VETOES

(ii) one-third of the balance of revenue from the agricultural transfer
tax that remains after the remittance under item (i) of this paragraph.

(3) The Comptroller shall deposit:

(i) up to $200,000 annually of the revenue remitted under
paragraphs (l)(i) and (2)(i) of this subsection OR SUBSECTION (A-l) OF THIS
SECTION into the Woodland Incentives Fund established in § 5-307 of the Natural
Resources Article; and

(ii) the revenue in excess of $200,000 annually remitted under
paragraphs (l)(i) and (2)(i) of this subsection OR SUBSECTION (A-l)(l) OF THIS
SECTION and the revenue remitted under paragraphs (l)(ii) and (2)(ii) OF THIS
SUBSECTION OR SUBSECTION (A-l)(2) OF THIS SECTION into the Maryland
Agricultural Land Preservation Fund to be used for the purposes stated in § 2-505 of
the Agriculture Article.

(A-l) IF A COUNTY IS CERTIFIED BY THE OFFICE OF PLANNING AND
THE MARYLAND AGRICULTURAL LAND PRESERVATION FOUNDATION
UNDER § 5-408 OF THE STATE FINANCE AND PROCUREMENT ARTICLE AS
HAVING ESTABLISHED AN EFFECTIVE COUNTY AGRICULTURAL LAND
PRESERVATION PROGRAM, THE COLLECTOR FOR THE COUNTY SHALL
REMIT TO THE COMPTROLLER:

(1) THE REVENUE FROM THE AGRICULTURAL LAND
TRANSFER TAX THAT IS ATTRIBUTABLE TO THE TAXATION OF
INSTRUMENTS OF WRITING THAT TRANSFER TITLE TO PARCELS OF
LAND THAT ARE ENTIRELY WOODLAND; AND

(2) 25% OF THE BALANCE OF REVENUE FROM THE
AGRICULTURAL LAND TRANSFER TAX THAT REMAINS AFTER THE
REMITTANCE UNDER ITEM (1) OF THIS SUBSECTION.

(b) (1) IN THIS SUBSECTION "DEVELOPMENT RIGHTS" MEANS THE
POTENTIAL FOR IMPROVEMENT OF A PARCEL OF REAL PROPERTY THAT
IS MEASURED IN DWELLING UNITS OR UNITS OF COMMERCIAL OR
INDUSTRIAL SPACE AND THAT EXIST BECAUSE OF THE ZONING
CLASSIFICATION OF THE PARCEL.

(2) Each county collector shall hold the remainder of the revenue in a
special county account for 3 years to be used for an approved agricultural land
preservation program THAT MEETS THE REQUIREMENTS OF THIS
SUBSECTION, including use for bond annuity funds or matching funds.

(3) FOR PURPOSES OF THIS SUBSECTION, AN APPROVED
AGRICULTURAL LAND PRESERVATION PROGRAM IS A PROGRAM TO
PURCHASE DEVELOPMENT RIGHTS, GUARANTEE LOANS THAT ARE
COLLATERALIZED BY DEVELOPMENT RIGHTS OR PROVIDE FINANCIAL
ENHANCEMENTS RELATED TO PURCHASE OF DEVELOPMENT RIGHTS,
FOR AGRICULTURAL LAND THAT, EXCEPT AS PROVIDED IN PARAGRAPH

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