HARRY HUGHES, Governor

363

(1)  THE GOVERNING BODY OF THE CITY OF CUMBERLAND MAY
GRANT, BY LAW, A PROPERTY TAX CREDIT UNDER THIS SECTION AGAINST
THE MUNICIPAL CORPORATION TAX IMPOSED ON PROPERTY THAT IS
REHABILITATED UNDER REGULATIONS ADOPTED BY THE GOVERNING BODY.

(2)  A PROPERTY TAX CREDIT GRANTED UNDER PARAGRAPH (1)
OF THIS SUBSECTION IS ALLOWED FOR THE 1ST 3 YEARS AFTER THE
REHABILITATION IS COMPLETED.

(3)  THE AMOUNT OF A TAX CREDIT GRANTED UNDER
PARAGRAPH (1) OF THIS SUBSECTION MAY NOT EXCEED THE AMOUNT OF THE
INITIAL VALUATION OF THE REHABILITATION TO THE PROPERTY AND THE
RESULTING PHASE-IN OF THE VALUATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
9C(b) and the first sentence of (a)(1), as that
sentence related to property tax credits for Allegany
County.

In the introductory language of subsection (a) of this
section and throughout this subtitle, the former
reference to a "single mandatory" property tax credit
is deleted as superfluous in light of the structure of
the revision.

Also in the introductory language of subsection (a) of
this section and throughout this subtitle, the former
references to "any other special charges or
assessments, specifically described herein" are
deleted as unnecessary since there are no other
described charges or assessments under this subtitle.

Also in the introductory language of subsection (a) of
this section, the defined term "municipal corporation"
is substituted for the former phrase "any city", for
clarity.

In subsections (a)(2), (b), (c)(l)(i), (e), and (f) of
this section, the former words "real and tangible
personal property", are deleted as included in the
defined term "property". As to intangible personal
property, see the General Revisor's Note to this
title.

In subsections (b), (d), and (f) of this section, the
defined term "law" is substituted for the former
phrase "ordinance or resolution", for clarity.

In subsection (c)(1)(i)l. and 2. of this section, the
word "only" is substituted for the former words
"solely" and "exclusively", for brevity. Similarly,
in subsection (c)(1)(ii)(4) of this section, the
former phrase "when the property is used solely and