J. MILLARD TAWES, Governor                       1239

to include a tax credit for construction of architecturally com-
patible new structures in certain duly designated historic areas.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 12G of Article 81 of the Annotated Code of Maryland
(1965 Replacement Volume), title "Revenue and Taxes," subtitle
"What Shall Be Taxed and Where," be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

12G.

(a)    This section, to the exclusion of any other public general or
public local law unless this section is specifically referred to therein
and appropriately modified or repealed, controls and regulates ex-
clusively the granting of any special tax credit based upon the restor-
ation and preservation of structures having historic or architectural
value and the construction of architecturally compatible new struc-
tures in a duly designated Historic District created pursuant to the
provisions of Section 38(a) of Article 66B of this Code, as part of
the valuation and assessment of the property tax imposed upon such
real property in this State.

(b)    In order to encourage restoration and preservation of struc-
tures of historic and architectural value and the construction of
architecturally compatible new structures by private owners, the
board of county commissioners or county council of every county in
this State and the mayor and city council, by whatever name known,
of every municipal corporation in this State, by resolution or ordi-
nance enacted under its usual procedure therefor, may provide a tax
credit as to property taxes imposed upon real property in the par-
ticular political subdivision and based upon the amount expended
by a private owner taxpayer for restoration and preservation of
property and the construction of architecturally compatible new
structures designated pursuant to the provisions of this subsection.
The tax credit may be in an amount up to 10% of the owner's
expenses, as indicated by properly documented receipts, or restora-
tion and preservation of properties designated by the county com-
missioners, county council or mayor and city council as having
historic or architectural significance and in an amount up to 5%
of the owner's expenses, as indicated by properly documented re-
ceipts,, of the cost of construction of architecturally compatible new
structures in a duly designated Historical District created pursuant
to the provisions of Section 38 (a) of Article 66B of this Code.
In those political subdivisions of this State included in Article 66B
Section 38(a), such properties shall be designated by a duly created
"historic district commission." The tax credit in any given year
may be carried forward to as many as five (5) subsequent tax
years for application to property taxes thereon during this period.

(c)    The county or municipality may further provide for the
procedure and conditions applying to any such tax credit includ-
ing a condition requiring the owner of such property to periodically
exhibit same for public educational purposes.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved May 6, 1966.