MD SB946

Removes the exclusion that prevented rehabilitation expenditures funded by State or local grants, tax-exempt bonds, or other State tax credits from qualifying for the Historic Revitalization Tax Credit

Extends the time period for "substantial rehabilitation" from 24 months to 60 months, giving property owners more time to complete qualifying expenditures

Adds new competitive award criteria favoring commercial projects likely to have high economic impact in designated areas including sustainable communities, transit-oriented developments, enterprise zones, arts and entertainment districts, and Main Street Maryland communities

Allows the Director of the Maryland Historical Trust to accept applications for supplemental credit certificates when construction costs increase due to inflation, with priority given to supplemental certificates over new initial certificates

Treats each structure in a multi-building campus rehabilitation as a separate project for purposes of the $5 million maximum credit limit, rather than counting the entire campus as one rehabilitation