MARVIN MANDEL, Governor                             1091

Article 81 — Revenue and Taxes
12G.

(a)        [This section, to the exclusion of]
NOTWITHSTANDING any other public general or public local
law [unless this section is] THAT DOES NOT specifically
[referred] REFER to [therein] and appropriately [modified
or repealed] MODIFY OR REPEAL THIS SECTION, THIS SECTION
controls and regulates exclusively the granting of any
special tax credit based upon the restoration and
preservation of structures having historic         or
architectural value and the construction of
architecturally compatible new structures LOCATED in [a
duly designated] ANY historic district [created] OF
DESIGNATED AS A LANDMARK pursuant to [the provisions of §
38 (a) of] Article 66B, §2.12 OR §§ 8.01 THROUGH 8.15,
INCLUSIVE, ARTICLE 25A, §5(X) OR (BB), OR ARTICLE 66D, §
8-101(C) of this Code OF PURSUANT TO THE CHAPTER POWERS
OF BALTIMORE CITY, 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 structures [of] HAVING 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 ordinance
enacted under its usual procedure therefor, may provide a
tax credit as to property taxes imposed upon real
property in the particular political subdivision and
based upon the amount expended by a private owner
taxpayer for restoration and preservation of [property]
STRUCTURES HAVING HISTORICAL AND ARCHITECTURAL VALUE and
[the] FOR 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%] 10 PERCENT of the owner's expenses, as indicated by
properly documented receipts, [or] FOR THE restoration
and preservation of [properties] STRUCTURES designated by
the county commissioners, county council or mayor and
city council as having historic or architectural
[significance] VALUE and in an amount up to [5%] 5
PERCENT of the owner's expenses, as indicated by properly
documented receipts, of the cost of construction of
architecturally compatible new structures in [a duly
designated] ANY historical district [created pursuant to
the provisions of § 38 (a) of Article 66B of this Code.
In those political subdivisions]. WHEN ANY POLITICAL
SUBDIVISION of this State [included in Article 66B § 38
(a), such properties shall be designated by a duly
created "historic district commission."] HAS ESTABLISHED
AN HISTORICAL DISTRICT COMMISSION, UNDER ANY NAME, IT
SHALL DESIGNATE THE STRUCTURES. The tax credit in any
given year may be carried forward to as many as five