In this section the following words have the meanings indicated. “Qualified workforce housing project” has the meaning stated in § 4–2501 of the Housing and Community Development Article. “Secretary” means the Secretary of Housing and Community Development. An individual or a corporation may claim a credit against the State income tax in the amount determined under subsection (c) of this section for a qualified workforce housing project. The credit under this section equals the amount determined under paragraph (2) of this subsection for each qualified workforce housing project. Except as provided in subparagraph (ii) of this paragraph, the amount allowed under paragraph (1) of this subsection for each qualified workforce housing project equals the amount stated in the final credit certificate issued by the Secretary under Title 4, Subtitle 25 of the Housing and Community Development Article. The credit amount allowed for a project under subparagraph (i) of this paragraph may be claimed in full for the first taxable year the project is placed in service. If the credit allowed under this section in any taxable year exceeds the State income tax for that taxable year, an individual or a corporation may apply the excess as a credit against the State income tax for succeeding taxable years until the earlier of: the full amount of the excess is used; or the expiration of the ninth taxable year after the taxable year in which the final credit certificate was issued. An individual or a corporation claiming the State tax credit for a qualified workforce housing project shall submit with the individual’s or corporation’s income tax return a copy of the final credit certificate for the project issued by the Secretary under Title 4, Subtitle 25 of the Housing and Community Development Article. The Secretary, in consultation with the Comptroller, may adopt regulations providing for the recapture of the State tax credits allowed under this section for a qualified workforce housing project that fails to continue to meet the requirements of Title 4, Subtitle 25 of the Housing and Community Development Article. An individual or a corporation may not claim the credit allowed under this section for a project for any taxable year in which the owner of the project is in default under any regulatory agreement required with respect to the project under § 4–2502 of the Housing and Community Development Article.