2958

LAWS OF MARYLAND

Ch. 839

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 - Revenue and Taxes

12G-9.

(A) IN BALTIMORE CITY ONLY, THIS SECTION, TO THE
EXCLUSION OF ANY OTHER PUBLIC GENERAL OR PUBLIC LOCAL LAW
(UNLESS SPECIFIC REFERENCE IS MADE TO THIS SECTION AND IT IS
APPROPRIATELY MODIFIED OR REPEALED) CONTROLS AND REGULATES
EXCLUSIVELY THE GRANTING OF SPECIAL TAX CREDITS FOR UNSOLD,
UNRENTED, AND UNOCCUPIED NEWLY CONSTRUCTED OR SUBSTANTIALLY
REHABILITATED DWELLINGS LOCATED IN BALTIMORE CITY.

(B)  THE OWNER OF AN UNSOLD, UNRENTED, AND UNOCCUPIED
DWELLING WHICH IS NEWLY CONSTRUCTED, OR HAS BEEN
SUBSTANTIALLY REHABILITATED AND CERTIFIED AS HAVING BEEN
PREVIOUSLY VACANT, MAY APPLY TO THE BALTIMORE CITY BOARD OF
ESTIMATES FOR A SPECIAL TAX CREDIT AUTHORIZED BY THIS
SECTION. THE BOARD OF ESTIMATES MAY IN ITS DISCRETION GRANT
A TAX CREDIT OF NOT MORE THAN THE PROPERTY TAXES IMPOSED
UPON THE ASSESSED VALUE OF THE DWELLING, EXCLUDING LAND, FOR
THE PERIOD DURING WHICH THE DWELLING REMAINS UNSOLD,
UNRENTED, AND UNOCCUPIED IMMEDIATELY FOLLOWING CONSTRUCTION
OR SUBSTANTIAL REHABILITATION. HOWEVER, A TAX CREDIT MAY
NOT BE GRANTED UNDER THIS SECTION TO ANY DWELLING USED AS AN
OFFICE OR SAMPLE HOME BY THE BUILDER OR OWNER. AN OWNER MAY
NOT RECEIVE TAX CREDITS FOR MORE THAN THREE DWELLINGS PER
YEAR UNDER THIS SECTION. TAX CREDITS IN THIS SECTION SHALL
BE GRANTED ONLY OVER ONE CONTINUOUS PERIOD OF TIME NOT
EXCEEDING 1 YEAR FOR ANY DWELLING. HOWEVER, IMMEDIATELY ON
OR BEFORE THE DATE OF OCCUPANCY, AND REGARDLESS OF WHETHER
THE DWELLING IS SOLD, RENTED, OR MERELY OCCUPIED, THE
APPLICANT FOR A TAX CREDIT SHALL SEND TO THE SUPERVISOR OF
ASSESSMENTS OF BALTIMORE CITY BALTIMORE CITY BOARD OF
ESTIMATES AN APPROPRIATE NOTICE THAT THE DWELLING HAS BEEN
SOLD, RENTED, OR OCCUPIED. FAILURE TO COMPLY WITH THE
PROVISIONS OF THIS SECTION SHALL RESULT IN THE IMMEDIATE
FORFEITURE OF ALL TAX CREDITS WHICH HAVE BEEN GRANTED TO THE
DWELLING UNIT.

(C)  THE BALTIMORE CITY BOARD OF ESTIMATES MAY FURTHER
PROVIDE FOR THE PROCEDURE APPLICABLE TO ANY TAX CREDIT
AUTHORIZED BY THIS SECTION IN A MANNER NOT INCONSISTENT WITH
THIS SECTION.

(D)  THIS SECTION MAY NOT BE CONSTRUED OR MAY NOT BE
APPLIED TO CHANGE THE NORMAL AND REGULAR ASSESSMENT
PROCEDURES WHICH ARE APPLICABLE IN BALTIMORE CITY. THE
CREDIT GRANTED UNDER THIS SECTION SHALL BE APPLIED ONLY TO
BALTIMORE CITY TAXES.

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