Ch. 65 LAWS OF MARYLAND

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
(4) OF THIS SUBSECTION, MEETS THE MINIMUM STANDARDS SET BY THE
MARYLAND AGRICULTURAL LAND PRESERVATION FOUNDATION
UNDER § 2-509(C) OF THE AGRICULTURE ARTICLE.

(4) IN LIEU OF ANY ACREAGE REQUIREMENT SET BY THE
FOUNDATION UNDER § 2-509(C) OF THE AGRICULTURE ARTICLE,
DEVELOPMENT RIGHTS PURCHASED BY OR COLLATERALIZING LOANS
GUARANTEED BY A COUNTY OR FINANCIAL ENHANCEMENTS RELATED
TO PURCHASE OF DEVELOPMENT RIGHTS UNDER THIS SUBSECTION
SHALL BE FOR AGRICULTURAL LAND OF SIGNIFICANT SIZE TO
PROMOTE AN AGRICULTURAL OPERATION.

(5) (I) UP TO 10% OF SUBJECT TO THE LIMITATION UNDER
SUBPARAGRAPH (II) OF THIS PARAGRAPH, THE FUNDS DESCRIBED IN
PARAGRAPH (2) OF THIS SUBSECTION MAY BE USED TO PAY
ADMINISTRATIVE EXPENSES.

(II) THE COSTS OF THE ADMINISTRATIVE EXPENSES MAY
NOT EXCEED 10% OF THE FUNDS OR $30,000. WHICHEVER IS THE
GREATER.

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