prescribed by the Commission, that the receipts are those for the actual expenditures in connection with the restoration and preservation of the structure, or the new construction within a Historic District. The Commission shall make a determination as to whether the work performed has historic, architectural, or cultural value within the meaning of Section 9-204, Tax-Property Article, Annotated Code of Maryland. The Commission shall be liberal in such determination.

The approved application in the amount determined by the Commission shall be forwarded to the County Director of Finance to be acted upon.