Subject to the limitations of paragraph (2) of this subsection and subsection (b) of this section, on application by an individual, a nonprofit organization, or a business entity, the Secretary shall issue: an initial tax credit certificate in an amount equal to 20% of the individual’s, nonprofit organization’s, or business entity’s estimated new construction costs and rehabilitation costs for the project; and on completion of the catalytic revitalization project or a phase of the catalytic revitalization project, a final tax credit certificate in an amount equal to 20% of the individual’s, nonprofit organization’s, or business entity’s actual new construction costs and rehabilitation costs for the project. For purposes of calculating the credit authorized under paragraph (1) of this subsection, new construction costs: must be related to the construction of new structures that connect, expand, or integrate the existing structures to be rehabilitated; and may not exceed 50% of the total costs of the catalytic revitalization project. Except as provided in paragraph (2)(ii) of this subsection, the Secretary may not: accept applications and award initial credit certificates for catalytic revitalization projects more than once within a 2–year period; or issue tax credit certificates for credit amounts in the aggregate totaling more than $15,000,000 within a 2–year period. The Secretary may revoke an initial credit certificate on a finding by the Secretary that the recipient is not in compliance with the initial credit certificate or an agreement with the Department regarding the initial credit certificate. If the Secretary revokes an initial credit certificate under subparagraph (i) of this paragraph, the Secretary may award an initial credit certificate to another applicant, provided that the award does not exceed the amount of the revoked initial credit certificate. If the tax credit allowed under this subtitle in any taxable year exceeds the total tax otherwise payable by the individual, nonprofit organization, or business entity for that taxable year, the individual, nonprofit organization, or business entity may claim a refund in the amount of the excess. The credit allowed under this subtitle may be allocated among the partners, members, or shareholders of a business entity in any manner agreed to by those persons in writing. The original recipient of an initial tax credit issued in accordance with this section may transfer the initial tax credit certificate to one or more other individuals, nonprofit organizations, or business entities. The transfer of an initial tax credit certificate under paragraph (1) of this subsection need not involve a transfer of the catalytic revitalization project, whether by fee simple transfer of real property or a transfer of a portion or all of the ownership interest that the original recipient holds in the entity that owns the real property to a new owner or owners. An initial tax credit certificate issued in accordance with this section may not: be transferred to another person without the express written consent of the original recipient; or be transferred as part of the involuntary transfer of the real property ownership interest in an entity that owns the real property without the prior written consent of the original recipient of the certificate and the Secretary. The amount of the tax credit stated in the final tax credit certificate that is allowed, but not claimed, under this subtitle may be transferred, by written instrument, in whole or in part, to any individual, nonprofit organization, or business entity. For the taxable year of any transfer under this subsection, the transferee under paragraph (1) of this subsection may apply the tax credit against the total tax otherwise payable by the transferee in that taxable year. If the tax credit exceeds the total tax otherwise payable by the transferee in any taxable year, the transferee: may claim a refund in the amount of the excess; may carry forward and apply the excess credit for succeeding taxable years until the full amount of the credit is used; or may transfer the remainder of the tax credit to an individual, a nonprofit organization, or a business entity in accordance with paragraph (1) of this subsection.