1424

LAWS OF MARYLAND

Ch. 434

Article 81 - Revenue and Taxes

9C.

(k-1) In Montgomery County, (1) personal property
owned by any nonprofit, nonstock cooperative housing
corporations; (2) the county governing body as to county
taxation, and the governing body of a municipality as to
taxation of that municipality, may by law allow a tax credit
for real property upon which a structure or project is
constructed or substantially rehabilitated pursuant to
Section 8 of the United States Housing Act of 1937, as
amended, primarily for occupancy by elderly persons, and
receives rent subsidy and is controlled under that program
so as to operate either on a nonprofit basis or on a limited
dividend distribution basis; [and] (3) leased real property
and improvements in Montgomery County used exclusively as a
theatre by nonprofit community theatrical organizations
which have no paid officers, directors or employees, other
than clerical or maintenance employees, if the payment to
the lessor under the lease is limited to interest,
amortization of the mortgage, and the lessor's out-of-pocket
expenses, excluding profit or return to the lessor on his
investment in the land or improvements on it. A theatre
shall contain a minimum of 175 seats in order to qualify for
a tax credit under this section. Montgomery County may
require a qualifying community theatrical organization to
pay an annual charge for actual public services rendered;
AND (4) FOR PURPOSES OF COUNTY TAXATION ONLY, THE COUNTY
GOVERNMENT MAY, BY LAW, PROVIDE FOR A CREDIT AGAINST REAL
PROPERTY TAXES ON PROPERTY ON WHICH IMPROVEMENTS ARE MADE TO
EXISTING STRUCTURES WITHIN "NEIGHBORHOOD IMPROVEMENT PLAN
AREAS", SO AS TO ENCOURAGE HOUSING AND COMMUNITY
REDEVELOPMENT IN THESE AREAS, IN ACCORDANCE WITH THE
FOLLOWING SCHEDULE:

(I)  FOR THE FIRST 4 TAXABLE YEARS IN WHICH
THE IMPROVED PROPERTY IS SUBJECT TO TAXATION, THE CREDIT
SHALL BE 100 PERCENT OF THE REAL PROPERTY TAXES RESULTING
FROM THE INCREASE IN ASSESSED VALUATION OF THE PROPERTY
ATTRIBUTABLE TO THE IMPROVEMENT DETERMINED BY THE GOVERNING
BODY AS A PERCENTAGE OF THE ACTUAL COSTS OF THE
IMPROVEMENTS;

(II)  THEREAFTER, A CREDIT UNDER THIS
PARAGRAPH IS NOT ALLOWED.

(III)  IN THIS PARAGRAPH, "NEIGHBORHOOD
IMPROVEMENT PLAN AREA" MEANS A GEOGRAPHICAL AREA, AS
DETERMINED BY THE COUNTY GOVERNING BODY, WHICH, BECAUSE OF
BLIGHTED OR DETERIORATED CONDITIONS, HAS BEEN CITED AS A
SPECIAL TARGET AREA FOR RESIDENTIAL, BUSINESS, AND COMMUNITY
REDEVELOPMENT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.