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BLAIR LEE III, Acting Governor 2233
MC 291-78
FOR the purpose of permitting a certain tax credit for
certain real property under certain conditions in
Montgomery County.
BY repealing and reenacting, with amendments,
Article 81 - Revenue and Taxes
Section 9C(k-1)
Annotated Code of Maryland
(1975 Replacement Volume and 1977 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:
Article 81 — Revenue and Taxes
9C.
(k-1) In Montgomery County, (1) personal property owned
by any nonprofit, nonstock cooperative housing corporations;
(2) THE COUNTY GOVERNING BODY AS TO COUNTY TAXATION, AND THE
GOVERNING BODY OF A MUNICIPALITY AS TO TAXATION OF THAT
MUNICIPALITY, MAY BY LAW ALLOW A TAX CREDIT FOR REAL
PROPERTY UPON WHICH A STRUCTURE OR PROJECT IS CONSTRUCTED
OR SUBSTANTIALLY REHABILITATED PURSUANT TO SECTION 8 OF THE
UNITED STATES HOUSING ACT OF 1937, AS AMENDED, PRIMARILY FOR
OCCUPANCY BY ELDERLY PERSONS, AND RECEIVES RENT SUBSIDY AND
IS CONTROLLED UNDER THAT PROGRAM SO AS TO OPERATE EITHER ON
A NONPROFIT BASIS OR ON A LIMITED DIVIDEND DISTRIBUTION
BASIS; AND (3) leased real property and improvements in
Montgomery County used exclusively as a theatre by nonprofit
community theatrical organizations which have no paid
officers, directors or employees, other than clerical or
maintenance employees, if the payment to the lessor under
the lease is limited to interest, amortization of the
mortgage, and the lessor's out—of—pocket expenses, excluding
profit or return to the lessor on his investment in the land
or improvements on it. A theatre shall contain a minimum of
175 seats in order to qualify for a tax credit under this
section. Montgomery County may require a qualifying
community theatrical organization to pay an annual charge
for actual public services rendered.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1978.
Approved May 16, 1978.
CHAPTER 761
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