Md. Code Regs. 05.05.06.03

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.05.06.03 - Definitions

A. In this chapter, the following terms have the meanings indicated. Any terms also appearing in the Internal Revenue Code have the meanings defined there as well.

B. Terms Defined.

(1) "Administration" means the Community Development Administration, an agency in the Division of Development Finance of the Department.

(2) "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended, and any successor statute as it applies to the tax credits, together with all regulations promulgated under it.

(3) "Plan" means the Administration's Qualified Allocation Plan (formerly known as the "Plan for the Allocation of Low-Income Housing Tax Credit in Maryland") currently in effect, as approved by the Governor of the State of Maryland and required by the Internal Revenue Code.

(4) "Program" means the low-income housing tax credit program as established by the Internal Revenue Code and as administered by the Administration.

(5) "Tax credits" means the low-income housing tax credits allocated under this chapter and the Internal Revenue Code.

Md. Code Regs. 05.05.06.03

Regulations .03 adopted effective April 25, 1994 (21:8 Md. R. 671)
Regulation .03B amended effective September 25, 1995 (22:19 Md. R. 1471)